BSP renews partnership with R1,CAR development stakeholders

SAN FERNANDO, La Union, July 31 (PIA) – – The Bangko Sentral ng Pilipinas (BSP) calls for  continuing partnership with regional stakeholders in Ilocos and Cordillera Administrative regions in pushing for sustainable and inclusive  economic growth  as guided by  its mission to promote and maintain price stability, a strong financial system, and a safe and efficient payments and settlements system.

BSP Monetary Board Member Bruce Tolentino, in his keynote message during the 2019 Awards Ceremony and Appreciation Lunch for BSP Stakeholders in Regions 1 and the Cordillera Administrative Region on Tuesday here, expressed the bank’s gratitude to their partners in public service delivery, advocacy programs, and knowledge, data, information sharing that plays an important role in policy and decision making towards ensuring a continuing strong economic performance for the country. 

BSP Monetary Board Member Bruce Tolentino affirms the Bangko Sentral’s strong confidence to a continuing growth for the Philippine economy. (CCD/PIA CAR)

Tolentino outlined that the 6.2 percent PH economic growth in 2018 is among the fastest growth in Asia. With the economic reforms from a very strong economic team of the government and the expected support of both Houses of Congress to the government’s economic programs, he expressed optimism that the country’s economy will continue with its strong performance.

Highlighting Regions 1 and CAR good economic performances, Tolentino also calls for continuing partnership in pushing a sustainable and inclusive growth for the country.

 “Let us look forward in great hope for the economy and expect that our strength will move forward and will be the basis of our continuous economic growth,” he stressed.

 BSP Department of Economic Statistics Deputy Director Fernando Silvoza, in presenting the development indicators in Luzon, affirmed the sound economic climate in both regions with CAR and Ilocos region posting economic growth rate of 7.3 percent and 6.5% in 2018, respectively.

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Economic Development Partners. BSP Stakeholders from Regions 1 and CAR in a photo opportunity with their plaques and certificate of recognition as outstanding partners of Bangko Sentral ng Pilipinas. (CCD/PIA CAR)

In terms of contribution to the Philippine economy, CAR in 2018 contributed around P165 billion in the country’s Gross National Domestic Product  while Ilocos Region contributed  around P200 billion.

 Silvoza also outlined that the stable prices, low unemployment and underemployment rate and increasing financial resources may sustain the economic growth for both regions this 2019.

The awarding ceremony held at the BSP Regional office here  was the third  of the 13 nationwide activity of BSP which for this year adopts the theme, “One Team, One Goal: Resilient Partnership Towards Inclusive Economic Growth.”

For BSP stakeholders in CAR, given recognitions in ceremony  were  the Cordillera Regional Offices of Philippine Statistics Authority (top awardee), with  National Economic and Development Authority  and Philippine Information Agency  as  finalists  for the Outstanding Partner for Report on Regional Economic Developments and the Philippines category.

For the Knowledge Resource Network (KRN) category, given recognition were Ifugao State University (Top awardee) and Abra State Institute of Science and Technology (finalist).

CARD MRI Development Institute Inc – Baguio City (top awardee), DTI – CAR (finalist) and the Baguio – Benguet Bankers (finalist) were also given recognition in Outstanding Regional Partner in Implementing BSP advocacy on the conduct of public information campaign. (JDP/CCD-PIA CAR)


Source: PIA Feed