Central Bank of Philippines tries unconventional ways to central banking under a new governor

There have been articles on how RBI under Mr Shaktikanta Das (completed 1 year the central bank in Dec-2019) is using unconventional policies .

Similar article on Central Bank of Philippines whose new Governor Benjamin E. Diokno is going the unconventional way as well:

The Bangko Sentral ng Pilipinas (BSP) has a lot more focus thinking of unconventional ways to central banking since Benjamin E. Diokno – a name more familiar in the exercise of public or government budgeting – took over the helm as BSP’s fifth governor in 2019.

Dokno has said many times that under his watch, the BSP will be “closer to (the) people)” since the beneficiary of a successful BSP doing its mandate of promoting price and financial stability, as manifested in a low and stable inflation and financial services that are accessible to the public, are the Filipino consumers.

So far, so good. Inflation is expected to settle at 2.4 percent in 2019 and a stable 2.9 percent for 2020 and 2021, firmly in the middle ground of the two-four percent target until 2022. The 2.4 percent forecast for 2019 is more than half of what was reported at the end of 2018 of 5.2 percent.

As for further bringing BSP as an institution working for Filipinos, the BSP has set into motion reforms and regulatory changes that will make this happen sooner than planned. It continued to pursue the strengthening of the payments system through policies that will encourage financial technology solutions.


Unconventional has become the new conventional…

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