Benjamin E Diokno: Asian Banker Acceptance Speech
Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central
bank of the Philippines), at the receipt of the Asian Banker "Best Systemic and Prudential
Regulator in Asia Pacific" Award, 14 October 2020.
* * *
Good day, ladies and gentlemen.
I am honored to receive the Asian Banker "Best Systemic and Prudential Regulator in Asia
Pacific" Award in a year filled with challenges brought about by the COVID-19.
The BSP was among the central banks in the world which swiftly responded to the crisis through
the deployment of a comprehensive set of measures.
The BSP continues to be front and center of the Philippines' COVID-19 economic response by
ensuring ample liquidity in the financial system and providing regulatory relief to banks and
implementing policies to assist Filipino businesses and households weather and recover from
the crisis.
Without doubt, the COVID-19 is unprecedented in scale. Its reach is global, and its impact,
disproportionate, especially, on the poor. It is for this reason that the BSP's toolkit also covers
measures that incentivize lending to vulnerable sectors of our society.
Part of the BSP's strategy is making sure that the Philippines is able to get back on its balanced
and sustainable growth path as soon as possible. In this regard, the BSP is working closely with
the National Government and the private sector on structural reforms in line with a
whole-ofnation approach.
On our part, we would like to transform the financial landscape through legislation, digitalization
and environmentally sustainable practices.
I thank the Asian Banker for recognizing the BSP's efforts towards nation building. I share this
honor with the BSP's 5,500-strong workforce who continuously strive to fulfill our mandate.
This award is a testament to their dedication and commitment to our mandates all in pursuit of
uplifting the quality of life for all Filipinos.
Ms. Martha Beck, a well-known American author, once said that "Any deep crisis is an
opportunity to make one's life extraordinary in some way".
Indeed, this once-in-a-lifetime crisis requires extraordinary responses. It is, therefore, a privilege
and an inspiration for me to be among leaders and promising young bankers who have chosen to
be extraordinary, while operating in this difficult environment.