The Bangko Sentral ng Pilipinas (BSP) and Banque de France have formalized a partnership through a memorandum of understanding (MOU) aimed at strengthening currency management and other central banking operations. The agreement was signed on 23 October 2024 at the Philippine Embassy in Washington, DC.
BSP Governor Eli M. Remolona, Jr. emphasized the ongoing importance of physical currency, noting that despite the rise of electronic money, the issuance and management of banknotes and coins remain a fundamental responsibility for central banks. “Because we take this seriously, the BSP is proud to partner with Banque de France to enhance the quality of our currency,” Governor Remolona stated. He further highlighted the value of tapping into over a century of the French central bank’s expertise in paper-money production and security features.
The five-year MOU outlines key areas of cooperation, including currency and security management, currency demand forecasting, and research on digital payments and high-durability banknote substrates. The two central banks will also collaborate on improving the resilience of new banknotes to counterfeiting and the evaluation of security features.
In addition, the agreement covers technology exchange, staff training and exchange, and sharing legal perspectives on central banking practices. Both institutions aim to foster mutual learning through technical assistance and capacity-building initiatives.
This MOU marks a significant step in enhancing the operational capabilities of the BSP, while benefiting from the extensive experience of Banque de France in central banking and currency operations.
