The Bankers Association of the Philippines welcomes the appointment of Rep. Ralph Recto as Secretary of the Department of Finance. Secretary Recto is equipped with the necessary experience to promote Philippine economic growth through the implementation of effective fiscal policy, having served as Secretary General of the National Economic and Development Authority and as a Senator who has advocated for pro-growth laws. As head of the Marcos administration’s economic team, Secretary Recto will play a critical role in the reformation of fiscal and economic policies, together with balancing political realities. We are confident that ...
Read moreThe Bankers Association of the Philippines and Meralco held a forum on November 22 to discuss ways on how banks throughout the country can adapt practices to introduce sustainability in their energy practices. In his opening remarks, BAP managing director Benjamin P. Castillo highlighted how energy matters in banks’ day-to-day operations. “As is generally known, electricity is a substantial operational expense for banks, particularly those with big branch networks and data centers,” Castillo said. “Managing energy expenses correctly can enhance profitability and competitiveness, and implementing energy-efficient techniques can drastically cut operational costs for banks.” Dubbed ...
Read moreIn pursuit of its commitment to market development, the Bankers Association of the Philippines (BAP) launches the dollar-peso cross currency swap (USDPHP CCS) market. This initiative spearheaded by the BAP Open Market Committee enables its members to utilize hedging instruments critical to financial institutions and in response to the needs and requirements of their customers to better manage foreign exchange and interest rate risks. The BAP Open Market Committee, with the strong support of the Money Market Association of the Philippine and ACI Philippines, ensures that the USDPHP CCS market is guided by the ...
Read moreThe Bankers Association of the Philippines (BAP) welcomes the appointment of Eli Remolona, a Monetary Board member, as the new Governor of the Bangko Sentral ng Pilipinas (BSP). Dr. Remolona brings with him a wealth of experience in the financial industry in his new role in the BSP with 14 years at the Federal Reserve Bank of New York and 19 years at the Bank for International Settlements. “With his extensive global experience and expertise in financial markets and regulations, we are confident that Dr. Remolona will anchor the Philippine banking industry not only towards ...
Read moreThe Bankers Association of the Philippines held its annual general assembly on March 29 to take pride in the milestones it achieved for the year 2022. In his speech, outgoing President Antonio C. Moncupa noted how the BAP has strived to pursue its advocacies to contribute to inclusive socio-economic development. “The Bankers Association of the Philippines is doing its part in the national effort for sustained growth. We have always been working towards better and more responsive financial services to support the economy and improve the lives of Filipinos,” Moncupa said. “Better ...
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