Diokno confident Medalla to sustain game-changing reforms in BSP

Diokno confident Medalla to sustain game-changing reforms in BSP

Former Bangko Sentral ng Pilipinas governor and now newly-appointed finance secretary Benjamin Diokno. (Photo credits: Rappler)

By Tracy Cabrera

MANILA — Recounting the time of uncertainties at the height of the Covid-19 pandemic when he was Bangko Sentral ng Pilipinas (BSP) governor, newly designated finance secretary Benjamin Diokno expressed confidence that new BSP governor Felipe Medalla will continue the game-changing reforms that had been implemented in the institution under the administration of President Rodrigo Duterte.

In his first speech as finance chief at the BSP’s 29th anniversary and turnover ceremony, Diokno recounted how the institution provided “a sense of confidence and predictability” during the previous administration, which includes the institution’s rapid shift to digitalization and other measures that have kept it ‘agile and innovative’ amid the pandemic-induced crises and other challenges to the country’s financial system.

Diokno recalled that through those trying times, 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, “the BSP had remained ‘business as usual’ for banks, money changers, and other BSP-supervised institutions.”

“We have gone through a crisis like no other, with no emergency response playbook to which we could refer. But we kept our eyes on the ball. We remained agile and innovative. We boosted market confidence. We implemented extraordinary liquidity measures,” Diokno said.

He also mentioned other significant reforms and advancements made within the BSP that ensures quality service to the public, particularly the country’s financial and business sectors. (ai/mtvn)

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