The Philippine Institute for Development Studies (PIDS) entered into a memorandum of understanding (MoU) with the Bangko Sentral ng Pilipinas (BSP) to explore opportunities for cooperation in the field of monetary and fiscal policies.
PIDS President Celia Reyes and BSP Governor Benjamin Diokno led the MoU signing in a virtual ceremony held recently.
Under the MoU, PIDS and BSP agreed to collaborate on research studies that will provide better understanding and sound recommendations related to monetary and financial policies.
While this is the first MoU between PIDS and BSP, both agencies have jointly ventured in several activities, such as in the development of the macroeconometric model and in the conduct of the Institute’s annual public policy conferences every September.
This new partnership is an opportunity for both parties to share data, expertise, and resources to create evidence-based policy researches.
“The plethora of uncertainties brought about by the pandemic requires the government to carefully weigh the tradeoffs and risks of policy responses.  Through our collaboration, we can provide rigorous analysis and evidence that can better inform the government’s policy options,” Reyes said in her speech.
Meanwhile, Diokno recognized that research institutions like PIDS have provided BSP with “valuable guidance in theoretical and empirical foundations of central banking policies, as well as in the assessment of policies and structural reform measures that are critical to sustainable, long term economic growth”.
“Through this research collaboration memorandum of understanding with PIDS, the BSP affirms the importance of collaboration and intellectual exchange in strengthening research, through the sharing of data and resources, co-authorships, joint publications and sponsorships of conferences, and even research cafes where an ongoing research can be vetted critically in informal settings,” he added.
Moreover, BSP Deputy Governor Ma. Almasara Cyd Tuaño-Amador, in her opening remarks noted that “central banks today need a deep, thorough, and comprehensive understanding of the world wherein they operate. By broadening their perspectives, they can better understand the workings of the economy and the potential and actual impact of their policies”.
Also present during the online MoU signing were PIDS Vice President Marife Ballesteros, BSP Senior Assistant Governor and General Counsel Elmore Capule, and senior staff from both agencies.
PIDS serves as the Philippine government’s primary socioeconomic policy think tank. It is a nonstock, nonprofit government corporation engaged in the conduct of evidence-based and policy-oriented researches to assist policymakers in crafting evidence-based development policies, plans, and programs.
BSP is the country’s central monetary authority responsible “to promote and maintain price stability, a strong financial system, and a safe and efficient payments and settlements system conducive to a sustainable and inclusive growth of the economy”.###

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