The Bangko Sentral ng Pilipinas (BSP) has reaffirmed its strategic focus on strengthening the country's financial foundations through capital market reforms and modernizing cross-border payment systems. This commitment was highlighted during a key regional forum held in late November 2025.
BSP's Vision for Deeper Financial Markets
Speaking at the 4th ASEAN+3 Economic Cooperation and Financial Stability Forum in Hong Kong on November 25, 2025, BSP Deputy Governor Zeno Ronald R. Abenoja detailed the central bank's roadmap. He stated that the BSP is actively working to develop a more robust money market and implement operations driven by market forces.
The core objective of these initiatives is to enhance overall market liquidity. This improvement is crucial for making the transmission of monetary policy more effective and for ensuring the Philippines is better integrated into regional and global financial networks. Deputy Governor Abenoja emphasized that these steps are also vital protective measures for the domestic financial system, especially in an era marked by global economic uncertainties and rapid digital transformation.
Tokenization: A Game-Changer for Payments and Remittances
A significant part of the discussion centered on revolutionizing cross-border transactions. Deputy Governor Abenoja pointed to the substantial potential of tokenization, particularly for digital retail payments and the critical remittance sector. By adopting technologies like stablecoins, the BSP envisions making these transactions significantly faster, more cost-effective, and accessible to a broader segment of the population.
Regional Collaboration for Macro-Financial Resilience
The forum, themed “From Fragmentation to Resilience: Macro-financial Stability and Regional Integration in ASEAN+3,” served as a platform for regional leaders to address the challenges of the evolving global financial landscape. It gathered policymakers, financial experts, and academics from across the ASEAN+3 region to exchange insights on bolstering economic stability and fostering deeper cooperation.
The event was co-organized by the Asean+3 Macroeconomic Research Office (AMRO), the Bank for International Settlements (BIS), and the Hong Kong Monetary Authority (HKMA).
In a related development, Deputy Governor Abenoja also represented the Philippines at the Asean+3 Finance and Central Bank Deputies’ Meeting, which took place in Hong Kong from November 26 to 27, 2025.
Looking ahead, the Philippines is poised to take a more prominent leadership role in the region. The country is set to co-chair the Asean+3 Finance Process alongside Japan in 2026, highlighting its active participation in shaping the future of regional financial policy.
