Cooperation has resumed between the Bundesbank and the Central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP). On Monday, 22 January 2024, a Bundesbank delegation headed by Executive Board member Burkhard Balz visited the BSP in Manila. The purpose of the visit was to formally reestablish cooperation between the two institutions by signing a Memorandum of Understanding (MoU).

Eli M. Remolona Jr, Governor of the BSP, highlighted the excellent relationship that has existed between the two institutions over many years and reaffirmed the importance of bilateral cooperation in fulfilling his institution’s own central bank mandate. A visit to the Bundesbank’s Central Office last year apparently proved persuasive, making clear that the Centre for International Central Bank Dialogue (CIC) continues to offer a wide variety of courses and displays a high level of expert knowledge in its projects.

On the occasion of the signing of the bilateral agreement, Mr Balz highlighted the long – though unfortunately, at times politically clouded – history of cooperation between the Bundesbank and the BSP, stressing that the Bundesbank was looking forward to future projects with pleasure and interest.

Bundesbank experts have been conducting training courses and bilateral projects with the BSP since 2004. Most recently, cooperation between the two central banks focused on the area of cash and payments.

The region of South-East Asia is becoming increasingly important in the international monetary system. After China and India, the Association of Southeast Asian Nations (ASEAN) is the most populated region in the world. The Philippines, with its rapid economic growth and 115 million inhabitants, is the second most populous ASEAN member state. The Bundesbank’s representative in the region is located in Singapore.

Text: Michael Schardt