FIRST, there was the achievement of Hidilyn Diaz. To achieve a personal best lift of 114 kilos (over 250 pounds) to obtain an Olympic gold medal was remarkable feat. We salute her.
Secondly, Maria Ressa, perhaps unexpectedly, but deservedly, won the Nobel Peace Prize.
So last week’s news that Benjamin Diokno, Governor of the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, in the Banker’s “Global Central Banker of the Year 2022”, completes a remarkable triumvirate. The Banker, an influential international monthly banking, finance, and business magazine owned by the UK’s Financial Times, recognized Diokno as the best central banker in the world in recognition of his efforts to help stimulate economic recovery and growth for the Philippines amid the COVID-19 crisis.
All three achievements – by Hidilyn Diaz, Maria Ressa, and Benjamin Diokno – were firsts for the Philippines.
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I am glad that Governor Diokno rightly recognizes the effort that all at BSP have made throughout 2021. In fact, he inherited an able, hard-working, and well-motivated group of professionals. We also recognize Ignacio R. Bunye, our colleague on these pages, previously successfully undertook sterling work for BSP as a Monetary Board Member – BSP’s Cabinet.
An aspect that impresses me is that BSP not only addresses decisions involving the macroeconomic fundamentals necessary to preserve the stability of our currency, but also works effectively on the vital nitty-gritty issues such as financial inclusion, the move to electronic banking, and the preservation of probity against the nefarious ones who seek to illicitly gain advantage from any systemic weaknesses.
A recent issue addressed by BSP is the extraordinarily high interest rates charged by financial institutions to its long-suffering customers.
We agree. We would also draw attention to the excessively high margins between the derisory interest rates offered to those who keep their savings with the banks and the aforementioned charges to those who borrow.
But BSP is to be congratulated on maintaining financial stability which strengthens the foundations of job creation and economic growth.
Our salutations!/PN
