UL COA Hosts Successful Info Session on Philippine Currency and BSP’s Role in the Economy

The University of Luzon College of Accountancy, in partnership with the BSP North Luzon Regional Office, successfully held an enlightening info session on “The Philippine Currency and The Role of BSP in the Philippine Economy” today, November 21, 2024, from 8:00 AM to 12:00 noon.

The event brought together students, faculty, and community members eager to deepen their understanding of finance and economics. Held at the UL Multi-Purpose Hall, the session highlighted the significance of the Philippine Peso and the pivotal role of the Bangko Sentral ng Pilipinas (BSP) in maintaining economic stability and growth.

Participants were given a historical overview of the Philippine Peso, its evolution, and its role as the country’s official currency. This discussion laid the foundation for understanding its importance in daily transactions and its influence on the broader economy. The session also explored how money operates as a medium of exchange, a store of value, a unit of account, and a standard of deferred payment, emphasizing its critical role in driving trade, investment, and economic activity.

Experts from the BSP North Luzon Regional Office, Atty. Noel Neil Q. Malimban and Sir Gomer Gomez, elaborated on the institution’s functions, including managing inflation, regulating the money supply, and implementing monetary policies to safeguard the financial system and ensure economic stability. The session concluded with an interactive Q&A where attendees asked insightful questions about monetary policies, financial management, and the BSP’s ongoing initiatives, making complex economic principles more accessible to the audience.

The info session demonstrated the University of Luzon’s commitment to the United Nations Sustainable Development Goals (SDGs). It contributed to SDG 4 (Quality Education) by providing participants with valuable insights and fostering financial literacy. The event also supported SDG 8 (Decent Work and Economic Growth) by empowering individuals with knowledge to make informed financial decisions that promote sustainable economic practices. Furthermore, the partnership with the BSP North Luzon Regional Office reflected SDG 17 (Partnerships for the Goals), highlighting the importance of collaboration between institutions to achieve shared development objectives.

“Students now have a deeper understanding of how money functions, its significant impact on the economy, and the crucial role of the BSP in maintaining economic stability and strength”, shared Prof. Renante Balocating, Dean of the College of Accountancy. Participants praised the session for being informative and engaging. Faculty members expressed their appreciation for the collaboration with BSP, emphasizing the importance of such initiatives in educating future leaders.

The University of Luzon remains committed to fostering financial literacy and economic awareness among its students and the community. Stay tuned for more events that empower and educate, as UL continues to champion knowledge and excellence in economics and finance!