STA. ROSA, Laguna, Aug. 8 -- Monetary Board Member Felipe M. Medalla on Monday urged banking partners and stakeholders in Calabarzon and Mimaropa regions to promote cashless transactions as he thanked their support in policy formulation and government efforts in maintaining price and financial stability.
Calabarzon region comprises the provinces of Cavite, Laguna, Batangas, Rizal and Quezon while Mimaropa is composed of the island provinces of Mindoro Oriental and Occidental, Marinduque, Romblon and Palawan.
Medalla guested at the Bangko Sentral ng Pilipinas' (BSP) 2017 Awards Ceremony and Appreciation Lunch at the Paseo Premiere Hotel, Greenfield City here to honor BSP's partners.
“Arm-in-arm we are ready to face today’s challenges, the visions we share from past to present flourished the dynamics of our revolving and growing partnership and enable us to achieve what we could otherwise have not achieved,” Medalla said as he expressed confidence given the various banking stakeholders’ continuing support.
Adopting the celebration's theme "Transforming Shared Visions into Dynamic Partnership,” BSP feted the central bank partners for their contributions in the policy formulation and advocacies particularly on the three Central Banking operations, among them, to maintain price and financial stability, and an efficient payment and settlements system.
Medalla explained that although cash payment is still “king” in our country, with the growing demand of the electronic banking and payments system
"We will go into that direction - where, like in other countries people use less cash and use their phones in paying, even ambulant vendors," he said.
A former Dean of the University of the Philippines (UP) School of Economics and Director General of the National Economic Development Authority (NEDA), Medalla assessed that "this is what keeps BSP thinking" and call on the government and private partners to help in terms of requirements and regulations.
He added that this would goad people to use institutions and companies that are under the regulation and influence of the BSP citing the country’s foreign exchange trading where people do business with foreign exchange dealers not falling under BSP's control but offer lighter rules and requirements. (PNA)
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