In a nod to the power of digital, Nestor Espenilla Jr, governor of the BSP, has embraced social media as a means to get his message across. When press reports started to come out on the weakening of the Philippine peso, which fell to an 11-year low in early August, he grabbed his mobile phone and started typing on the touch keyboard his “reflection piece.”

 

Social media jolted him out of bed in the early morning of June 7 when news started to circulate initially that one of the largest banks in the country, Bank of the Philippine Islands (BPI), was under an alleged cyber-attack. As it turned out, it was a computer glitch, which forced the bank to shut down its ATMs and electronic channels. “You need to act fast in that environment,” he says. “I was on television and radio by 9am explaining and calming down people; we understood what was going on.”

 

 Espenilla says he is encouraging staff to use social media channels to be able to engage more. “I am also keen to improve the social media surveillance capability of the BSP to be able to understand how social media thinks about policy and what we are doing so that we are able to communicate our messages more effectively.”

 

Back to the weak currency, he adds:: “We’re doing well and the economy is not overheated. Nonetheless, the BSP stands vigilant. Let’s be calm. We’re on the right track.”

 

Market seems to have reacted well. After nearing the 52 pesos mark to the US dollar at the end of August, it has moved back to trading at just over 51 pesos.