The central bank of the Philippines has a rich and complex history, marked by both notable achievements and challenges. What factors do you believe have contributed to its recent exceptional performance under the leadership of several governors? Let us know down below!
@@nicolemaneja4403 Deserve naman nila yon dahil kung hindi dahil sa kanila baka tulad na tayo sa bansang vietnam na pagkataas taas ng inflation yung 1million sa kanila nasa 2k lang satin... kesa naman sa mga politicians na walang kasiguraduhan kung corrupt ba o hindi.
As a local, I am ignorant of most of the financial system and governance in the Philippines; however a lawyer friend of mine first made me aware of how notable the BSP's initiatives and governance in comparison to others, particularly how well we weathered the global financial crisis back in 2008. Something to be proud of.
People like Diokno helps maintain our country Robust (Not Fragile nor Anti-Fragile) Meaning Slow and Steady growth Manageable Lows Super under appreciated dito sa pinas, but fortunately from time to time Channel like this highlights them
not just how well we weathered the 2008 Lehman Brothers Global Financial Crisis, but also the 1997 Asian Financial Crisis, and as you're probably aware--- the Covid Pandemic Global Economic Crisis. Our economy is built like a battle hardened Dreadnought Battleship and yet the majority of the philippine people are ignorant of it and take it for granted.
*we weathered the global financial crisis back in 2008* thanks to ex president GMA too. Her controversial economic reforms are the reason why we were not that affected by the 2008 financial crisis
As someone who works in the financial industry, i can attest to how important the role of BSP plays. Its oversight, policies and measures implemented over the Philippine financial system is pivotal on maintaining financial and market stabililty. As much as our local banks are imperfect as to its services, the BSP is the reason why we dont experience bank collapses in the magnitude as that in the US or economic collapses. As an example, there’s a certain reserve requirement that each banking institution needs to maintain in the BSP at all times to ensure that banks are liquid and solvent in case of bank runs. Noncompliance usually lead to costly penalties, deeper book inspections and audits just to name a few. It is always easy to discredit an institution because we dont completely understand how it operates but credit should be given where it is due. BSP has been doing a great job across administrations; you dont need any further proof other than our economy isnt collapsing but booming.
Central is created and design by the ruling elites to control, suppress and manipulate the people. We can live without a central bank because our ancestors been there already and they survive. Creating money out of nothing is a crime that only bankters can do but not on a hands of criminal. So why is that? Because that is the design that was created by the ruling elites. They can make illegal into legal in the eyes of every citizen. That is what I understand on a central bank also. We may have a different understanding but that's how I understand.
The dollar that ofw and bpo earn entering the country is the best answer why the bsp can easily manage the reserve. Imagine the huge trade imbalance that we have and the outflow of dollars because of importation majority policy of the executive. We don’t have enough money to pay for our imports and external debt but because of ofw and bpo , we survive any financial crisis.
@@ayusinnyuand that is still useless if the central bankers do not know how to manage it. The fact that they know how to manage merits credit. To inform you, we are not the top recipient of foreign currency and it means that there are cb that has much more but still the Philippines cb does it best. Don't you get it?
Top 10 countries for receiving the most remittances and money... India. As the world's largest democracy, India has a fast-growing and diverse economy with a large, skilled workforce. China. ... Mexico. ... The Philippines. ... Egypt. ... Pakistan. ... France. ... Bangladesh. ...
Because we don't have banksters. Most banks in ph are family owned and controlled thus they have a long term interest compared to american ones. In US banksters put their own people in fed.
@@dionium5462 For once an institution run by elite families is actually doing good for the nation instead of running it into the ground....if only the rest of the government and their political families were like that lol
Cleanest because the Janitors are seriousbto their task but the one who manages the The 115 millions Pilipinos Investment Funds to all central banks, to allcommecial banks, to all Government Owned and Controlled Banks all over the world including the Time Deposits in 13 Banks which tge Trustee Depositors WorldBanks and another Time Deposits in13 Banks which the Trustee Depositors iInternwtional Monetary Funds are Supervery corrupt
Amid the rampant corruption in the Philippine government, I have always been wondering how we're still standing when many previously wealthier countries like Lebanon, Venezuela, etc have fallen.... Now I know why
I'm a Filipino and this news to me. Wow, makes me proud of BSP. I have no clue they did all that and got recognized internationally by it. I hope they continue to do what they're doing.
