Media help sought in disseminating PH central bank initiatives
- Bicolmail Web Admin
- Jul 18
- 3 min read
By Rosalita Manlangit
DAET, Camarines Norte --- The Bangko Sentral ng Pilipinas (BSP) has called on media personnel and information officers (IOs) from government agencies to help spread awareness about its initiatives.
“We recognize media and information officers as valuable partners in our advocacy for the BSP,” said Tomas Cariño Jr., BSP director for South Luzon, during a press and IO event in Camarines Norte.
Cariño highlighted that a similar media engagement had already taken place in Calapan City, with upcoming events planned in Sorsogon and Batangas.
During the session, he outlined the BSP’s responsibilities related to currency distribution and the management of its gold buying stations.
Cariño emphasized the regional branch’s role in bringing services closer to the Filipino people.
He stated that the BSP guarantees an adequate supply of currency in the region, meets the servicing requirements of banks and their clients, and manages the gold buying station effectively.
Anne Michelle Andres, a bank officer from the BSP Payments Policy and Development Department, explained that the monetary authority is responsible for safeguarding the country’s national payment system.
“This is crucial for trade and financial transactions, and part of this mandate involves developing and promoting the use of digital payments,” she said.
Digital payments streamline transactions, making them faster, easier, and safer for every Filipino. The BSP continues to advocate for digitalization to benefit and protect consumers. She stressed that the safe and responsible use of digital payments is a shared responsibility among the BSP, financial institutions, and consumers.
Andres highlighted that the advantages of digital payments extend to everyone, allowing for quicker, safer, and more efficient transactions for consumers, businesses, and government agencies.
Joseph Edward Matias, acting deputy director of the Office of the General Counsel and Legal Services, discussed the Anti-Financial Account Scamming Act (AFASA), or RA 12010. This legislation aims to combat financial scams and protect consumers from fraud involving financial accounts.
AFASA specifically targets cybercrimes, social engineering schemes, and money mule activities. Its objectives include preventing the misuse of financial accounts in fraudulent activities and strengthening the integrity of the financial system.
“In a nutshell, the AFASA states that if financial institutions fail to follow its requirements, they will be liable for administrative sanctions and temporary holding of funds,’’ he said.
He elaborated that the temporary holding of funds applies only to the disputed amount, unlike the Anti-Money Laundering Act (AMLA), where the entire amount can be frozen.
“What I learned about the AFASA is a big help, as it addresses issues that the Cybercrime Act and other laws cannot. Through AFASA, complaints falling under this law will finally have a solution,” said Marian Pearl Ibasco, public information officer of the Department of Trade and Industry.
She also learned about the special features of polymer banknotes, which help distinguish genuine notes from counterfeit ones through touch, feel, and tilt.
“It’s very important for media like us to receive this kind of knowledge so we can incorporate the information into our reporting, especially regarding financial literacy,” said Jayson San Fernando, an ABS-CBN correspondent and One-Radio anchor.
He expressed his desire to share what he learned about banking to help ensure public safety, particularly as digitalization in banks continues to grow.
San Fernando emphasized the significance of providing media personnel with information from the BSP, as it serves as a valuable resource for his reporting.
This is particularly important for his coverage of foreign exchange currency, which will greatly benefit radio listeners, he added.
The session also covered topics such as the first Philippine polymer banknote series, BSP expectations, household finance surveys, and regional economic updates relating to population and employment, economic growth and prices, and financial resources. (PIA5/Camarines Norte)
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