BSP Ramps up Efforts for Digital Payments Ecosystem; Appoints New Deputy Governorby Fintech News Philippines February 26, 2021
The Bangko Sentral ng Pilipinas (BSP) has established the Payments and Currency Management Sector (PCMS) which is tasked to manage the interplay of physical currency and digital money in its push to establish a robust digital payments ecosystem.
The PCMS unit will be headed by the newly appointed deputy governor Mamerto E. Tangonan who is a digital finance services and inclusive finance expert.
He leads PCMS in maintaining the safety and integrity of the Philippine currency, as well as ensuring a well-functioning payments and cash ecosystem that fosters long-term economic growth.
The new sector which consolidates existing currency and payment management units is responsible for producing banknotes, coins, and securities documents, refining gold, and printing of cards for the national ID.
PCMS is also in-charge of anti-counterfeiting operations, currency forecasting, currency retirement, as well as the servicing of bank deposits and withdrawals in the greater Manila area. Cash operations in the regions are performed by regional offices and branches.
Moreover, it handles the licensing and supervision of payment system operators, formulation of strategies and policies for currency and payments systems, including the digital payments transformation and currency forecasting, operations of the Philippine Payment and Settlement System, and administration of the digital Personal Equity and Retirement Account.
In October last year, BSP had approved a Digital Payments Transformation Roadmap 2020-2023 in a push for greater financial inclusion.
“PCMS is tasked to maintain the safety and integrity of the local currency and to ensure a well-functioning payments and cash ecosystem that supports sustained and inclusive economic growth,
said BSP Governor Benjamin E. Diokno.
“This is aligned with the BSP’s Digital Payments Transformation Roadmap which aims to achieve efficient, safe and inclusive payments ecosystems,”
Featured image credit: BSP