More economic, business development seen

CITY OF SAN FERNANDO -- Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco said the transfer of the BSP office here from Angeles City would pave way for renewed economic and business development for Pampanga.

Tetangco made this announcement in an exclusive interview with Sun.Star Pampanga following the inauguration of the new Pampanga branch building here Thursday, led by President Gloria Macapagal-Arroyo.

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Arroyo, who was in a bright mood during the event, led the ribbon cutting of two-storey building facility and the unveiling of the commemorative marker.

The President was joined by Finance Secretary Margarito Teves, National Historical Commission of the Philippine (NHCP) Chairman Ambeth Ocampo, Deputy Governor Diwa Gunigundo, third district Representative Aurelio "Dong" Gonzales, first district Representative Carmelo Lazatin and mayors of Pampanga.

Tetangco told Sun.Star Pampanga that the new facility would pave the way for better bank-related transactions for the local banking sector of Pampanga. He said that the transfer is an affirmation of the focal role of the City of San Fernando in terms of business and investment.

The building features all the modern technologies to facilitate swift banking transactions in the area and boasts of an architecture that echoes all other regional offices of the BSP.

Tetangco is optimistic that the move will propel the economic conditions in Pampanga into much higher levels.

Pampanga, Tetangco said, boasts of the 3rd highest net loan portfolio, next only to the National Capital Region and the Eastern Visayas. The province also has the 2nd highest recorded deposits and banking transactions next only to Cebu.

"We are aiming to make the new office a place where banking transactions are easier and people can benefit as well from our additional academic services," Tetangco said.

BSP learning center for the people

To provide the public with information services, programs and materials in the areas of central banking, economics and finance, among others are the objectives of the BSP in establishing the Economic and Financial Learning Center (EFLC) at its new BSP office here.

Tetangco said the establishment of the EFLC with its integrated, interactive approach to in-house information dissemination and communication, further strengthens the BSP's commitment to the promotion of economic and financial education.

He said that the BSP has long recognized the value of economic and financial education as a basis for better decision making by consumers and as a means of improving the function of financial markets, the BSP press report disclosed.

The EFLC will also complement and reinforce existing channels of BSP communication with its stakeholders through exhibits and audio visual presentations designed to deepen undertaking and enhance appreciation of issues relevant to the BSP.

"Ordinary people can come here and use our computers and materials for their academic studies and researches. We believe that an economically literate people can help in propagating good banking principles and practices as well as develop their own banking and entrepreneurial skills.

Banking sector, businessmen happy

The local banking communities in Pampanga and neighboring provinces have lauded the transfer.

Guagua Rural Bank President Jose L. Carlos, an officer of the Pampanga Federation of Rural Banks, said that the transfer of the BSP office will make withdrawals much easier as well as facilitate the fast discounting processes for local banks.

"We also see an easier processing of transactions and requirements. This will greatly help our banks, particularly the rural banks in Pampanga," Carlos told Sun.Star Pampanga. Carlos also said that the new development will also provide a moral boosting for the banking sector and make the BSP related services more accessible to the people.

Meanwhile, Clark Development Corporation (CDC) Director Tess Laus said that the new BSP center will greatly help in promoting a more economically literate people in the province.

Laus pointed out that once it is opened, BSP will admit students and interested groups and individuals who are willing to tour EFLC and be familiar more about the pillars of central banking, and BSP itself.

Pampanga Chamber of Commerce and Industry (PamCham) President Rene Romero also lauded the opening of the new facility.

Romero, however, urged the local police to renew its peace and order campaign to better allow safe and efficient transactions in the area without fear of any lawless elements.

Romero said that having BSP here is an additional factor that would entice more investors to come in.

With this development, he claimed that business and money transactions would even be faster as compared before. He added this could be healthy to the economy as it would trigger more earnings for the businessmen and generate more jobs for Kapampangans.

"Pangkaraniwan nagkakaroon ng delay sa clearing ng mga tseke pero ngayon dahil kapitbahay na natin ang BSP inaasahan natin na bibilis na ito," he added.

Good GDP

During the inaugural program, Tetangco proudly said the Philippine Economy has recorded 7.3 percent Gross Domestic Product (GDP) growth in the past years.

"With this very positive result, our country continues to have a stable banking system and its financial system has improved," he said.

Meanwhile, President Arroyo led the Presentation of a Memorandum Agreement in turning over the new BSP building to the Department of Finance (DOF) and the old building in Angeles City to the National Historical Institution.

Welcome move

City of San Fernando Mayor Oscar Rodriguez also welcomed the move of the BSP to relocate its regional office here.

"This would greatly improve investments in the city and will definitely boost the local economy of the city. After this, we will concentrate on improving the government center in Maimpis where regional offices are located. The projects of the President are indeed laudable," Rodriguez told Sun.Star Pampanga.

According to Fe Dela Cruz, BSP Director, since BSP has now a new building, they will have an increase in capacity to accommodate the needs of the economy of the region and not just in Pampanga.

"It is important because we are moving to a historical place in San Fernando with the purpose of reducing economic problems especially the continuous growth of the population. It gives us flexibility as well", she said. (Ian Ocampo Flora and Herbert Mapiles with reports from Marlon P. Beltran)