I was always amazed by Diokno's work with BSP with how he handled inflation rate before the war (it was remarkable keeping it at 3-4% Inflation rate while other countries were at 9%) . But fellow Filipinos always say bad things about him in twitter henever he posts not knowing how much value of work he does.
@@rogue2791Its because 3 to 4% is not true. BSP can make up and cook its books. The average folks does not make 20K sa bansa. Kaya inflation has been killing them. BSP massive inflation rates was height at 11% down to 9%, until now it's not clear anong tamang inflation rate. But giving the market based it's shows how bad inflation rates sa bansa.
This is the reason why Benjamin Diokno has the highest salary among government officials. And I respect him for that. Thanks to all former presidents and even PBBM for keeping Diokno.
They save the Philippine economy due to their wise decision in finacial and monetary policy, exemplary despite we have plenty of garbage politicians. As a folk worked in money business and banking sector I salute this guys for maintaining utmost independence.
One good thing you need to give credit to politicians tho is in terms of Economy, they let these guys make decisions and help them implement what needed to be done. The role of the President in particular is to implement what these guys suggest. So in a way, since Gloria, our Presidents have been listening to these guys.
My late father was one of BSP's employees. He was a technician and worked there for over 3 decades, only cut short by his untimely death. I am proud of him and of BSP. 😁
As someone who lived here in the Philippines for so long I've always wondered why the pesos has a better spending power than other Asian countries even those with a first world status and there goes the answer with this video and the BSP doing their job really well despite the Philippines being in a hell hole. I hope more countries copy the Philippine Central Bank with them being a hallmark of how to stabilise the economy and make services accessible to all.
"as someone who lived here" nginang to pede naman istate nalang ung comment bakit kailangan pa malaman na kung saan ka wala naman nagtatanong? nginang to sasasakit niy osa mata proud pinoy pag maganda ung nirereview?
A well-run, corruption-free Philippine institution! Through all the financial crisis we went through whether global or local, they kept oureconomy from collapsing. This is living proof that Filipinos could be great administrators if they set their minds to it.
It's easy to manage in times of abundance. What's hard is managing, if not excelling, when given limitations and constraints. And considering the Philippines has both the handicaps of geography, climate, and conservative culture that rewards being clever and corrupt more than being empathetic and honest (due to the mismanagement of older generations) - it's a miracle that the BSP is actively preventing the same civil unrest seen in places like Sri Lanka. Salute!
This video does not take into consideration the fact that the Philippines has an economy unique compared to the rest of the world. Remittances from the Philippine diaspora from every corner of the globe practically funds the entire consumption-driven economy. With diversified income, the country is less prone to economic downturns from one sector affecting the entire country
I've always known this. Since Buenaventura's time up to now, the BSP has always had an excellent reputation in the global central banking. I've read several articles about the sterling performance of these awesome gentlemen.
That's normal for Filipinos. We will criticize first the department and the person running the department before we know their big contribution to the country. We will only be proud of them if they are recognized by other foreign countries while explaining how they contribute to our economy. Filipinos love validations from foreign countries before saying "Proud to be Pinoy!"
Its a "God's Gift" to Philippines to have very good bankers. A 3rd world world country with one of the best bankers in the world to have, prevent economic collapses many times, I wish these bankers of ours get credit they deserve.
No anomalies? How about the 3500 metric tons of gold conspiracy of seven big name government officials that they transferred to Thailand bank headed by former president Noynoy in the time of BSP governor Titangco. PCGG chief Arcilla revealed in Philippine tv news.
The Philippine government itself and all government departments and agencies should follow its example to serve all Filipinos in terms of infrastructure, health, improved education system, housing, crime and corruption deterrent system, upgraded military defence, and all. Let's go!!!
Thank you for sharing this video! This is the kind of content that deserves to be recognized in all media platforms so that many will be informed. Something that we, Filipinos, should be proud of.
Banks only work due to trust, if people lose trust in them. The banking system fails for example, what's happening in China the people are losing trust into their banks and are withdrawing their assets.
