QUEZON CITY (PIA) -- New Finance Secretary Benjamin Diokno said that he is confident that new Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla will continue the game-changing reforms implemented under his previous leadership of the institution.

This include its rapid shift to digitalization and other measures that has kept it ‘agile and innovative’ amid the pandemic-induced crisis and other challenges to the country’s financial system.

Diokno said that at the height of the pandemic, the BSP ensured the continuity of much-needed financial services and remained

sensitive to the needs of its fellow Filipinos by providing financial relief, incentivizing lending, and facilitating access to more financial services. 

He pointed out that even in the midst of a pandemic, “it has remained business as usual” for banks, money changers, and other BSP-supervised institutions. 

The BSP also worked closely with other agencies and stakeholders in getting financial reforms such as the Financial Institutions Strategic Transfer Act and the Financial Products and Services Consumer Protection Act passed in Congress to provide relief to pandemic-hit sectors and safeguard consumers from unethical and fraudulent financial schemes. 

Diokno also cited the BSP’s hand in the approval of the Gold Law, the Philippine Identification System Act, the Islamic Banking Law, and the amendments to the BSP charter prior to the pandemic. 

He said the BSP acted prudently in issuing monetary policies and expanded opportunities to boost digital payments and financial inclusion among Filipinos.

Acknowledging his confidence in the new BSP Governor, Diokno said he is certain that the central bank’s Digital Payments Transformation Roadmap will make significant strides under Medalla’s leadership. 

Seeing things from a broader perspective, Diokno said that the pandemic has accelerated the innovation and digitalization of BSP products and services. (DOF / BSP Photo / PIA-NCR)