The University of the Philippines Diliman (UPD) and the Bangko Sentral ng Pilipinas (BSP) signed on October 10, 2019 the Memorandum of Agreement (MOA) for the conduct of the BSP Big Data Project. Present during the MOA-signing were BSP Governor Benjamin E. Diokno; BSP Deputy Governor Francisco G. Dakila Jr., UP Diliman Chancellor Michael L. Tan; and UP College of Engineering (UPCOE) Dean and UPNEC Executive Director Prof. Ferdinand G. Manegdeg. The Project, which will be implemented by the UP National Engineering Center (UPNEC) will have Prof. Adeline A. Pacia as Project Leader. The signing event was held at the BSP Main Office in Malate, Manila.
BSP’s role in maintaining price stability conducive to a sustainable economic growth while promoting and preserving monetary stability is critical to support and sustain in the Philippine economy. With the ever increasing volume and frequency of various types of data that need to be monitored, the BSP needs a system and infrastructure to capture, process and analyze both structured and unstructured data, to have a better understanding of what is happening in the market and be able to make more timely decisions and policies.
The Project aims to develop the BSP Big Data Roadmap, Big Data Governance Framework, and Big Data Test Cases and Systems Prototypes that will set the direction BSP is going to take in terms of maximizing the benefits that Big Data presents, most especially in the effective delivery of BSP’s mandate. It is also hoped that the timely availability of critical data from other government agencies and the industry will facilitate a smooth implementation of the project.