BSP cites six outstanding Visayan partner institutions

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The Bangko Sentral ng Pilipinas (BSP) recognized six outstanding Visayan partner institutions during the Outstanding BSP Stakeholders Appreciation Ceremonies held on 28 February 2023 in Lapu-Lapu City, Cebu.

The awardees were cited for their exceptional contributions in helping the BSP promote a safe and efficient payments system amid the pandemic, ensure proactive currency circulation, and engage stakeholders in financial education programs.

In his keynote message, BSP Governor Felipe M. Medalla highlighted that the partner institutions were instrumental in the implementation of the central bank’s well-calibrated and responsive policy actions suited to the needs of Filipinos. “Your support and cooperation helped the BSP through the worst and best of times. For that, we thank you for helping bring our shared mission truly closer to the people,” the Governor said.

Awarded as outstanding partners in Visayas were:

• the Land Bank of the Philippines (LANDBANK) – Roxas City Branch and the Metropolitan Bank and Trust Company (Metrobank) Cebu for their outstanding performance in currency management through the Cash Service Alliance (CSA) initiative. The CSA, which is jointly implemented by the BSP and the Bankers Association of the Philippines, enables the continuous servicing of the public’s cash requirements through the direct exchange of fit currency among banks;
• the Bohol Bankers Association, Inc., Bankers Association of Iloilo, Inc., and Junior Financial Executives of the Cebu Institute of Technology – University Chapter for actively engaging their stakeholders in financial education initiatives, particularly in promoting digital payments and raising awareness on cyber hygiene practices to avoid fraud and scams; and
• the Iloilo Supermart, Inc. for conducting capacity-building activities for their employees on the proper handling of banknotes and on providingexact change to customers to promote coin recirculation.

In her opening remarks, BSP Deputy Governor Bernadette Romulo-Puyat of the Regional Operations and Advocacy Sector underscored the significance of multisectoral collaboration in sustaining the country’s economic growth momentum. “Your proactive contributions to the central bank’s reform agenda helped ease the adverse impact of the COVID-19 crisis and stimulated economic growth for all, especially the vulnerable,” she added.

Meanwhile, Monetary Board Member (MBM) Anita Linda R. Aquino emphasized that the central bank remains committed to addressing the evolving needs of consumers. “The BSP will continue to craft policies and regulations that are more responsive to changing consumer preferences and financial service needs in an increasingly digital economy,” MBM Aquino noted in her closing remarks.

Also present at the ceremonies were MBM Eli M. Remolona and Deputy Governors Chuchi G. Fonacier, Francisco G. Dakila Jr., and Mamerto E. Tangonan.

Since 2004, the annual ceremony has provided a platform for the BSP to celebrate meaningful partnerships that bring a positive impact to the lives of the Filipino people. Over the past months, the central bank also recognized outstanding stakeholders from North Luzon, National Capital Region, South Luzon, and Mindanao.​

The BSP and the Visayas banking community also discussed measures to further enhance consumer protection in the face of digitalization, the resilience of the banking system, and sustainable finance. The discussion also highlighted financial inclusion through the creation of Basic Deposit Accounts (BDAs), especially for farmers and fisherfolk. BDAs are affordable and easy to open accounts with an opening fee of PHP 100 or less, zero dormancy charges, and may earn interest.

To close the whole-day event, the BSP Research Academy and the Department of Agriculture – Agricultural Credit Policy Council presented the 2021 Countryside Bank Survey (CBS) Baseline Report to the banking community in the Visayas region. Using branch-level data, the CBS aims to analyze trends and present emerging policy issues on bank behavior toward lending to the agriculture sector. The 2021 CBS Baseline Report is accessible on the BSP website via this link: https://bit.ly/BSPDAACPC_2021CBS.