Issue of August 4, 2019
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BSP renews ties with Region 1, Cordillera dev’t stakeholders
by Carlito C. Dar / PIA

SAN FERNANDO, La Union – The Bangko Sentral ng Pilipinas called for continuing partnership with regional stakeholders in the Ilocos and Cordillera regions in pushing for sustainable and inclusive economic growth as guided by its mission to promote and maintain price stability, a strong financial system, and a safe and efficient payments and settlements system.

BSP Monetary Board Member Bruce Tolentino, in his keynote message during the 2019 awards ceremony and appreciation lunch for BSP stakeholders in Regions 1 and the Cordillera recently, expressed the bank’s gratitude to their partners in public service delivery and advocacy programs and knowledge, data, and information sharing that play an important role in policy and decision-making towards ensuring a continuing strong economic performance for the country.

Tolentino said that the 6.2 percent economic growth in 2018 is among the fastest growth rates in Asia.

With the economic reforms from a very strong economic team of the government and the expected support of both Houses of Congress to the government’s economic programs, he expressed optimism that the country’s economy will continue with its strong performance.

Highlighting Regions 1 and Cordillera’s good economic performances, Tolentino also called for continuing partnership in pushing a sustainable and inclusive growth for the country.

“Let us look forward in great hope for the economy and expect that our strength will move forward and will be the basis of our continuous economic growth,” he said.

BSP Department of Economic Statistics Deputy Director Fernando Silvoza affirmed the sound economic climate in both regions with Cordillera and Ilocos Region posting economic growth rates of 7.3 percent and 6.5 percent in 2018, respectively.

In terms of contribution to the Philippine economy, Cordillera in 2018 contributed around P165 billion in the country’s Gross National Domestic Product while Ilocos Region contributed around P200B.

Silvoza also said that the stable prices, low unemployment, and underemployment rate and increasing financial resources may sustain the economic growth for both regions this year.

The awarding ceremony, held at the BSP Regional office, here was the third of the 13 nationwide activities of BSP which for this year adopts the theme, “One team, one goal: Resilient partnership towards inclusive economic growth.”

For BSP stakeholders in Cordillera, those recognized were the regional offices of Philippine Statistics Authority (top awardee), with National Economic and Development Authority and Philippine Information Agency as finalists  for the Outstanding Partner for Report on Regional Economic Developments and the Philippines category.

For the Knowledge Resource Network category, those recognized were Ifugao State University (top awardee) and Abra State Institute of Science and Technology (finalist).

CARD MRI Development Institute Inc-Baguio City (top awardee), DTI-Cordillera (finalist) and the Baguio-Benguet Bankers (finalist) were also recognized as Outstanding Regional Partner in Implementing BSP advocacy in the conduct of public information campaign.

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