BSP Hub opens

After years of covering the old Central Bank of the Philippines and the Bangko Sentral ng Pilipinas (BSP), I finally get to see one welcome innovation that embraces “some transparency” in what the BSP does.

I’m sure most of the public truly don’t know what the BSP does and hardly even transact any business directly with the financial institution when it comes to banking matters. Mostly, it is the banking sector that deals with the BSP.

Even in what should be a public service when it comes to inquiries about changing damaged currencies or demonetized bills, or inquiring about the status of banks – be it universal, commercial, rural and now, digital banks – the public mostly are clueless and just rely on their local banks for such services.

Even when I covered the old Central Bank in the early 1980s, access to the building was very strict and was not generally open to the public. It has never been a public facility where an ordinary person can come in to inquire or easily get an explanation about banks or financial institutions. Even the simple act of trying change damaged bills was not really available unless someone knew somebody in the BSP.

Thus, it was a welcome surprise to be informed that the BSP has taken what to me is a landmark step of opening a BSP Hub that was inaugurated just this month, making it more convenient for Filipinos to avail of BSP services and make inquiries about banking matters directly with the central monetary authority.

The new BSP Hub that was opened to the public Monday last week, June 9, is located at the BSP head office along the service road of Roxas Boulevard in Manila, or right across the Philippine Navy headquarters and the Manila Yacht Club. It is beside the Ospital ng Maynila.

The hub is a one-stop shop where people can finally talk directly to BSP personnel regarding concerns on products and services of financial institutions under the BSP’s authority – a much awaited and needed direct line to the public who in the past had no direct access or office to inquire or relay their concerns about any financial institution and some banking irregularities. Even in my own personal experience, friends or relatives would have to course concerns about anomalous transactions regarding their banks to me so that I could relay it directly to the BSP as there was no other way to express their concerns directly to the BSP.

The BSP Hub is also embracing the commercial aspect of the institution, finally allowing the public the ability to purchase official BSP merchandise, commemorative notes and coins, and special BSP publications. In the past, numismatics had to rely only on second-hand sales of such collectibles or if they knew somebody directly from the BSP.

The newly opened BSP Hub also now allows the public to engage in various transactions involving BSP-acquired real properties, among other services. This last service, particularly, is notable because in the past only BSP personnel, or those they know, were aware and had the opportunity to buy such acquired properties, creating a secondary market from which only BSP personnel or those who had knowledge could take advantage of.

The facility also houses the Museo BSP, which showcases the country’s numismatic heritage, the BSP library, meeting rooms and an auditorium for financial and economic learning and public events.

According to BSP Governor Eli Remolona Jr., “the BSP Hub is more than just another building. It is the space where the BSP connects with the people.” Monetary Board member Benjamin Diokno, who spearheaded the BSP Hub initiative during his term as BSP governor from 2019 to 2022, added, “We envisioned a new purpose for this space: a one-stop shop with a simple mission to ‘bring the BSP to all.’ Today, almost five years later, it is both a relief and a joy to see this vision come to life.”

The BSP Hub inauguration was attended by Monetary Board members Romeo Bernardo, Rosalia de Leon, Walter Wassmer and Jose Querubin, BSP Deputy Governors Chuchi Fonacier, Bernadette Romulo-Puyat, Elmore Capule, Zeno Ronald Abenoja and other BSP officials.

However, one other thing that the BSP should allow more public access to are their treasure trove of Philippine art works that only BSP personnel and some privileged visitors are able to view at present, or get to glimpse only in the BSP’s calendar giveaways.

Sobrepeña retires

Aniceto “Chito” Sobrepeña, the current president of the Metrobank Foundation, is finally retiring after 30 years of loyal service to the foundation on July 16 and will be turning over his functions to Philip Francisco “Boyet” Dy, currently the executive vice president of the foundation and whom Sobrepena has been grooming as his successor.

Sobrepeña was elected the very first executive director of the Metrobank Foundation in 1995 and held the post for 11 years. He was elected president in 2006 and held the post until 2025, or a total of 19 years.

As he steps down as president of the foundation, Sobrepena will also relinquish his concurrent responsibility as the very first executive director of the GT Foundation, the family foundation of the late Dr. George S. K. Ty, a post he has held since 2009. However, he will remain as a consultant and a trustee of the foundation.

He will also continue in his roles as vice- chairman of the Manila Doctors Hospital and chairman of the Manila Tytana Colleges, and as trustee of the GT Foundation.

In a Viber message, Sobrepena expressed his deep gratitude to the family of the late Dr. George S.K. Ty, led now by Mrs. Mary Ty, Arthur Ty , Alfred Ty, Anjanette Dy Buncio and Alessandra Ty for their unstinting support.