BSP Champions Data-Driven Policies in Digital Era

The Bangko Sentral ng Pilipinas (BSP) reinforced its commitment to data-driven, evidence-based policymaking in a digitally evolving landscape during the 35th National Statistics Month (NSM) closing ceremony held online on October 29, 2024.

Under the theme “Advancing Data and Statistics Through Digital Transformation: A Road to an Empowered Nation,” BSP Deputy Governor Francisco G. Dakila, Jr., speaking on behalf of Governor Eli M. Remolona, Jr., highlighted the central bank’s shift towards digital transformation in its processes.

“This resonates well with the BSP’s commitment to go ‘digitALL,’ as it upgrades its systems and processes to produce quality data and provide relevant information that addresses the needs of its stakeholders,” Dakila said.

The BSP emphasized that adopting a transformative, data-centric approach is essential in today’s digitally empowered society. Philippine Statistics Authority (PSA) Undersecretary Claire Dennis S. Mapa echoed this sentiment, stating, “By making data-driven decisions, we can build a more prosperous and equitable nation.”

The ceremony also served as a platform for experts in central banking to present insights on critical economic indicators.

Discussions covered the country’s international reserves, factors influencing real property prices, trends in digital payments, and the financial health index of the Philippines, underscoring the importance of reliable data in navigating economic challenges.

Since 2001, the BSP has taken the lead in hosting the NSM closing ceremony, with the exception of 2020 during the COVID-19 pandemic, marking its dedication to the advancement of statistics in the Philippines.

This annual event, organized by the Philippine Statistical System under the guidance of the PSA, aims to heighten public appreciation for the role of statistics across all sectors and to encourage efforts to improve data quality and accessibility.

The National Statistics Month has been celebrated every October since Presidential Proclamation No. 647 was issued on September 20, 1990, establishing its importance in fostering an informed and data-empowered nation.