Central banks need to consider how artificial intelligence (AI) could affect their ability to maintain price and financial stability, Bangko Sentral ng Pilipinas (BSP) governor Eli M. Remolona Jr. said.
Speaking during the International Monetary Fund-World Bank Group Annual Meetings and related engagements in Bangkok, Thailand, on Oct. 12 to 18, Remolona called for broader planning as technological change adds to economic uncertainty.
“Price stability remains the core mandate of central banks. As uncertainty grows and technology evolves rapidly, including AI, we need to consider a wider range of scenarios and think more strategically about the future of Southeast Asia,” he said.
The BSP delegation discussed AI’s potential to increase productivity, support innovation, and expand financial inclusion. It also emphasized the need for investment in digital infrastructure, skills development, and safeguards to manage the technology’s risks.
Remolona led the delegation, which included Monetary Board member Jose L. Querubin, deputy governor Zeno Ronald R. Abenoja, and senior assistant governor Edna C. Villa.
The BSP officials met with other central bankers, development partners, and investors to discuss global and regional economic developments and prospects.
