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June 24, 2024

Innovation and collaboration at the core: Remolona’s vision for BSP

Newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona laid out his vision for fortifying the country’s banking sector and continuing the trajectory set by his predecessors.

Speaking at an internal turnover ceremony held at the BSP, Governor Remolona emphasized the power of unity and collective effort in propelling the BSP’s objectives forward.

“Together, we must build on the progress we have already made,” he rallied the officials and staff present. “I know we’re all eager to work even harder. I know we have what it takes to do even better—especially if we work together.”

In addressing concerns about inflation, Remolona echoed the sentiments expressed by former BSP chief Felipe M. Medalla. With unwavering confidence, he assured that inflation is on a downward trajectory and projected that the target range will likely be achieved by the end of this year.

This optimism aligns with the BSP’s ongoing commitment to maintaining price stability and nurturing a favorable economic environment.

Emphasizing the robustness of the domestic banking system, Remolona commended the surplus capital and liquidity as key strengths. He lauded the banks for their resilience during the pandemic, highlighting their role as a source of strength throughout the crisis—a stark contrast to past tumultuous periods.

Remolona also championed the ongoing digitalization efforts spearheaded by both the BSP and the banking sector. With an impressive 42.1% of transactions now conducted digitally, he pledged to continue promoting technological advancements that enhance accessibility and efficiency in financial services.