Bangko Sentral ng Pilipinas

Bank of Makati, Inc. (BMI) has joined the roster of financial institutions that facilitate the exchange of unfit banknotes and coins for fit or clean ones under the “Piso Caravan” program of the Bangko Sentral ng Pilipinas (BSP). With the addition of BMI, there are now 141 participating financial institutions in the Piso Caravan. On 24 March 2025, BMI President Luis M. Chua and officials signed a pledge of commitment to support the Piso Caravan during a ceremony at the BSP head office in Manila. They were joined by BSP Assistant Governor Rosabel B. Guerrero and officials from BSP North Luzon and Greater Manila regional offices. Under the Piso Caravan, participating financial institutions assist in the replacement of unfit and mutilated currency, encourage the recirculation of idle coins, and promote awareness of proper currency handling. https://lnkd.in/gMJzGktB #BSP #BSPupdates #PisoCaravan

READ: The first mover central bank partners in Project Nexus – Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, and Bank of Thailand – have formally incorporated Nexus Global Payments (NGP) in Singapore to operationalise and manage the multilateral instant cross-border payments scheme. NGP has appointed Benjamin Lee as the Interim Director. Mr Lee has been involved in the Nexus initiative since its incubation and will be seconded from the MAS to take on this role. NGP is commencing a procurement process to appoint a Nexus Technical Operator (NTO) to undertake the technical build and run the day-to-day operations of the Nexus scheme. The BIS is not an owner of NGP. As part of the handover, it will facilitate knowledge transfer and provide support until the first live Nexus transaction. READ FULL PR: https://lnkd.in/geuRa_7g More information about NGP and the NTO procurement process: https://lnkd.in/gHTJu67C #NexusGlobalPayments #NGP #BSPUpdates

The decision of the Bangko Sentral ng Pilipinas (BSP) to reduce the reserve requirement ratios (RRRs) for banks will provide more liquidity to the financial system that will help support economic activity. This was the message of BSP Assistant Governor Zeno R. Abenoja during the Philippine Stock Exchange InvestPH 2025 Investors Conference on 19 March 2025 held in Taguig City. The RRR is the portion of deposit funds that banks must keep with the BSP. The reduction in the RRR, therefore, will free up funds that banks may use for lending and Investments. The cut in the RRR is in line with the BSP’s goal of enabling banks to channel their funds more effectively toward productive activities that support the economy. Starting 28 March 2025, the RRR for big banks will be reduced by 200 basis points to 5 percent from 7 percent. #RRR #BSP #BSPUpdates

As a data-driven central bank, the Bangko Sentral ng Pilipinas (BSP) paused from cutting interest rates in February to gather more information about how global trade policy uncertainty will pan out and affect the world economy, including the Philippines. “In February, there was a sudden bout of uncertainty. So, we had to pause, find our bearings, figure out what was really going on,” BSP Governor Eli M. Remolona, Jr. said in a recent Bloomberg interview. Also, as long as we’re on track, the BSP prefers moving in what the BSP Governor describes as “baby steps,” reducing interest rates by only 25 basis points at a time. A pause is better than a cut that is followed by a reversal. Watch the excerpt of the Bloomberg interview here: https://lnkd.in/gvbzq3tV #BSP #BSPUpdates

As we commemorate Women’s Month, learn from the inspiring women of the BSP as they share their insights with women in the workforce. Let’s hear from Lara Ganapin, Director of the BSP’s Department of Economic Research. She has been with the BSP for almost 20 years. For more information on the 2025 National Women’s Month, visit: https://lnkd.in/g9enZRCZ #BSPUpdates #WEcanbeEquALL #JuanaSays

As we commemorate Women’s Month, learn from the inspiring women of BSP as they share their advice to women in the workforce.   Let’s hear from Hazel Parcon-Santos, a principal researcher at the BSP Research Academy. She has been with BSP since 2011.   For more information on the 2025 National Women’s Month, visit: https://lnkd.in/g9enZRCZ   #BSPUpdates #JuanaSays #WEcanbeEquALL

As we commemorate Women’s Month, learn from the inspiring women of BSP as they share advice to women in the workforce.   Let’s hear from Lali Gengoni, a currency and medallic illustrator at BSP’s Mint and Refinery Operations Department. She has been with BSP since 2016.   For more information on the 2025 National Women’s Month, visit: https://lnkd.in/g9enZRCZ   #BSPUpdates #JuanaSays #WEcanbeEquALL

IN PHOTOS: Bangko Sentral ng Pilipinas (BSP) Regional Director Atty. Neil Noel Q. Malimban highlighted the accessibility and services offered by the BSP’s North Luzon Regional Office in Baguio during the Media Information Session for Benguet-Baguio media on 06 March 2025. BSP Regional Director Malimban urged media stakeholders and government information officers to assist in spreading awareness about the regional office’s services to the public, “Meron tayong complaints desk, meron tayong regional economic affairs staff, aside from the currency supply, aside from gold. You can just come here, and we are always available.” Around 40 media practitioners and government information officers attended the 2025 MIS held at the BSP NLRO headquarters on Loakan Rd, Baguio City. Apart from the BSP’s Regional Operations, discussions also covered the BSP’s Digitalization Efforts, the first Philippine Polymer Banknotes Series, the BSP’s Statistical Releases, and the Anti-Financial Account Scamming Act. The MIS is a capacity-building seminar for members of the press and government information officers to help them understand and appreciate the BSP’s role in the economy #BSP #BSPupdates #BSPMIS

IN PHOTOS: The COMELEC and the BSP on 24 March 2025 successfully deposited in the BSP’s vaults the source codes for the upcoming 2025 national and local elections. In his message, BSP Officer-in-Charge Elmore O. Capule said that safekeeping the source codes by the BSP will help ensure credible and honest elections. Full story on: https://lnkd.in/gnAvZAEn #BSP #BSPupdates

Bacnotan, La Union adopts Paleng-QR Ph Plus Bacnotan Mayor Divina C. Fontanilla and Bangko Sentral ng Pilipinas (BSP) La Union Manager Melody P. Hermosura lead the launch of the Paleng-QR Ph Plus program at Bacnotan Public Market on 08 March 2025. This program makes everyday transactions easier and safer by promoting e-payments in public markets, local transport, and businesses using QR Ph—the national QR code standard.  https://lnkd.in/gCr3p8rR #BSP #PaywithQRPh #PalengQRPhPlus