Yup, they’ve managed Philippine finances very good considering where our debt was a few decades ago. One of the brightest spots of the Philippine government.
Diokno is the one pushing for Sovereign Wealth Fund and I trust him. He is one of the best in the world. As a viewer of Bloomberg, when it was announced that Benjamin Diokno was appointed as Secretary of Dept of Finance, the hosts rejoiced. Then I reviewed his interviews of Sec. Diokno when he was in BSP, he gave a really good interviews. The Secretary of DOF before him was also admired by Bloomberg hosts. Filipinos do not realized that these men appointed in the BSP and DOF are the best of the best in their field. The current team and the team before them are composed of the best caliber, not only locally but also internationally.
@@CrazinessOfTheWorld What is funny? If the actual people who have educated themselves and do have extensive years of financial and economic management likes him. Who am I? Also, what is your credential to discredit him?
never knew they were that good. imagine if our government wasn't corrupt. i can see philippines turning into a massive economic powerhouse with these 3 👑
I've always noticed how stable our economy is despite inflation, now I know it's thanks to these great men that build my country, and the lawmakers who built the system
This is very insightful as a Filipino who already heard this somewhere but still have not grasp the meaning of it. Tbh it’s true. I’m one of the lucky folks who was able to keep my job during pandemic as a BPO employee. It’s our sector which was really huge and the food sector that were still allowed back then to work. Most OFWs have lost their jobs. Somehow our currency did not drop so much so it’s a wonder how they did that during pandemic.
The tandem of Carlos Dominguez (Finance secretary during Duterte) and Gov. Benjamin Diokno navigate the boom of Philippine's economy. Best tandem so far.
@@LarryfromPH No doubt with Tetangco as Gov. but what I'm referring is the tandem of Central Bank Gov. and Finance Secretary, how they sync even though BSP is separate entity.
Add also Karl Kendrick Chua. It was always the DOF + BSP + NEDA. And despite their synchronous actions, I have always noted and admired how much they maintained and upheld the boundaries of the agencies they are heading. If Karl gets asked on discount rates, he'd just say that it is not in his authority to comment on monetary policy. The same also for the two.
As our Benjamin Diokno honestly told that we have a lot reserved of gold as our potential source we are selling gold not buying gold as our source of income for our Central Bank of the Philippines. I believe it is our gold reserves as our collateral for booming our economy ..
I can see now why the PH is still running despite its corrupt/incompetent/not doing enough bare-minumum leaders as a president. Thanks for the informative video and glad that you just went on with the pronunciations of the PH words, we really dont mind pronunciations and its kinda annoying to see in videos where they keep mentioning that theyre pronouncing it wrong.
I can see you're coming from the point of view of supporting a candidate who could not even achieve the barest minimum of wining the presidential elections.
@@gilberth7 This is a laughable argument considering the elections have become a popularity vote, what with artists and even convicts such as Bong Revilla winning the elections. It speaks volumes of the type of people being voted into position and the "not even bare minimum brained" voters.
@@rygriff4688 the bare minimum is that voting and running for office is a matter of right. You win or vote, good. You lost or did not vote, do better next elections, not conveniently and delusively claim incompetence or ignorance of the other sides. Bong revilla, for the record, has been declared not guilty by the court, no matter how you or i wish he was in jail. Uberwhiners make skyhigh standards as bare minimum, so there. The country still afloat is a proof the affairs of the state is above bare minimum. Maybe not stellar, a flawed democracy and society at that, but not a failed state as you paint it.
@@gilberth7 In the first place you are the one who is dragging the names of people who lost the elections into the argument, despite the fact that they have no bearing towards how the current administration is running but I digress. Bare minimum and all, results are what matter in the end right? and it's simply an irrevocable fact that the economy is not looking good for the current administration. Poor households have shot up, the issue of inflation, the number of part time workers are up but full time workers actually have gone down, etc. Don't even get me started on the Maharlika Fund which is being painted as an economic cure-all when it has such big risks.
@@gilberth7 Also, really? Bong Revilla? It may have been harsh to call him a convict but his unexplained wealth which was not reflected in his SALN, as a public servant, is very obviously suspicious.
