Financial Authority Partner Profile:
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) was the first financial authority to partner with R2A. Currently the BSP and R2A teams are assessing the feasibility of two RegTech solutions.
The first would be an API system to connect financial service providers to the central bank. The provider would push data to an information warehouse hosted by BSP, and BSP staff would analyze the data using a customized dashboard. This would allow the BSP to obtain more and better-quality data, with higher frequency and greater accuracy, which could be then visualized in a digestible and meaningful way. Each supervisor, regulator and analyst would then be able to access the BSP database and craft his/her own customized report. Moreover, some BSP periodic reports could be automatically updated. Today the daily, weekly, monthly and annual reports submitted to BSP by supervised financial institutions are transmitted via email in Excel format, and processed by BSP manually.
The second solution would be an automated complaint-handling system. Financial customers would be able to file complaints via SMS, Viber or webportal, and their complaints would be processed automatically. Most importantly, this would allow all customers to "access" BSP when their financial institutions are unresponsive or neglect to provide adequate assistance. Automating this process would significantly reduce the manual work of the BSP consumer protection department and enhance the analytical capacity of the staff, creating more accountability and amplifying the voice of the customer in the policymaking process.
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the New Central Bank Act of 1993.
Nestor A. Espenilla, Jr.
Deputy Governor, Supervision and Examination Sector
Deputy Governor Nestor Espenilla, Jr. heads the Supervision and Examination sector, which oversees the supervision of banks and other non-bank financial institutions under the jurisdiction of the Bangko Sentral ng Pilipinas (BSP). Mr. Espenilla, Jr. has been with BSP since 1981 and has worked in Economic Research, International Operations, and in the Office of the Governor. He was seconded to the IMF in 1990 - 1992.
Pia Bernadette Roman-Tayag
Director, Inclusive Finance Advocacy, and co-Head, Financial Consumer Protection Department
As head of the Bangko Sentral ng Pilipinas’ Inclusive Finance Advocacy Staff, Pia Roman-Tayag is involved in all of the bank’s financial inclusion work, particularly in the areas of policy and regulation, capacity building, advocacy and relationship building.