In a call for continued collaboration on key financial innovations, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. on Friday night led the annual reception for the banking community at the BSP Complex in Fort San Antonio Abad, Manila.
The event, attended by key stakeholders from the banking sector, diplomatic corps, government, private sectors, and media, highlighted the central bank’s focus on advancing digitalization and financial inclusion. Governor Remolona emphasized the importance of banks and the BSP working together to implement Open Finance, which would empower Filipinos to choose financial services best suited to their needs.
“We must continue to embrace digital transformation and make banking services more accessible for all,” said Remolona during his speech. “Our efforts in Open Finance will ensure a more inclusive financial ecosystem for the country.”
In Open Finance, so-called third-party developers have customer permission to use their data to develop financial solutions such as among others, those that provide real time payments, transparency solutions, marketing, among others.
Also present were Monetary Board Members Walter C. Wassmer, Benjamin E. Diokno, Romeo L. Bernardo, Rosalia V. De Leon, and Jose L. Querubin, reinforcing the BSP’s commitment to driving forward these pivotal initiatives. The reception underscored the BSP’s role as a key player in fostering a modern, accessible, and transparent financial system in the Philippines.
