MANILA - A unit tasked to manage the ecosystem of physical money and digital payments has been established in the Bangko Sentral ng Pilipinas, the bank said Wednesday.

The Payments and Currency Management Sector (PCMS) will ensure a "well-functioning payments and cash ecosystem" to support sustained and inclusive economic growth, BSP Gov. Benjamin Diokno said during the unit's virtual launch event.

The central bank said the unit would consolidate existing currency and payment management units and would be responsible for producing banknotes, coins and securities documents, as well as refining gold, and the printing of the National ID cards.

“This is aligned with the BSP’s Digital Payments Transformation Roadmap which aims to achieve efficient, safe and inclusive payments ecosystems,” Diokno said.

PCMS is also in-charge of anti-counterfeiting operations, currency forecasting, currency retirement, and the servicing of bank deposits and withdrawals in the greater Manila area, the BSP said.

It also handles the following:

• licensing and supervision of payment system operators
• formulation of strategies and policies for currency and payments systems, including the digital payments transformation and currency forecasting
• operations of the Philippine Payment and Settlement System
• administration of the digital Personal Equity Retirement Account

BSP introduces the new Payments & Currency Management Sector, led by Deputy Governor Mamerto E. Tangonan. pic.twitter.com/83sF81KilN

— Warren de Guzman (@wddeguzman) February 24, 2021

Digital finance services and inclusive finance expert Mamerto E. Tangonan was appointed as the deputy governor of the newly-established PCMS, the BSP said.

The new deputy governor has over 28 years of experience in digital and traditional financial services, telecommunications, technology, financial inclusion and consulting services.

Before joining the BSP, Tangonan led a six-year USAID-funded program on the E-PESO project aimed at accelerating the shift of the Philippine economy from cash to digital payments.

Tangonan worked with the BSP in the formulation and implementation of the National Retail Payments System (NRPS). InstaPay and PESONet are fund transfer systems under the NRPS.

Tangonan also served as a general manager of PT Smart Telecom, director of Globe Telecom, and first vice president of ING Life Insurance Co (Phils) Inc.

DG Mamerto Tangonan: Currency Management and Digital Payments will coexist, and BSP's goal is to see both move toward the goal of a cash-lite society. pic.twitter.com/qKbCs29f6a

— Warren de Guzman (@wddeguzman) February 24, 2021

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