Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Thursday emphasized the need for the responsible and inclusive use of emerging technologies, including artificial intelligence (AI), to improve the delivery of financial services.
Speaking at the central bank’s 32nd anniversary celebration, Remolona said digitalization is now embedded across various aspects of the financial system, and the BSP is taking advantage of these innovations.
He said there is a need to be more discerning as artificial intelligence (AI) is “impossible to ignore.”
“The growing conversation around AI is still evolving and so are the expectations,” he noted, adding that the issue is not whether to use it or not but instead how it is being used “to empower rather than to displace.”
Remolona said the BSP is currently using generative AI in its monetary policy work “to extract insights from non-traditional, unstructured high-frequency data.”
He also cited the use of Supervisory Technology (SupTech) and Regulatory Technology (RegTech), which are helping regulators streamline reporting requirements and improve risk assessment.
According to Remolona, digital payments in the Philippines have already surpassed the BSP’s target of accounting for 50% of total transactions in 2023.
He added that more local governments have adopted QR Ph, the country’s standardized QR code system, to facilitate digital payments.
Quoting former US baseball player and coach Yogi Berra, Remolona said: “When you come to a fork on the road, take it.”
“At 32, we are not just marking time, we are charting our direction. One, powered by innovation and rooted in sustainability and inclusion. So, as we stand at this fork, let us not hesitate. Let us take it together with purpose and with target,” he said.
