The Bangko Sentral ng Pilipinas (BSP) highlighted innovation, inclusion, and integrity as key priorities for the financial sector during its annual reception for the banking community on Friday, saying the banking industry remains one of the bright spots in the economy.
“The banks today are a bright spot in our economy,” BSP governor Eli Remolona Jr. told the gathered crowd of businessmen, financiers, diplomats and others welcoming the new business year.
On innovation, Remolona said the central bank is advancing major improvements such as 24/7 settlement systems and more efficient cross-border transactions. It also pointed to less visible but equally important innovations, including upgrades to economic models and tools that measure market sentiment, which help policymakers better understand and respond to uncertainty.
The central bank is also pushing policies that promote financial inclusion. These include initiatives such as retirement savings accounts and recent regulatory measures that give communities affected by natural disasters temporary relief from loan payments. The BSP said Circular No. 1221, issued recently, is designed to give borrowers breathing space while allowing banks to support faster recovery and loan restructuring.
Integrity was another key theme of the event. The BSP stressed that trust is essential to the strength of the financial system, particularly in challenging times. It said both regulators and banks share responsibility in ensuring that a loss of confidence does not undermine financial stability or long-term economic growth.
The BSP said banks continue to play a vital role in the economy, noting that they have earned and maintained the trust of depositors over decades. This trust allows banks to support households and businesses when they need financing, reinforcing their role as a stable and reliable pillar of the financial system.
“For many decades you kept your depositors’ trust and they know they can go to you when they need a loan,” Remolona said.
