Mon, 23 Sep 2019

BSP confab highlights banking services, client protection

Philippine Information Agency
17 Aug 2019, 04:38 GMT+10

ILOILO CITY, Aug. 17 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) held a conference on Tuesday in Iloilo City to inform the public of the various products of some banks and ways on how clients can be protected from the effects of the exchange rate.

Dennis Lapid, BSP director of the Department of Economic Research, said their goal is to broaden public understanding on the said topics, as well as to give updates on the current status of the country's economy.

"It's part of our effort to try to help the public to understand what's happening in the economy, both in the Philippines and also in the region, and try to maybe explain what the BSP is doing in terms of monetary policy and then talk a little bit of the competitiveness of the economy," he said.

Specifically, the presentations included topics on exports, exchange rate trends, hedging and hedging policies, and derivatives.

The resource persons were from the BSP, Department of Trade and Industry (DTI), and banks, namely Asian Development Bank, EastWest Banking Corporation, and Metrobank and Trust Company.

Lapid said that BSP is conducting such conference in major cities in the country. Their next stop is in Butuan City.

Meanwhile, Lapid said that inflation in the country was at 2.4 percent in July, adding that it is "very positive."

"A lot of it has to do with the liberalization of the import of rice and the rice tariffication law," he said. (LTP/CBA/PIA6)

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