NextGen Day

📰 MANILA – Governor Eli Remolona Jr. of the Bangko Sentral ng Pilipinas (BSP) emphasized the significance of continuous policy improvement in the banking sector and its positive impact, especially amidst the pandemic.

During the Philippine Economic Briefing held at the Philippine International Convention Center (PICC) in Pasay City on Tuesday, Governor Remolona delivered a recorded message for the post-State of the Nation Address (SONA) event. He praised the economy’s strong rebound from the pandemic, partly attributing it to the resilient banking system.

“In contrast to previous crises, our banks have played a crucial role in the solution rather than being part of the problem. This is partly a result of our efforts to ensure financial stability,” he stated.

Various improvements have contributed to the strengthening of the domestic banking system, including the increase in banks’ capitalization and changes in capital ratios.

To bolster economic activities and support domestic growth, the BSP permitted banks to lend to micro, small, and medium enterprises (MSMEs) as alternative compliance to reserve requirements during the pandemic.

While multiple measures are being implemented to revitalize the economy after the downturn, locally and globally, inflation has posed challenges for achieving rapid economic recovery.

“Thankfully, the BSP’s inflation-targeting framework has served us well amidst unusual supply shocks. We remain committed to ensuring price stability and have dedicated our resources and attention to achieve this goal,” Governor Remolona remarked.

He reiterated the monetary authorities’ forecast that the rate of price increases would continue to decelerate, returning to the government’s target band of 2 to 4 percent in the last quarter of the year.

“This range is what we believe is ideal for an economy like the Philippines when it operates at full capacity,” he added.

The inflation rate peaked earlier this year in January, reaching 8.7 percent, the highest in 14 years. However, it has gradually decelerated, with the June 2023 level at 5.4 percent. The year-to-date average inflation stands at 7.2 percent.

Governor Remolona also emphasized the potential of increased digitalization in the banking and payment systems to enhance efficiency, competitiveness, and inclusion in the country.

“We are mindful and will manage the associated risks to ensure continued trust and confidence in this increasingly digital economy,” he assured.

“We aspire to include more Filipinos in the financial fold, allowing as many of us as possible to partake in the benefits of economic progress,” he concluded. 💻📈

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---