There is one aspect of the Philippine central bank that needs to improve: a continued and sustained reinvestment and expansion of its equity of its balance sheet. The Philippines government should require that at least 70% of annual central banking profits be reinvested to expand the equity of its balance sheet. This will allow higher tolerance to external shocks as well as strengthening the stability and reliability of the Philippines currency vs other currencies. The advantages of a large, liquid, and stable currency and banking system is an enviable goal for any country.
why not.. from.SICK MAN OF ASIA.. to Rising tiger.. philippines leading among SEA countries in economy... i think credit goes to BSP.. BSP suggest to congress to pass a law on economic laws.
This has surprised me as someone who rarely watches events within my own country. Or the fact that I don't give a damn, and I already lost the hope for my own country to develop. I was also wondering how, despite the issues concerning our economies, that our country is able to move on both feet. So this must be the reasons. The methods really did well in our current situations. But be aware that countries has different situations, which means this implementation might not suit well to other countries. I keep seeing people glorifying them which is amendable, but so overrated that they think they are at the top. My opinion will serve nothing, but to people who keep saying smart things, those are all useless perspective if you don't plan on doing it.
Wow this made me happy and proud of the BSP! Maybe the one little thing they did that was quite annoying was made our coins very similar, almost identical with one another. It’s a small thing but quite a hassle sometimes 😅
I agree! I am so proud of our Central Bank. Because of CB, the rules our banks follows are quite strict but I feel assured of the safety of our money. I just wonder why the Central Bank is allowing the Maharlika Funds touch the “excess” money of Landbank and DBD?
It is the wisdom of the centrqal bank. You have piles of money just sitting there, when it could earn interest if it is invested. What a waste of time, Maharlika Fund should have been created a long time before.
@@gilberth7 It wasn’t Central Bank who suggested Maharlika fund. And what extra funds are we talking about when we have a lot of programs that needed funds for our agriculture alone, housing, health requirements, and so on and so forth. And let us not forget the trillions of debts that we have to pay. Wala tayong extra cash. Those “excess” funds instead of being placed in Maharlika, which can lose money because of the very volatile international market, should instead be loaned to our local market. That’s what Pag-Ibig, SSS, Landbank for agriculture is for. And as mentioned earlier, funds for the programs that cannot fully push through due to lack of funds. Those should be the priority for these “excess” cash and not Maharlika.
Funfact: the central bank of the philippines and the bangko sentral ng pilipinas is fundamentally different and not just a translation. It was bankrupted at one point, which led to the dissolution of the CNB and replaced by BSP because "someone" made too many bad loans as well as other unfortunate events which led to its downfall. Needless to say, BSP's autonomy today is because we do not need a repeat performance of this again.
@@xeixi3789abs-cbn si gabi lopez. Utang nang utang hindi naman binabayaran. Kaya namura yan ni FPRRD. Lucio Tan isa pang tax evader. Other chinese tycoons na tax evaders. As long as our political leaders are not corrupt to the core safe ang Pinas sa economic collapse.
@jpmpastores DO YOU HAVE PROOFS? Or the change is A FINANCIAL AND ECONOMICAL DECISION NEEDED FOR A BETTER CENTRAL FINANCIAL SYSTEM FOR PHILIPPINES. As Other countries also has done the same with theirs. en.m.wikipedia.org/wiki/Bangko_Sentral_ng_Pilipinas 🇵🇭🇵🇭
@@ahlembell8843In a Jan. 20, 1992 privilege speech, Romulo, then Senate majority floor leader, called attention to the central bank’s ailing health. “Since 1981, the Central Bank’s financial position has continued to deteriorate. Indeed, for 1992, Central Bank losses are projected to constitute more than 3/4 of the entire public sector deficit,” the then senator said in his 1992 speech. “It is no wonder, he said, that in the recent Philippine-International Monetary Fund talks, the financial health of the Central Bank was a key issue, specifically the Central Bank losses in the consolidated public sector deficit.” What happened? “According to bank insiders, Imelda Marcos, her kids and kin, charged shopping trips abroad to one of the suspense accounts of the Central Bank - either the Monetary Adjustment Account or the Exchange Stabilization Adjustment Account,” Romulo said in another speech on Feb. 3, 1993. “How in the world can such a shopping trip be a legitimate charge either to the Monetary Adjustment Account or the Exchange Stabilization Adjustment Account, which under the CB accounting form part of the assets of the Central Bank?” Romulo said. www.philstar.com/business/2019/09/30/1955972/marcoses-and-old-central-bank/amp/
Question: Is the Banko Sentral ng Pilipinas a private entity or a public entity? If private then who's the owner? If public then why the government doesn't have a direct control of it?
