Central Banker

EXCLUSIVE: Governor Diokno defends BSP’s independence and social agenda

Central bank’s independence is intact, says Philippine central bank head, as he elaborates on his vision for poverty alleviation and financial inclusion -- usually the mandate for an elected office.

The Bangko Sentral ng Pilipinas wants to boost the proportion of financial transactions done digitally and expand Filipinos’ access to banking services as part of a broader objective to achieve financial inclusion, according to central bank Governor Benjamin Diokno.

It is his “vision” that at least half of all financial transactions in southeast Asia’s second-most populous country are done digitally, and that at a minimum, 70% of the nation’s adult population has financial accounts by 2023, Diokno said in a phone interview. The year 2023 is also when Diokno’s current term ends.

Such objectives are typically uncommon for a central bank, and are usually left to government...

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