Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. (seated center) led the signing of the Memorandum of Agreement for the Monetary Operations System of the BSP which is a web-based electronic platform that will enable counterparties to participate in the BSP’s new auction-type facilities under the Interest Rate Corridor (IRC) System. The IRC will improve the transmission of monetary policy by helping ensure that the money market rates move within a reasonably close range around the BSP’s policy rate.
Other signatories of the memorandum of agreement were (seated from left): BSP Managing Director Gerardo Galvey, Trust Officers Association of the Philippines (TOAP) President Angel Marie Pacis, Chamber of Thrift Banks (CTB) President Rommel Latinazo, Bankers’ Association of the Philippines (BAP) President Nestor Tan, Money Market Association of the Philippines (MART) President Raul Martin Pedro, Investment House Association of the Philippines (IHAP) President Manuel Tordesillas, ACI Philippines' Anthony Paul Yap, and BSP Assistant Governor Ma. Ramona Santiago. Also present at the event were (standing from left): National Treasurer Roberto Tan, BSP Deputy Governor Vicente Aquino, Monetary Board Member Armando Suratos, BSP Deputy Governor Diwa Guinigundo, Monetary Board Member Juan de Zuniga, Jr., Monetary Board Member Felipe Medalla, Monetary Board Member Valentin Araneta, Monetary Board Member Alfredo Antonio, and BSP Deputy Governor Nestor Espenilla, Jr.