BSP joins economic and investment summit in Dubai

The Bangko Sentral ng Pilipinas (BSP), represented by Assistant Governor Atty. Arifa A. Ala, participated in the 9th Annual Philippine Property and Investment Exhibition (PPIE) and inaugural of the Philippine Economic and Investment Summit (PEIS) held on 12-13 May 2023 at Radisson Blu Hotel, Dubai, United Arab Emirates (UAE).

Assistant Governor Ala, BSP’s lead-advocate on Islamic banking and finance and Chairperson of the BSP-led Islamic Finance Coordination Forum (IFCF), discussed, among others, the recent milestones in the development of the Philippines’ Islamic banking and finance ecosystem to the stakeholders in Middle East emphasizing the readiness of the country to accept new and potential Islamic banking players.

Assistant Governor Ala said, “The promotion of Islamic banking expands the BSP’s financial inclusion agenda of increasing broad and convenient access to high quality financial services for all Filipinos, including the minorities and underserved population.” Islamic banking complements conventional banking by providing alternative forms of investments and financing options for both Muslims and non-Muslims alike. The emphasis of Islamic finance on Shari’ah governance and risk sharing principles are seen to support the BSP’s financial stability mandate.

She also conveyed that “The BSP remains steadfast in its commitment to support the growth of Islamic finance in the country by continuing its roles as a catalyst in re-shaping the Philippine Islamic banking landscape, an enabler of Islamic banks and Islamic banking windows, and a champion of financial inclusion and stability that meets the needs of the financially underserved population, create better opportunities and promote a high quality of life for all Filipinos.”

Now on its 9^th year, the PPIE is the biggest^[1], longest-running, Philippine business and investment forum in the Middle East, that provide opportunities for businesses and investors in the UAE to explore the huge potential of the Philippine market. Meanwhile, the newly-inaugurated PEIS promotes business and investment opportunities in the Philippines by highlighting economic forecasts/business trends, government initiatives, investment incentives and other laws and regulations that will encourage investors to invest in the Philippines.

The PPIE and PEIS are organized by the New Perspective Media Group^[2].

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^[1]   PPIE is the biggest Philippine business and investment forum attended by reputable property developers, banks, insurance companies, and financial and investment institutions. Source:LOOK: Largest Philippine international investment, economic expo officially open in Dubai – The Filipino Times

^[2]   Based in Dubai, the New Perspective Media Group is a group of media and marketing companies with six offices across the UAE and Asia Pacific. Source: About Us – New Perspective Media.