BSP Educational Scholarship and Training Program (BEST)
Over the years, the Bangko Sentral ng Pilipinas has created a track record of delivering high performance and excellent service. Such a high level of success is made possible by ensuring that at its helm is the best and brightest manpower. Through its continuous development of its workforce, the Bank is assured of maintaining the prominence that it enjoys. Thus, the BSP invests in professional development programs which aim to develop its intellectual capital. One of these is the Bangko Sentral ng Pilipinas Educational Scholarship and Training Program (BEST) which provides funding to qualified employees to pursue graduate and post-graduate courses in recognized schools here and abroad.
As the BSP’s organizational capability-building program, BEST aims to provide the long-term requirements for technical experts in the field of Economics, Finance, Statistics, Law, Information Technology, and Human Resource. Similarly, it ensures that the Bank is at par with the best practices of similar institutions in the region and throughout the world. Ultimately, this guarantees that the BSP fulfills its role not only as a regulating body but more importantly, as a sustainer of the country’s economy.
The Sectoral Scholarship Assessment Committees (SSAC) is tasked with the selection process and ensures that candidates are no more than 40 years old at the start of classes for a Master’s, Ph.D. or Master of Laws degree. Other requirements are 2 years of government service (one year of which should be with the BSP), physical and psychological fitness, and a firm commitment to serve the Bank after graduation. Prospective applicants undergo an online assessment and a panel interview based on which the BEST Oversight Committee makes a recommendation for the Governor’s approval. To date, the program has granted scholarships to 33 bank personnel in schools here in the Philippines and in the USA, UK, and Australia.
To ensure the Program’s sustainability, a post-scholarship follow-through known as Scholar – CARED (Career Development) Program tracks the career progression of the scholar upon his/her return after graduation. Scholar-CARED is part of the BSP’s Career Management System that addresses the career paths of BSP employees, including scholars, to ensure that they have a fulfilling career in the Bank.