Indonesia and Philippines boost central bank cooperation

Jakarta (ANTARA) - Bank Indonesia (BI) and the Bangko Sentral ng Pilipinas (BSP) have signed a memorandum of understanding (MoU) to deepen bilateral cooperation, aiming to reinforce regional financial stability and address emerging economic challenges.

The agreement, finalized on Friday (November 13), establishes a comprehensive framework for institutional collaboration across vital central banking sectors, with a primary focus on local currency transactions, cross-border payments, and digital financial innovation.

BI Governor Destry Damayanti stated that the partnership reflects a mutual dedication to executing practical, high-impact collaborations of shared strategic interest.

"This MoU reflects the commitment of both institutions to take tangible steps toward impactful collaboration in areas of mutual interest, such as local currency transactions and cross-border payments," Destry said in a statement.

Meanwhile, BSP Governor Eli M. Remolona Jr. stressed that closer ties are essential as monetary authorities worldwide confront an increasingly volatile and interconnected global financial ecosystem.

"This cooperation is crucial at a time when central banks must navigate heightened uncertainty, rapid technological change, cybersecurity risks, and the ongoing transformation of payment systems," Remolona noted.

"By sharing experiences and working together, we can respond to these shared challenges more effectively,” he added.

Building on years of regional and bilateral alignment, the expanded mandate spans a wide spectrum of central banking domains.

Beyond traditional monetary and macroprudential policy, the framework targets financial stability, sustainable and Islamic finance, financial inclusion, as well as joint initiatives to counter money laundering and terrorist financing.

The accord also institutionalizes knowledge-sharing mechanisms in data analytics and human resource development, positioning the two central banks to proactively address emerging opportunities and systemic vulnerabilities across the region.

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Translator: Rizka Khaerunnisa, Yashinta Difa
Editor: Rahmad Nasution
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