BSP names outstanding partners in the Visayas

The Bangko Sentral ng Pilipinas (BSP) named nine outstanding institutional partners of its Visayas Regional Office (VRO) and Branches during the 2023 Outstanding BSP Stakeholders Appreciation Ceremony (OBSAC) held on 28 November in Dumaguete City.

Monetary Board Member Romeo L. Bernardo, who led the ceremony, conveyed the BSP’s gratitude to its partners for their support  in fulfilling  the central bank’s mandates that help boost the country’s economy and uplift he lives of Filipinos.

BSP Deputy Governor Bernadette Romulo-Puyat in her message said, “Together, let us remain united in our shared vision of building a Philippine economy that is resilient, technologically advanced, sustainable, and inclusive.”

The BSP identified the following as outstanding institutional partners in the Visayas:

• The Rizal Commercial Banking Corporation – Dumaguete for its innovations in making banking services simpler and more accessible through its partnerships with cash agents and retail merchants in the region. It has also promoted financial inclusion through basic deposit accounts (BDA),^[1] particularly among the marginalized sector.
• The Landbank of the Philippines – Dumaguete for its active participation in the BSP’s Cash Service Alliance (CSA)^[2] initiative, engagement in existing cash assistance mechanisms among banks, and promotion of financial inclusion through the BDA program.
• The Landbank of the Philippines Cebu-Osmeña Boulevard Branch for being the largest user of fit currencies—sourced either through the CSA or cash assistance mechanisms among banks—and for its numerous campaigns aimed at fostering financial inclusion and digitalization.
• The Bureau of Local Government Finance Regional Office VII for helping advance financial inclusion by assisting the BSP VRO in holding learning sessions and ensuring the local government units’ (LGU) compliance with their reporting obligations on the activities of non-bank entities.
• The Bureau of Local Government Finance Regional Office VIII for its efforts to bolster financial inclusion by ensuring the active participation of almost all Eastern Visayas LGUs in the BSP VRO’s learning sessions.
• The Bureau of Fisheries and Aquatic Resources Regional Office VII for its prompt sharing of data and information that helped enhance the quality and reliability of the BSP VRO’s reports on regional economic developments.
• The Department of Trade and Industry – Siquijor Provincial Office for its valuable assistance in organizing financial education sessions in the province, which included a three-day learning caravan on financial literacy, cyber hygiene, and security features of banknotes, among others.
• The Department of Trade and Industry – Negros Oriental Provincial Office for facilitating advisory sessions and information campaigns designed to match micro, small, and medium enterprises (MSMEs) with the appropriate financial products, generating nearly PHP80 million worth of loans to these businesses since 2020. The department has also implemented various projects and campaigns to encourage the use of quick response (QR) codes for financial transactions, thereby benefitting thousands of MSMEs in the province.
• The Bohol Provincial Library and Information Center for its vital support in helping the BSP’s financial education campaign reach out to a wider audience, including teachers and those living in hard-to-reach barangays. The program covers sound financial practices, proper currency management, and how to benefit from digitalization. The center also held learning sessions where it distributed information materials from the BSP.

The OBSAC, which started in 2004, has served as a platform for the BSP to celebrate meaningful partnerships that support its mandates of ensuring price stability, financial stability, and a safe and efficient payments and settlements system in the country.

The partner organizations also received recognition for helping promote the BSP’s advocacies, such as financial inclusion, digitalization, proper handling of banknotes and coins, and cyber hygiene.

Over the past weeks, the BSP also cited the outstanding partners of its Head Office as well as its North and South Luzon Regional Offices and Branches. It is set to recognize the partners of its Mindanao Regional Office and Branches next month.

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^[1] https://morb.bsp.gov.ph/213-basic-deposit-account/

^[2] https://www.bsp.gov.ph/Regulations/Issuances/2020/c1099.pdf