During a recent courtesy call to Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr., British Ambassador to the Philippines Laure Beaufils confirmed that the UK government will continue to work closely with the Philippines on regulatory reform, sustainable financing, and financial technology and services.
“We spoke about our common interests in financial services, the thriving fintech sector in the United Kingdom, and our programming partnerships on green financing and regulatory reform,” Beaufils said. She likewise said that she had a great meeting with the BSP governor.
Laure Beaufils, British Ambassador to the Philippines
The BSP chief, for his part, thanked the Ambassador, saying that the UK government has been crucial to the Philippines’ efforts to advance responsible digitalization and sustainable finance.
“I appreciate your unrelenting dedication to the development of the Philippines. I look forward to further collaboration,” Remolona remarked.
MOU formalizes cooperation between PH and the UK
In March 2021, a Memorandum of Understanding (MOU) on the Prosperity Fund for the ASEAN Economic Reforms Program and the ASEAN Low Carbon Energy Program was signed by the BSP together with the Department of Finance (DOF), Securities and Exchange Commission (SEC), and Insurance Commission (IC).
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The MOU is intended to assist the central bank’s push to encourage greater access to financial products and services, which is one of the BSP’s main advocacy goals.
Under the deal, cooperation between the Philippines and the UK shall be formalized in the areas of capital market development, fintech development, green finance, and accounting standards.
The DOF shall serve as the lead agency, while the BSP, SEC, and IC were assigned as co-lead agencies that will collaborate with the embassy through technical assistance and capacity-building programs.
As envisioned under the MOU, financial inclusion shall serve as one of the BSP’s top advocacies. It is also expected to undertake programs related to open banking and fintech collaboration in the Philippines.
The UK’s Prosperity Fund is a £1.2 billion global fund earmarked to support growth and poverty reduction in partner developing countries.
