Central Bank of Philippines ranked the most trusted agency in Philippines for 25 times in 32 years of Survey!

Central bankers talk a lot about independence, trust and so on. They justify their independence based on the value they bring to the society. The proof pf pudding lies in eating and what matters most is how public perceives the central bank.

Apparently Central bank of Philippines is doing great in this aspect. Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, their central bank) in this speech says central banking goes beyond numbers:

This brings me to my next point-that strong institutions are critical in nation-building and this is true for a central bank.  So for us here in BSP, our ability to deal with the risks and challenges of the economy is largely dependent on how well-prepared and pro-active the central bank is.

We have our radars. We see the risks, the threats, and even gaps and opportunities. We address all these-and we have our toolkits that we would willingly use as needed.

In the process, the numbers change and show good results:   inflation is tamed; Philippine banks remain robust, well-funded, and adequately capitalized; the credit-liquidity dynamics in the country are consistent with expanding economic activities; the external payments position is hefty; the exchange rate trends remain consistent with macro fundamentals; and I can continue on and on.

But more than the notable statistics, for us in the BSP, the bottom line always is the Filipino people. And for this reason, we are pro-growth. Remember the maxim: A rising tide lifts all boats.  An improved economy should benefit all, and so government economic policy should focus on broad economic efforts. 

Because of this, financial inclusion is on top of the BSP agenda because no one, really, must be left behind. We will go beyond convention and embark on goals outside the ambit of traditional central banking. At the same time, we will remain mindful not to go beyond what we are allowed to do under our charter. We will be decisive and forward-looking as we continue to be timely and data-dependent on our actions.  We will continue to communicate our intentions as clearly as possible. We will be transparent. 

As most of you know, the old norm is for central banks to be deliberately vague. But ultimately, this is bad for the market, the banks, and the public because it leads to speculative behavior, and we want to avoid that. 

We will INTENTIONALLY bring the BSP closer to the people.  A central bank cannot operate from an ivory tower.  It is important that BSP stakeholders understand what we are mandated to do. It is crucial that our stakeholders trust our integrity and our capability to carry out our mandate. 

Yesterday, we received news reports of the survey results conducted by the Makati Business Club (MBC). The survey results show that businessmen rank BSP first out of 69 government agencies covered in the poll. The respondents were asked if they were/are satisfied with the performance of these agencies.

I will not be modest about this-I am happy to say that this is the 25th time the central bank topped this survey since this was first conducted in 1987. 

This year, 97% of respondents said they are satisfied with BSP’s performance. This seal of confidence and expression of trust in BSP affirms the work that we do here. This recognition will only motivate us to work harder and better.  

Nice to note this!

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