Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said the development and the deepening of the Philippine capital markets are vital to the economy.
“Hand in hand with the government, we are pushing on multiple fronts to deepen our capital markets. Such deepened markets will enhance our transmission mechanisms for monetary policy and make our financial system more resilient,” Remolona said in a video message shown at the Philippine Economic Briefing held on May 27, 2024 at the Philippine International Convention Center in Pasay City.
Deepening the country’s capital market also diversifies funding sources for investments, businesses and the economy, he said.
Remolona said the BSP is taming inflation: “We faced unusual supply shocks, which have been large and relentless. From a peak of 8.7 percent in January 2023, inflation has since been on a general downtrend, with the latest rate as of April 2024 at 3.8 percent, within the government’s target range,“ he said.
“Our banks are well capitalized and flushed with liquidity. They are in a good position to continue to support growth,” he said.
Remolona said the BSP continues to take proactive steps to digitalize and improve payments and settlements system, helping big investors, small businesses and Filipino families with increasingly digitalized transactions.
“Progress is not about growth. We want this growth to improve the lives of most of our people,” he said.
