Fellow central bankers there is every reason to celebrate and to be happy today! Today, we mark the convergence of two important events: the 16th anniversary of the Bangko Sentral ng Pilipinas and the 60th year of central banking in the Philippines. At sixteen, the Bangko Sentral ng Pilipinas is a relatively young institution; but its foundation runs deep.
The efforts made towards the payment system reform project started to bear fruits after the implementation by the Bank of Namibia of the Namibia Inter-bank Settlement System (NISS) on 10 June 2002. After the settlement system was put in place, there was a need to reform the clearing side of the National Payment System (NPS).