The Bangko Sentral ng Pilipinas and the University of the Philippines signed an agreement to help monetary authorities in making the right decisions, and for better delivery of the Central Bank’s core mandates.
BSP Governor Benjamin Diokno and UP chancellor Michael Tan signed an agreement for a project on using big data in central banking last Oct. 10.
Big data are high velocity, volume, and variety structured and unstructured data sets. These data are hard to use in the traditional sense.
Around the world, central banks use big data to add to official statistics through near-real-time economic and financial indicators and early warning indices.
The year-long BSP bid data project will focus on the theoretical, methodical and operational aspects of institutionalizing big data in the BSP.
Photo Sources: philstar.com, bsp.gov.ph, upd.edu.ph
