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Press Release October 12, 2022

Statement on helping address the nation’s current challenges

The Bankers Association of the Philippines (“BAP”) reaffirms its commitment to help maintain the orderly functioning of the fixed-income and foreign exchange markets.  

We appreciate and support the policy initiatives of the Bangko Sentral ng Pilipinas towards liberalization and transparent price discovery — including the conduct of its supervisory mandate that ensures orderly markets. Together, we will work against speculative activities that tend to distort market prices and hurt the economy.

“With global headwinds adversely affecting inflation and foreign exchange rates across the world, the BAP joins national efforts to minimize its impact on our people by avoiding activities that can only worsen the situation.” Antonio C. Moncupa, President of BAP, said. 

“In order to be part of the solution, the banking industry continues to work closely with the BSP for orderly, fair, and transparent markets minus the unproductive activities that only hurt the public.”  Moncupa added.