BSP cited for reserve management at banking awards

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March 13, 2026 | 12:00am

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has been recognized for its reserve management practices at the 2026 Central Banking Awards organized by Central Banking magazine, placing the Philippine central bank among this year’s first group of global winners.

The BSP was named Reserve Manager of the Year, with the publication citing the central bank’s modernization of its approach to managing international reserves over the past year.

“Changes included upgrading its strategic asset allocation framework, deploying active risk-management techniques, diversifying reserves, internalizing investments in new asset classes, updating external fund manager rules, changing its gold management and improving responsible investing guidelines,” the publication said.

The recognition highlights the BSP’s efforts to strengthen its reserves management framework while adapting to increasingly volatile global financial markets.

BSP Governor Eli Remolona Jr. said the award reflects the institution’s disciplined stewardship of the country’s international reserves.

“We continue to be prudent, risk-based and forward-looking in our reserve management,” Remolona said. “This is a vital step toward safeguarding price and financial stability.”

Based on the latest data from the BSP, the country’s gross international reserves climbed to a new record high of $112.72 billion as of end-February.

The latest level of reserves is equivalent to about 7.5 months’ worth of imports of goods and payments of services and primary income, and covers roughly 4.2 times the country’s short-term external debt based on residual maturity.

The annual Central Banking Awards recognize outstanding achievements across the global central banking community, including work by institutions and their commercial partners.

According to Central Banking, its team spent several months reviewing submissions, conducting interviews and contacting referees before narrowing down the winners in what it described as a “fiercely competitive field.”

Aside from the BSP, several other institutions were recognized across different categories.

In the Governor of the Year category, Jerome Powell, chair of the Federal Reserve System, was cited for demonstrating “extraordinarily high levels of integrity and resolve in upholding the Federal Reserve System’s public duty to pursue price stability and maximum employment for the good of the American people, during the past year.”

The publication noted that Powell maintained the Fed’s policy independence despite “highly personalized attacks and clear attempts to unduly influence Fed policy from the US executive.”

Meanwhile, the Risk Manager award went to the Central Bank of the United Arab Emirates for strengthening its operational risk framework across departments.

In another category, Asset Services Initiative, HSBC, Crown Agents Investment Management and Central American Reserve Fund were cited for providing services to central bank clients.

Moreover, Amundi and the Central American Reserve Fund jointly won the Partner Initiative award for developing a fixed-income exchange-traded fund aligned with environmental, social and governance standards.

The partnership enabled monetary authorities, including the Central Bank of Uruguay and the Bank of Mexico, to diversify their portfolios and gain exposure to sustainable investments.