BSP cites importance of reaching out to Filipino people

The Bangko Sentral ng Pilipinas (BSP) underscored the importance of bringing the BSP closer to the Filipino people during a recent Southeast Asian Central Banks (SEACEN) Seminar on Central Bank Governance.

“Ultimately, we are accountable to the Filipino people and we should help them understand what we are doing and how it affects their daily lives and the economy at large,” said BSP Governor Benjamin E. Diokno (photo, lower right).

The BSP’s mandates to foster price stability, financial stability, and a safe and efficient payment system directly affect the lives of Filipinos as these have an impact on their decisions to save, invest, and pay for goods and services.

Among the BSP’s initiatives to bring this message to Filipinos is the use of simple, non-technical language when it communicates with the public.

The BSP has likewise sustained its economic and financial education campaigns, such as EkoLit, a platform to help improve financial consumers’ understanding of economic issues and concepts, as well as the role of the BSP in the economy; and PisoLit, which focuses on topics and tips related to financial planning, saving, budgeting, managing debt, and investing, among others.

To enable more Filipinos to share and participate in the country’s economic growth, the BSP also promotes the digitalization of payments and opening of transaction accounts.

With the Governor in the SEACEN seminar are (in photo, clockwise, from top left) SEACEN Executive Director Dr. Mangal Goswami, HCM International Ltd. Senior Partner Gabe Shawn Varges, and Reserve Bank of New Zealand Former Acting Governor Grant Spencer.