@@fernandoesteban2345nope… and the same question could be asked on the Federal Reserve. That is why they are called the “banksters” by those who truly know what they are and what they do.
It is a government-owned corporation, but operates autonomously and independently from the government, which is great since it will not be affected by whatever politics happens in the national government. And as stated in the video about the New Central Bank Act of 1993, it was created to be an independent institution.
Kudos, having a relative working in BSP, makes me proud. Contributing factor as well, might be the check and balance, following the numbers still doesn't lie.
The Filipinos will criticize first the BSP department and the person running the department before knowing their big contribution to the country. Filipinos will only be proud of them if they are recognized by other foreign countries while explaining how this department contributes to their economy. Filipinos love validations from foreign countries before saying "Proud to be Pinoy!"
inferiority complex😂 the Philippines should have a cultural revolution or such, changing leaders will not lead this country to prosperity but changing the peoples views and having principles to follow. nonetheless, we're far from being a one country 😂😂😂😂
If I'm not mistaken part of the independence of our central bank can be attributed to the banking reforms undertaken during the Ramos administration. In case anyone is too young to remember the Philippines was the least affected country during the Asian Financial Crisis of 1997 primarily due to the prudent fiscal policy starting with Cory's term.
@@shiroganeadventurer1574the current secretary of finance has provided justification for the need and his support for the MIF. In fact, it was not even him who pitched the idea seriously, it was the previous secretary (Dominguez) but the Duterte admin failed to act on it as caused by the fiasco brought by the pandemic. Unless you can justify your opposition on the matter, this comment spawns stupidity on the internet.
May pera po ang pinas. Di lang maipadaloy ng husto dahil sa dami ng redflags sa mga instution ntin. Ma bankrupt n lahat ng central banks mundo. Pero ang bsp ntin never yan matitibag
as pilipino i wonder how philippines still alive today.. so many corrupt politician and many political instability specialy in mindanao plus the terrorist groups and communist rebels and very slow progress specially on the date of 2000 thru 2016 . but now i realise because of this BSP they kept alive the philippines and now they made a very good momentum to make it more stable and develop country.
I agree some comments here not knowing what they talking financial institution is broad not on included on corrupt this mindset corrupt is a mindset of crab mentality its like talking while sleeping without doing.
Mas ok ang Central Bank natin kumpara sa US. Yung sa US kasi inabuse na nila yung pagprint ng pera, kaya ayub ikot ang pwet nila kakaincrese ng interest rates para mapababa yung inflation.
This is one odd example of the revolving door working well. It is well known that Central Bank officials work as consultants for private big banks after leaving office. If you f-- up during your stay in the BSP odds are no private bank will hire you.
Heard of this multiple times, however the country is still poor. it's Amazing how it can avoid corruption unlike the other government agency to an extent and hopefully it doesn't have the old lazy working people like its other agencies
Thank you Marcos Sr for bankrupting the Central Bank of the Philippines, necessitating its dissolution and creating the Banko Sentral ng Pilipinas as its replacement. Hithit ngiwi pa.
@@Z020852after world war two zero balance Ang Pilipinas Late President Marcos ginamit Ang utak at kayamanan para maiahon Ang Pilipinas. Mga pagbibintang na namana mo sa mahigit na tatlong dekada ay dapat Ng ibaon Muna baka Hanggang hukay ay baunin mo pa kawawa ka naman
Absolute power corrupts absolutely. Being independent also means a lack of over site. Where there is little over site of the central bank, there is the risk of corruption. I am skeptical of this site because it sites nothing negative which is highly suspicious.
People of the Philippines are quick to blame government when it comes to economic woes. Where in fact, BSP, the entity responsible for Ph economy is entirely independent from the government lol.
