BSP creates fourth unit as part of reorganization plan

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The case for an increase in benchmark borrowing rates could ‘become more compelling’ by May should inflation remain elevated and economic growth remain robust.

The Bangko Sentral ng Pilipinas (BSP) will introduce a new unit to be headed by a third deputy governor as part of its reorganization plan, it announced on Friday, May 11.

In a statement, the central bank revealed a “phased” reorganization which involved the renaming of three existing sectors and the creation of a new unit. The adjustment is seen “to enhance its capability to fulfill its mandate in an ever-shifting economic landscape,” the BSP said.

The changes took effect on May 2.

The four sectors are as follows:

• the Financial Supervision Sector, formerly known as the Supervision and Examination Sector headed by Deputy Governor Chuchi G. Fonacier;

• the Monetary and Economics Sector, previously the Monetary Stability Sector (MSS) headed by Deputy Governor Diwa C. Guinigundo;

• the Corporate Services Sector, formerly named the Resource Management Sector led by Deputy Governor Maria Almasara Cyd N. Tuaño-Amador;

• and the Currency Management Sector, previously under the MSS with Assistant Governor Dahlia D. Luna sitting as acting head. — Melissa Luz T. Lopez