The Bangko Sentral ng Pilipinas (BSP) and the Deutsche Bundesbank have formalized their partnership on capacity building for central bank personnel with the signing of a Memorandum of Understanding (MOU) at the BSP head office in Manila recently.
Deutsche Bundesbank is the independent central bank of the Federal Republic of Germany. It has since formed part of the Eurosystem since 1999, sharing responsibility with the other national central banks and the European Central Bank for the single currency, the euro.
In addition, the Bundesbank performs other tasks at both the national and international levels. Among these tasks is national supervision of credit institutions, including a role in the European Single Supervisory Mechanism, as well as in the areas of cash management, payment systems, and financial stability.
The Bundesbank is also involved in many international institutions and committees that are dedicated to stabilizing the country’s financial system.
BSP Governor Eli. M. Remolona, Jr. (second from right) and Deutsche Bundesbank Executive Board Member Burkhard Balz (second from left) led the signing of a Memorandum of Understanding on Technical Cooperation between BSP and Deutsche Bundesbank at the BSP Head Office in Manila. Also in the photo were BSP Capacity Development Department Director Iñigo L. Regalado III (right) and Deutsche Bundesbank Director for International Central Bank Dialogue Martin Dinkelborg.
“For many years now, the Bundesbank has been the BSP’s strategic partner and has been supporting the BSP’s learning and development requirements through collaboration on technical programs, in-person seminars, online courses, and study visits on benchmarking. These (programs) have greatly contributed to productivity enhancements. I am delighted we now have this MOU,” said BSP Governor Eli M. Remolona, Jr. during the signing ceremony.
Meanwhile, Deutsche Bundesbank Executive Board Member Burkhard Balz emphasized the already existing good and trusting cooperation between the Deutsche Bundesbank and the BSP. He shared that he is now looking forward to the enhancement of cooperation and bilateral projects.
Under the MOU, Germany’s central bank will carry out training services, consultation, and advisory assistance for BSP personnel.
Deutsche Bundesbank experts have been conducting in-person or virtual capacity-building programs for BSP personnel since 2004.
Recent programs include the in-person training on “Credit Assessment and Analysis in the Central Bank’s Lending Operations” at the BSP Head Office in Manila in May and the online training on “Payment and Securities Settlement Systems” held in October last year.
Deutsche Bundesbank Head of International Central Bank Dialogue Martin Dinkelborg and German Ambassador to the Philippines Dr. Andreas Michael Pfaffernoschke witnessed the event.
Also present at the MOU-signing were the BSP’s Monetary Board Members Benjamin E. Diokno, V. Bruce J. Tolentino, Anita Linda R. Aquino, Rosalia V. De Leon, and Romeo L. Bernardo; and Deputy Governors Chuchi G. Fonacier, Eduardo G. Bobier, and Bernadette Romulo-Puyat.