Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno (2nd from left) and University of the Philippines (UP) Chancellor Michael L. Tan shake hands after signing the memorandum of agreement on the use of big data for central banking at the BSP Head Office in Manila. With them (from left) are BSP Deputy Governor Francisco G. Dakila, Jr. and UP College of Engineering Dean Ferdinand G. Manegdeg

Governor Benjamin E. Diokno of the Bangko Sentral ng Pilipinas (BSP) and Chancellor Michael L. Tan of the University of the Philippines (UP) signed a Memorandum of Agreement (MOA) for a project on the use of big data in central banking on 10 October 2019 at the BSP � Head Office in Manila.

The BSP, a data-driven institution, envisions to use big data in formulating appropriate and timely policies for the effective delivery of its core mandates on monetary and financial stability.

Big data are high volume, high velocity, high variety structured and unstructured data sets, which are difficult to utilize through traditional means. Central banks worldwide are incorporating big data as a supplement to official statistics through leading and near-real time economic and financial indicators and early warning indices.

To make use of big data in its operations, the BSP will collaborate with UP and its multi-disciplinary team of seasoned experts on big data. The 12-month long BSP Big Data Project will focus on the theoretical, methodological, and operational aspects of institutionalizing big data in the BSP.

The key outputs of the project include roadmaps, recommended Information Technology (I.T.) architecture and capacity-building schemes, big data governance principles, and big data system prototypes.

Source: Bangko Sentral ng Pilipinas (BSP)