BSP pushes capital market, cross-border payment reforms

The Bangko Sentral ng Pilipinas (BSP) reaffirmed its commitment to developing capital markets and enhancing cross-border payments at the 4th ASEAN+3 Economic Cooperation and Financial Stability Forum held on Nov. 25, 2025, in Hong Kong, China.

During a panel discussion, BSP Deputy Governor Zeno Ronald R. Abenoja said the central bank is actively implementing reforms aimed at strengthening the money market and adopting more market-oriented operations.

“The BSP is working to deepen the money market and introduce more market-oriented operations,” Abenoja said.

He explained that these efforts aim to enhance domestic liquidity conditions, improve monetary policy transmission, and bolster the country’s integration into regional and global financial systems.

“These are also steps to safeguard the financial system amid global uncertainties and accelerating digital transformation,” he added.

On the topic of cross-border payments, Abenoja highlighted the emerging role of tokenization technologies, particularly stablecoins, in transforming international transactions such as digital retail payments and overseas remittances.

He said tokenization could make cross-border transactions “faster, cheaper, and more accessible.”

This year’s AMRO Forum was held under the theme “From Fragmentation to Resilience: Macro-financial Stability and Regional Integration in ASEAN+3.”

The event convened policymakers, economists, and financial leaders from the ASEAN+3 region—including the 10 ASEAN member states plus China, Japan, and South Korea—to discuss strategies for navigating a fragmented global economic landscape while building macro-financial resilience.

The forum was co-organized by the ASEAN+3 Macroeconomic Research Office (AMRO), the Bank for International Settlements (BIS), and the Hong Kong Monetary Authority.

Other panelists at the forum included Daniel Rees, head of central bank cooperation at BIS; Min Soo Kwon, deputy governor of the Bank of Korea; Alicia Garcia-Herrero, chief economist for Asia Pacific at Natixis; and Arup Ghosh, chief rates strategist for ASEAN and Korea at Standard Chartered Bank.

Following the forum, Abenoja also represented the BSP at the ASEAN+3 Finance and Central Bank Deputies’ Meeting from Nov. 26 to 27, also held in Hong Kong.

The Philippines is set to co-chair the ASEAN+3 Finance Process with Japan in 2026, signaling its deepening leadership role in regional economic integration.