BSP Commits to Help Improve FDI in PH

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno expressed the central bank’s willingness to support the further growth of the Foreign Direct Investments (FDI) in the country.

BSP Governor Benjamin Diokno during his keynote speech at the 5th Joint Economic Briefing 

Diokno explained that BSP’s major contribution to FDI growth lies in its effective management of mandates and policies.

“Fostering price stability, sound external payments position, financial stability, and an efficient payments system will minimize systemic risks as well as provide resilience to shocks to the economy,” he furthered.

The BSP Governor highlighted the strict implementation of Amendments to the BSP Charter, the National Payment Systems Act, the National ID System, and The Gold Law to further aid them in implementing their mandates.

He also manifested support in the passage of the Islamic Banking Bill and the Anti-Bank Hacking System Bill, both of which were passed in the Congress.

“It is my view that pursuing business opportunities in the Philippines will indeed be mutually beneficial for both foreign investors and the domestic economy,” Diokno explained.

(From right to left) Nick Holt, Jonathan Ravelas, and Angelo Taningco during the panel discussion

The 5th Joint Economic Briefing held last Wednesday, June 19, focused on fueling the growth of FDI in the country.

Aside from BSP Governor Diokno, Department of Trade and Industry (DTI) Assistant Secretary Angelo Taningco also graced the event. He talked about the foreign investors in the country, as well as DTI’s position on policy reforms to boost FDI.

The private sector, on the other hand, was represented by BDO’s First Vice President and Chief Strategist Jonathan Ravelas, who stressed on the importance of financial technology in the Philippines, and Knight Frank’s Asia Pacific Research Head Nick Holt, who discussed Market Collaborations with China.

Heads of the Chambers of Commerce joined with this year’s speakers

This year’s joint economic briefing was organized by the Spanish Chamber of Commerce in the Philippines together with the British, Dutch, French, German, and Italian Chamber of Commerce.