Speaking at a New Year’s gathering with banking leaders and stakeholders on Friday, Jan. 10, 2025, the central bank governor reflected on the previous year’s milestones, including a credit rating outlook upgrade from S&P, the launch of the peso interest rate swap market, and the rollout of the Financial Services Cyber Resilience Plan.
He also highlighted the implementation of the Anti-Financial Account Scamming Act, aimed at fortifying consumer protection.
The introduction of smarter, cleaner, and stronger polymer banknotes was another landmark achievement that symbolized the central bank’s commitment to modernization.
“Twenty twenty-four was a remarkable year. We have much to celebrate as we laid the groundwork for a stronger, more resilient banking sector,” Remolona said.
Looking ahead, the governor emphasized the importance of building on these successes through innovation and collaboration.
Key priorities for 2025 include accelerating digital transformation to make financial services more accessible and inclusive, particularly for underserved communities. The BSP will also intensify efforts to promote Open Finance, enabling consumers to access tailored financial solutions that best meet their needs.
Remolona also acknowledged the role of the Monetary Board’s new members, Walter Wassmer and Jose Querubin, whose fresh perspectives have already contributed to the BSP’s initiatives.
“As we move forward, our shared vision is to position the banking industry as a stronger engine for job creation and economic growth,” he concluded, toasting to continued collaboration and success.
With these initiatives, the BSP aims to bolster the sector’s resilience and competitiveness, paving the way for a robust banking landscape in the Philippines by 2025, he said. — Ed: DLL
