CEBU CITY, Sept. 20 (PIA) — Bangko Sentral ng Pilipinas (BSP) in partnership with Philippine Information Agency (PIA-7) held a special economic and financial learning session for the media and information officers from various local government units and national government agencies in Cebu on Sept. 19, 2019.
This is part of the nationwide public information campaign done by BSP annually since 2000 i
nstilling economic and financial learning as integral to inclusive and sustainable growth, said BSP Cebu Information Officer Hazel Arante.
The session aimed to promote greater awareness and understanding of essential economic and financial concepts to equip the Filipinos with knowledge and skills needed to make sound economic and financial decisions.
BSP Department of Economic Research Acting Deputy Director Joselito Basilio discussed the role of Bangko Sentral in the economy through its three pillars: price stability, financial stability and efficient payments, and settlement systems.
In his presentation, Basilio said between 2019 to 2020, Philippines is seen to remain a fast growing economy with an expected six percent growth.
He said Central Visayas has the lowest inflation rate with 1.1 percent in the region as of July 2019.
Meanwhile, in the same forum, BSP’s Payment System Oversight Department Deputy Director Mary Rose Contreras explained the continued effort of BSP in supporting financial innovations by fostering regulatory environment.
Contreras encouraged the use of automated clearing houses (ACHs) under the national retail payment system (NRPS) such as PESONet and InstaPay.
NRPS would provide better benefits like lower cost, greater convenience, more available means of making payments, enhanced transparency, and improved audit trails and traceability, she said.
Through NRPS, a person, business and/or government office can transfer funds with the use of technology, promoting digital financial ecosystem and enhancing efficiency and reliability. (fan/pia7)
Source: PIA Feed