Medalla seen to embrace inclusion, digitalization

The Bangko Sentral ng Pilipinas (BSP) is expected to keep pushing for financial inclusion and digital modernization under the leadership of Felipe Medalla, according to former BSP Governor and now Finance Secretary Benjamin Diokno.

“[I am] confident that [Medalla] will continue the game-changing reforms,” Diokno said on Monday, citing the rapid shift to digitalization and other measures that have kept the BSP “agile and innovative amid the pandemic-induced crisis and other challenges to the country’s financial system.”

The leader of the new administration’s economic team was speaking at a ceremony that marked the BSP’s 29th anniversary as well as turnover of BSP leadership to Medalla.

On Friday, Diokno also described Medalla—already serving his second term as member of the Monetary Board before he was tapped to lead the BSP—as one with a “remarkable professional record” that made him a “perfect fit” for a central bank governor amid challenging times.

Also, Diokno said he was certain that the BSP’s digital payments transformation road map would make significant strides under Medalla’s leadership.

Over the past several years, the BSP has been promoting green finance and studying the feasibility and policy implications of issuing a central bank digital currency. It also released the Philippines’ first-ever polymer banknote.

Rapid shift

The BSP has also embarked on a rapid shift to cloud-based communication tools to accommodate work-from-home arrangements, which increased its efficiency during the pandemic lockdowns.

Further, the pandemic caused the BSP to accelerate the innovation and digitalization of its products and services.

Some of these include the electronic submission of bids and online conduct of procurement activities, and maximizing the use of e-documents, e-signatures and even online payments.

“Not many know this, but we also have an Electronic Security Modernization Project, which is intended to enhance BSP security operations with the use of the latest security technology that is fully integrated and meets global standards.”

The project aims to unify security systems in all BSP regional offices. INQ