BSP reorganizes for better efficiency

 

By Rose de la Cruz

 

The Bangko Sentral ng Pilipinas is implementing its phased reorganization to enhance its capability to fulfill its mandate in a changing economic landscape.

 

The reorganized BSP is expected to have four major sectors: a) the Monetary and Economic Sector in charge of monetary policy formulation, implementation and assessment. It will absorb units formerly under the former Monetary Stability Sector, specifically the departments and offices for economic research and statistics, monetary and financial policy, international operations and relations, and loans and credit; the Treasury Department, Payments and Settlements Office and Investor Relations Office are now part of the Monetary and Economics Sector.

 

B. Financial Supervision Sector, formerly the Supervision and Examination Sector, which will regulate banks and other BSP-supervised financial institutions and provide oversight on matters relating to financial technology, payment systems, and consumer protection.

 

C. The Currency Management Sector, which shall be mainly responsible for the forecasting, production, distribution and retirement of Philippine currency. The units in the Security Plant Complex in-charge of banknotes, coins and securities production, mint refining, and the currency production support activities, and the departments and offices that formerly belonged to the Monetary Stability Sector, specifically the Cash Department, the Currency Issue and Integrity Office, and the BSP Regional Offices and Branches, will now be organized into the Currency Management Sector.

 

D. The Corporate Services Sector, which shall be responsible for the effective management of corporate strategy, communications, and risks, as well as the BSP’s human, financial, technological and physical resources to support the BSP’s core functions.

 

In addition to the four BSP Sectors, the reorganization will also result in reinforced units that promote effective risk management and compliance as well as internal audit.

 

Finally, the reorganization institutionalizes the top- level commitments to pro-active systemic risk management and to a more inclusive and responsive financial system.

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