BSP launches central banking symposium in Bohol

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The Bangko Sentral ng Pilipinas (BSP) held its first Central Banking Symposium last Monday, Nov. 24, in Panglao, Bohol, bringing together policymakers, economists, and financial leaders to discuss strategies for monetary policy in a volatile global environment.

Themed “Anchoring Policy in an Era of Shocks,” the event focused on how central banks can ensure economic stability amid growing uncertainty.

In his opening remarks, BSP Governor Eli M. Remolona Jr. underscored the symposium’s purpose.

“Fisherfolk say that when strong currents shift, the first thing to check is the anchor. If the anchor holds, you will be okay,” he said, using a maritime analogy to stress the importance of firm policy foundations during external shocks.

Former Bank of Thailand Governor Sethaput Suthiwartnarueput delivered the keynote speech and emphasized the value of resilience over flair in central banking.

“In this era of unprecedented shocks, stability requires that we also be robust. To put it simply, robust is the new boring,” he said, echoing the philosophy of former Bank of England Governor Mervyn King.

The BSP’s Deputy Governor Zeno Ronald R. Abenoja, University of the Philippines Professor Emeritus Dante B. Canlas, and ASEAN+3 Macroeconomic Research Office Philippine Country Economist Andrew Tsang led key discussions throughout the day.

Sessions tackled topics such as how Filipino households form inflation expectations, the behavior of deposits and financial stability, and the influence of exchange rate movements on monetary policy.

The forum drew Monetary Board members, BSP senior officials, academics, economists from government and multilateral institutions, leaders in the financial and banking sectors, and members of the BSP press corps.

Participants included former Finance Secretary and Monetary Board Member Benjamin E. Diokno; Monetary Board Members Jose L. Querubin, Romeo L. Bernardo, and Rosalia V. De Leon; and BSP Deputy Governors Bernadette Romulo-Puyat and Zeno Ronald R. Abenoja.

Academic experts such as UP Visiting Professor Ramon Moreno and Social Weather Stations Chair Emeritus Mahar K. Mangahas joined institutional economists including John Beirne of the Asian Development Bank and Domini S.D. Velasquez from the Department of Finance.

Private sector representatives like BDO Unibank Executive Vice President Dalmacio Martin, PNB President and CEO Edwin R. Bautista, and Reyes Tacandong & Co. Senior Advisor Jonathan Ravelas also contributed insights.

The BSP said the symposium will be held annually to advance dialogue and strengthen data-driven policymaking.

Through this initiative, the central bank aims to deepen understanding of macro-financial developments and enhance the quality and responsiveness of its monetary policy decisions.