Nestor A Espenilla, Jr: Committed
Speech by Mr Nestor A Espenilla, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central
bank of the Philippines), at the Signing of the Memorandum of Agreement between the Bangko
Sentral ng Pilipinas and the Philippine Payments Management, Inc. (PPMI), Manila, 12 January
2018.
* * *
Fellow members of the Monetary Board, Antonio S. Abacan and Felipe M. Medalla, Chairman of
Philippine Payments Management, Inc. (PMMI), Mr. Justo Ortiz, PPMI Board members; guests
and leaders of the payments industry; E-Peso team (led by Mr. Mert Tangonan); fellow BSPers,
ladies and gentlemen, a very good morning to all of you.
In today's programme, this part - this message - is identified as "the keynote address"... there
are various definitions of "keynote"... with its main purpose being, "to arouse interest, unity, and
enthusiasm in a group."
But there is no lack of interest, unity and enthusiasm here. There is, and has been ...since the
launch of the NRPS initiative in December 2015... great commitment to the vision of creating an
inter-operable ecosystem supporting fluid electronic fund transfers and payments from one
account to another.
It was only on August 30 last year that Philippine Payments Management was incorporated...
from then until this day, there was, no doubt detailed preparation, collaboration and discussions
between us...
We know that all great and worthy goals are reached in sure, purposeful and determined steps.
We at the Monetary Board and the Bangko Sentral thank PPMI for taking yet another step with us,
manifested by the earlier signing of our Memorandum of Agreement.
Thank you for being here today, not only in your individual capacities as distinguished executive
officers of the dynamic financial institutions you represent...not in only in your impressive roles as
members of the Executive Committee of the Bankers Association of the Philippines... But as
members of the Board of the Philippine Management, Inc.... as a collegial body... as chief
stewards of a modern, responsive and globally-competitive Philippine retail payment system.
The signing of our memorandum of agreement marks certain mutual recognitions and binds us
each, to worthy undertakings.
On our part, the signing of the MOA cements and formalizes our recognition of PPMI as THE
industry-led self-governing payment system management body for retail payment systems in the
country. The MOA also expresses our commitment to provide continuing guidance so that the
industry's activities remain aligned and harmonized with the NRPS Framework.
We at the BSP thank the Chairman Tito and PPMI for this declaration of support and dedication.
We note with gratitude, your acknowledgment of the BSP's crucial role as primary overseer of
the nation's payment systems.
As our reliable and invaluable ally, we have no doubt that PPMI will support the proper
implementation of the NRPS framework; ... monitor compliance with its principles; ...
conformance to agreements of our automated clearing houses (ACHs) ... and will be powerfully
instrumental in strategically driving electronic payments through these ACHs (ACHs that have
been, and are yet to be launched).
We look forward to how PPMI will seize opportunities presented by technological innovations to
improve operational efficiency... We anticipate that it will engage service providers with robust
systems and infrastructures... We are confident it will lead and assist as novel products and
services that cater to the evolving needs of clients here and abroad are developed... We
anticipate that PPMI will formulate strategies infused with system-wide, and industry-wide
perspectives rather than limited and restricting institution-centric approaches.
What exciting prospects for us all! More so, what empowering possibilities for so many
Filipinos! I believe we are mutually committed to this endeavor because we realize it shall have a
great effect on many of our countrymen. We know that widespread implementation of
interoperable payments will boost the ordinary Filipino's confidence to make economic
decisions. We hope that capabilities - even of the now unserved and underserved - to execute
financial transactions will be increased!
Today, this day of Commitment, is indeed another NRPS milestone worth celebrating.
I close with the exuberant declaration that we in the BSP, affirm and celebrate our partnership
with PPMI. Together, we are allies and catalysts for revolutionary reforms in the payment space
and in pursuing NRPS goals.