November 17, 2023
“‘Pag meron tayong investments from abroad, lalaki ‘yung liquidity, ang opportunity para sa mga FinTech nito ay lalawak ng lalawak. ‘Pag lumawak itong mga ito in a safe, regulated environment, just what we want to happen in the BSP, magiging safe din,” Bangko Sentral ng Pilipinas (BSP) Senior Assistant Governor Edna Villa conveys, reassuring the Philippines’ Central Bank commitment in fostering a safe and secure financial environment for investors amidst the rapid growth of digitalization in the country.
During the last day of the Singapore FinTech Festival, the BSP Senior Official shares her views on the importance of holding such event that convenes different experts and innovators from finance technology in terms of showcasing the Philippines as an investment hub.
“Digitalization is changing every minute, even as we speak. So as a regulator, I need to be here to hear what is happening in the private sector, what’s the development in this area, what is the development in this area, so we can refine our own regulations,” she says.
“The BSP has always been encouraging responsible innovation. So responsible innovation needs to be covered by responsible regulation as well. That needs to be the partnership together,” she further states.
Senior Assistant Governor Villa also emphasizes the need to maximize the Philippines’ potentials when it comes to this aspect, citing the numerous FinTech companies in the country that offers endless opportunities for foreign investors.
“Ang digitalization at ang buong environment nito, hindi pwedeng isa lang ang gumagawa. It has to be a partnership between private and public. Whole-of-society ang approach na ginagawa natin. ‘Yan ang paniniwala namin sa BSP,” Senior Assistant Governor Villa concludes in her interview.
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