Indonesia and Philippines deepen local-currency and payments cooperation
The central banks signed a memorandum covering monetary policy, financial stability, digital finance and cybersecurity alongside cross-border transactions.
Bank Indonesia (BI) and Bangko Sentral ng Pilipinas (BSP) signed a memorandum of understanding on 13 November 2026 to broaden cooperation, including on local-currency transactions and cross-border payments. BI Governor Destry Damayanti and BSP Governor Eli M. Remolona Jr. signed the agreement.
The framework spans monetary and macroprudential policy, financial stability, payment and settlement systems, digital financial innovation and cybersecurity. It also covers sustainable finance, Islamic finance, financial inclusion and efforts to prevent money laundering and terrorist financing.
In an official statement, Destry said the agreement demonstrated both institutions’ commitment to practical cooperation in areas of shared interest, including local-currency transactions and payments across borders.
Remolona said cooperation among central banks was increasingly important as financial systems became more interconnected. He cited growing uncertainty, rapid technological change, cybersecurity risks and changes to payment systems as shared challenges that could be addressed more effectively through collaboration and exchanges of experience.
The two institutions will also strengthen cooperation on the use of data and information and on staff development. The agreement provides a basis for further practical collaboration between Indonesia and the Philippines, particularly on links between payment systems and cross-border financial transactions.
