The Bangko Sentral ng Pilipinas (BSP) is using generative artificial intelligence (AI) to analyze complex and changing data. This will help them gain better insights for making monetary policy decisions, said Governor Eli Remolona Jr.
Speaking at the BSP’s 32nd anniversary, Remolona cited how new technologies are crucial for fostering sustainable and inclusive growth. He said the BSP is using digitalization in various areas, showcasing its widespread use in finance.
Remolona said AI is a powerful tool, and discussions now revolve around how to use it effectively to promote progress without replacing human jobs.
He said the BSP is using advanced Supervisory Technology (SupTech) and Regulatory Technology (RegTech) to simplify reporting and improve risk assessment.
Remolona said digital financial transactions in the Philippines surpassed the BSP’s 2023 goal of 50 percent of all transactions, attributing this success to technology.
He said more local governments are adopting QR Ph, the national standard for digital payments.
Remolona said the BSP, now in its 32nd year, is actively shaping its future through innovation, sustainability and inclusion. He encouraged everyone to move forward with purpose and clear goals.