MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) was hailed as this year’s best regulator in the Asia-Pacific region, according to a global financial services consultancy.
The central bank was awarded as the Best Macroeconomic Regulator by The Asian Banker during the firm’s Leadership Awards held in Jakarta, Indonesia last Tuesday.
BSP Assistant Governor Ma. Cyd Tuaño-Amador received the award for the BSP.
According to its website, Asian Banker said the award is given to “good, strong and fair-minded regulators†who “play a part in the development of a robust and sustainable financial services industry.â€
Factors being considered in handing the award were the role and leadership played by the regulator in a particular segment of the financial industry and the “tangible result†of policies instituted by the regulator.
“The selection process is a rigorous one, completed over several months and involving feedback and interviews with all constituents who are in a position to comment on the candidates,†The Asian Banker was quoted as saying in the statement.
“All of these make this a world-class evaluation program and the insights gained from the program are published in an annual report,†it added.
Established in 2001, the Leadership Achievement Awards for the Asia-Pacific region is given every three years, according to the company’s website.
For the past four years, the central bank has been able to keep inflation within its target, with last year’s 3.2 percent falling at the low-end of the three to five-percent goal.
As of February, consumer price adjustments remained manageable at 3.2 percent.
In addition, macro-prudential measures instituted by the BSP for the past year were able to temper the threat of inflows flowing to the country, including excessive peso appreciation and possible asset bubble formation.