Manila:The Bangko Sentral ng Pilipinas (BSP) and Bank Indonesia (BI) have signed a memorandum of understanding (MOU) to enhance their bilateral cooperation. The signing took place on Friday, with BSP Governor Eli Remolona Jr. and BI Governor Destry Damayanti putting pen to paper.

According to Philippines News Agency, the MOU establishes a framework for practical cooperation in critical areas of central banking, aiming to strengthen institutional capabilities and develop joint strategies for shared challenges and emerging opportunities.

The areas covered by the MOU include monetary and macroprudential policy, financial stability, payment and settlement systems, digital financial innovation, and cybersecurity. It also encompasses sustainable finance, Islamic finance, financial inclusion, and measures against money laundering and terrorism financing. Data utilization, human resource development, and other agreed-upon areas are part of the cooperation.

"This cooperation is especially important as central banks navigate growing uncertainty, rapid technological change, cybersecurity risks, and the continuing transformation of payment systems. By sharing our experience and working together, we can respond more effectively to these common challenges," said BSP Governor Remolona.

BI Governor Damayanti highlighted the importance of the partnership through collaboration. She stated, "This MOU reflects the commitment of both institutions to take concrete steps toward impactful collaborations in various areas of mutual interest, such as local currency transactions and cross-border payment."