MANILA — The Bangko Sentral ng Pilipinas (BSP) is set to expand its use of artificial intelligence (AI) to enhance its data-gathering capabilities. BSP has been utilizing AI for approximately six years, a practice that has proved particularly valuable during the pandemic when traditional data collection was disrupted by movement restrictions.
According to Philippines News Agency, the senior director of BSP's Department of Economic Statistics, the central bank significantly increased its budget for AI following the economic reopening. Speaking at a seminar organized by the Economic Journalists Association of the Philippines, Alegre emphasized that the enhanced budget allocation for AI is proportionate to the demands of the bank’s data collection needs. He also noted that while the specific budget figures are confidential, the investment is crucial for maintaining the integrity and efficiency of economic data processing.
Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, reinforced the value of AI in an email to the Philippine News Agency, stating that responsible use of credible AI technologies can greatly improve productivity. He acknowledged the challenges associated with ensuring the accuracy of AI-generated data, emphasizing the importance of implementing checks and balances to maintain the highest standards of data quality and integrity. Ricafort also highlighted that such digital advancements are part of broader efforts to digitize processes, which can lead to time and cost savings while enhancing the reliability and quality of information.