DUMAGUETE CITY, Negros Oriental (PIA) – The Bangko Sentral ng Pilipinas (BSP) Dumaguete, in collaboration with the Philippine Information Agency (PIA), convened the media and information officers in an information session to enhance industry awareness on central banking, digitalization, and financial consumer protection in the city.
The seminar aimed to highlight BSP’s ongoing efforts to foster a safe, inclusive, and digitally advanced financial system in the Philippines, with a strong focus on both innovation and consumer protection.
The activity featured presentations from BSP acting deputy director, Jeniessa Espinosa of the Economic and Financial Learning Office, who provided an overview of BSP’s mandate as the country’s central monetary authority under Republic Act 7653, the New Central Bank Act.
Espinosa emphasized the BSP’s role in regulating the nation’s money, banking, and credit sectors.
“We are an independent and accountable body in the discharge of our mandate, particularly for the money, banking, and credit sectors,” she said.
She also underscored the importance of digital transformation, noting that “payment digitalization benefits consumers, businesses, and society as a whole.”
BSP deputy director of Payments Policy and Development Department, German Constantino Jr., expanded on the bank’s efforts to foster a regulatory environment that supports responsible innovation.
“We work with the payment industry and other players to come up with digital solutions that address the needs of our fellow Filipinos,” he said.
Constantino also pointed out that BSP is targeting 60 percent to 70 percent digitalization by 2028 as part of the Philippine Development Plan.
“It’s really a whole-of-society approach, and it’s important for users to be vigilant to ensure a safe and efficient digital payment system,” he said.
On the topic of consumer protection, BSP deputy director for Consumer Protection and Market Conduct Office, Atty. Paul Khristan Baylon, discussed the recently enacted Financial Consumer Protection Act (FCPA) of 2022.
“It’s a comprehensive law that covers all consumers availing of financial products and services from institutions under the supervision of the BSP, SEC, Insurance Commission, and Cooperative Development Authority,” Baylon explained.
He also introduced the BSP’s consumer assistance mechanism, including the BSP Online Buddy chatbot, which provides real-time support to consumers.
“The BSP remains committed to ensuring that financial consumers are protected,” Baylon said.
He said the institution is continually strengthening its regulatory framework to address evolving risks. (JCT/PIA-7 Negros Oriental with reports from Jonah Grace Nicolas, NORSU Intern)
