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April 24, 2024

BSP cites importance of reaching out to Filipino people

The Bangko Sentral ng Pilipinas (BSP) underscored the importance of bringing the BSP closer to the Filipino people during a recent South East Asian Central Banks (SEACEN) Seminar on Central Bank Governance.

“Ultimately, we are accountable to the Filipino people and we should help them understand what we are doing and how it affects their daily lives and the economy at large,” outgoing BSP Governor Benjamin Diokno said.

The BSP’s mandates to foster price stability, financial stability, and a safe and efficient payment system directly affect the lives of Filipinos as these have an impact on their decisions to save, invest, and pay for goods and services.

Among the BSP’s initiatives to bring this message to Filipinos is the use of simple, non-technical language when it communicates with the general public.

The BSP has likewise sustained its economic and financial education campaigns, such as EkoLit, a platform to help improve financial consumers’ understanding of economic issues and concepts, as well as the role of the BSP in the economy; and PisoLit, which focuses on topics and tips related to financial planning, saving, budgeting, managing debt, and investing, among others.

To enable more Filipinos to share and participate in the country’s economic growth, the BSP also promotes the digitalization of payments and opening of transaction accounts.