The Bangko Sentral ng Pilipinas (BSP) has partnered with bank accountants and auditors to boost capacity-building for the industry's employees, officers and directors.

BSP Governor Eli Remolona Jr. said the collaboration with the Bankers Institute of the Philippines (BAIPHIL) was formalized through the signing of a memorandum of understanding (MOU).

'The collaboration of BSP and BAIPHIL will go a long way in reaching out to our common stakeholders by providing support to banks toward productivity enhancement through research, information exchange, and education,' Remolona said.

The MOU covers joint activities, such as capacity-building sessions for bank employees, officers, and directors as well as the sharing of subject matter experts and non-confidential research materials.

The collaboration also includes advocacies, such as digital finance, financial literacy, financial inclusion, sustainable finance, legislative initiatives and reforms.

'This MOU commits us to work together more closely toward our common goal of professional development for banking professionals, financial literacy, and financial inclusion for the underserved and unbanked,' BAIPHIL president Racquel Mañago said.

In addition, the central bank and BAIPHIL agreed to carry out joint research, studies, and publications on banking, monetary, and economic issues and topics.

Both parties also vowed to exchange information on learning and training opportunities, as well as to hold regular consultations and meetings on the design and conduct of seminars, conferences, training and capacity building, research and joint advocacies.

BAIPHIL, founded in 1941, now has 63 institutional members composed of big banks, mid-sized banks, as well as banking related institutions. It now has more 250 key executives as associates and sustaining its members who actively participate in various projects.

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