BIZ BUZZ: Gasmen meets the press

Incoming Bangko Sentral ng Pilipinas (BSP) Assistant Governor for Financial Markets Dino Gasmen isn’t promising a grand overhaul just yet.

In his first comments since his appointment, Gasmen said he first wants to understand the central bank’s priorities before introducing any reforms.

Instead of unveiling a new agenda, the veteran banker signaled continuity.

Gasmen said he intends to support the BSP’s ongoing push to deepen the country’s capital markets, particularly efforts to make the government securities market more liquid and efficient.

That includes initiatives already familiar to market participants: developing the repo market, expanding complementary market infrastructure, and promoting interest rate swaps as benchmark pricing tools for loans.

“I think my job will be to continue or to help the market develop those markets,” he said.

The central bank has spent years laying the groundwork for a deeper local bond market, improving price discovery and aligning trading practices with global standards.

Officials have long argued that a vibrant capital market could serve as the economy’s “spare tire,” providing borrowers with an alternative source of funding when banks pull back on lending.