BSP awards 5 in region for ‘timely information’ that fine-tunes policies

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Friday, August 15, 2014


FIVE institutions in Central Visayas were awarded yesterday by the Bangko Sentral ng Pilipinas (BSP) in recognition of their contributions to the central bank’s statistical information requirement and advocacy.

The awardees were All Fresh Food Products Inc., as Outstanding Respondent among Large and Medium Firms, and Paul-Yu Philippines Corp. as Outstanding Respondent among Small Firms for the Business Expectations Survey.

According to BSP, these two respondents have participated regularly in the survey by providing timely, complete, accurate and consistent responses. These awardees were selected from among the country’s top corporations in Central Visayas.

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The National Economic Development Authority (Neda) 7 earned the Outstanding Partner award for the Report on Regional Economic Development. The agency provided BSP with information support for an effective environment scan of the region.

Metro Cebu Credit Surety Fund, on the other hand, was awarded as the Outstanding Credit Surety Fund for its contribution in promoting an environment conducive to growth and sustainable development of micro, small and medium enterprises (MSME) through collateral-free credit access to financial institutions.

The Outstanding Regional Partner in Currency Programs was awarded to the Bank of the Philippine Islands because of its continued support to BSP’s currency programs and advocacies in the region such as the clean note policy and coin recirculation.

Now on its 11th year, the award is anchored on the theme “forging stronger alliances, propelling sustainable growth.”

The event is expected to further strengthen the partnerships between the BSP and its stakeholders, resulting in more efficient and effective means of information-gathering and advocacy campaigns.

Better responses

Amando Tetangco Jr., BSP governor and chairman of the Monetary Board, said in a statement that the BSP will continue to build upon the partnerships they have established with their stakeholders. He noted that the theme this year is most fitting considering the risk that could potentially slow down growth momentum.

“Developments in the external front have made monetary policy more challenging but the BSP could not have properly calibrated its policies without the comprehensive and timely information that the stakeholders have provided throughout the years,” Tetangco said.
He noted that the information and statistics that these partner-institutions have provided to BSP have given them a glimpse of public perception on the general direction of the economy—crucial inputs to monetary and financial policy setting.

“As we work together...it is the economy that gets the ultimate benefit of better public policy, better information available to the general public and better environment of mutual trust and confidence,” said Diwa Guinigundo, BSP’s deputy governor for Monetary Stability Sector.

Inclusion

Guinigundo emphasized the importance of information support, saying that this helps the BSP better understand the dynamics of the economy and respond with appropriate policy actions. The stakeholders’ participation in advocacy programs has also helped in bank’s development goals of promoting greater financial inclusion, enhanced financial education and consumer protection and improved overseas Filipinos’ remittance environment.

The ceremony also coincided with BSP’s 21st anniversary. and was the fifth leg of the BSP’s regional stakeholders’ events, which will be held from July to September 2014 in 11 areas outside Metro Manila.
Tetangco said the economy continues to face headwinds due to the rebalancing of global growth and the expected normalization of monetary policy in advanced economies.

“Despite external risks, the economy continues to be markedly resilient, owing to solid macroeconomic fundamentals. Domestic demand continues to be buoyant and the inflation outlook remains broadly within target. Notwithstanding these positive developments, the BSP will remain vigilant of the downside risks to economic growth by crafting policies supportive of our primary mandate of price stability and financial stability,” he said. KOC

Published in the Sun.Star Cebu newspaper on August 16, 2014.

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