BSP to provide technical assistance for qualified rural banks

The Bangko Sentral ng Pilipinas (BSP) will provide technical assistance for qualified rural banks, ramping up its initiatives to further strengthen the rural banking sector to boost the resilience of small banks.

- KEISHA TA-ASAN

During the Rural Bank Strengthening Program (RBSP) Technology and Innovation Forum on May 31, BSP Governor Eli Remolona Jr. announced that the Monetary Board has recently approved the RBSP Technical Assistance.

The RBSP Technical Assistance will serve as the deployment mechanism for capacity building, digitalization and financial advisory support for the rural banking sector. It is part of BSP's efforts to assemble a support system that would address the needs of rural banks.

"Rural banks can be a linchpin for inclusive growth hence, preserving their role and building up their strengths are crucial for sustainable development," Remolona said in a recorded message.

Likewise, Monetary Board Member Rosalia De Leon said the central bank is committed to cultivate an enabling environment supportive of banks' digital transformation.