Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (English: Central monwealth troops and recognised guerrillas, aborted its
Bank of the Philippines; commonly abbreviated as BSP implementation.
in both Filipino and English) is the central bank of the
Philippines. It was established on July 3, 1993, pursuant
to the provision of Republic Act 7653 or the New Central 1.2 Third Republic and Martial Law
Bank Act of 1993.[2]
Shortly after President Manuel Roxas assumed oce
in 1946, he instructed then-Finance Secretary Miguel
Cuaderno, Sr. to draw up a charter for a central bank.[5]
1 History
The establishment of a monetary authority became imperative a year later as a result of the ndings of the
1.1 American era and World War II
Joint Philippine-American Finance Commission chaired
by Cuaderno. The Commission, which studied Philippine
In 1900, the First Philippine Commission passed Act No. nancial, monetary, and scal problems in 1947, recom52,[3] which placed all banks under the Bureau of the mended a shift from the dollar exchange standard to a
Treasury and authorizing the Insular Treasurer to super- managed currency system. A central bank was necessary
vise and examine banks and all banking activity. In 1929, to implement the proposed shift to the new system.
the Department of Finance, through the Bureau of Bank- Roxas then created the Central Bank Council to prepare
ing, took over bank supervision.
the charter of a proposed monetary authority. It was
submitted to Congress in February 1948. By June of
the same year, the newly proclaimed President Elpidio
Quirino, who succeeded President Roxas, axed his signature on Republic Act (RA) No. 265, the Central Bank
Act of 1948.On January 3, 1949, the Central Bank of
the Philippines was formally inaugurated with Miguel
Cuaderno, Sr. as the rst governor.[6] The main duties
and responsibilities of the Central Bank were to promote
economic development and maintain internal and external monetary stability.[7]

By 1933, a group of Filipinos had conceptualised a central bank for the Philippine Islands.[4] It came up with
the rudiments of a bill for the establishment of a central
bank after a careful study of the economic provisions of
the HareHawesCutting Act, which would grant Philippine independence after 12 years, but reserving military
and naval bases for the United States and imposing taris
and quotas on Philippine exports. However, the Hare
HawesCutting Act would be rejected by the Senate of
the Philippines at the urging of Commonwealth President
Manuel L. Quezon. This Senate then advocated a new bill
that won United States President Franklin D. Roosevelt's
support, this would be the TydingsMcDue Act, which
would grant Philippine independence on July 4, 1946.

Over the years, changes were introduced to make the

charter more responsive to the needs of the economy.
On November 29, 1972, President Ferdinand Marcos'
Presidential Decree No. 72 amended Republic Act No.
265, emphasizing the maintenance of domestic and international monetary stability as the primary objective of the
Central Bank. The Banks authority was also expanded
to include regulation of the entire nancial system of the
Philippines and not just supervision of the banking system. In 1981, RA 265, as amended, was further improved
to strengthen the nancial system,[8] among the changes
was the increase in the capitalization of the Central Bank
from Php10 million to Php 10 billion.[9]

Under the Commonwealth, discussions continued regarding the idea of a Philippine central bank that would promote price stability and economic growth. The countrys monetary system then was administered by the Department of Finance and the National Treasury, and the
Philippine peso was on the exchange standard using the
United States dollar, which was backed by 100 percent
gold reserve, as the standard currency.
As required by the TydingsMcDue Act, the National
Assembly of the Philippines in 1939 passed a law establishing a central bank. As it was a monetary law, it required the approval of the President of the United States;
Franklin D. Roosevelt did not give his. A second law was
passed in 1944 under the Japanese-controlled Second Republic during the Second World War, but the 1945 arrival
of American liberation forces, aided by Philippine Com-

In the 1973 Constitution, the interim Batasang Pambansa

(National Assembly) was mandated to establish an independent central monetary authority. Presidential Decree
No. 1801 designated the Central Bank of the Philippines as the central monetary authority (CMA). Years
later, the 1987 Constitution adopted the CMA provisions
from the 1973 Constitution that were aimed essentially at
1

establishing an independent monetary authority through

increased capitalization and greater private sector representation in the Monetary Board.[10]

plementing monetary policy aimed at inuencing

money supply, consistent with its primary objective
to maintain price stability,

1.3

Present

In accordance with a provision in the 1987 Constitution,

President Fidel V. Ramos signed Republic Act No. 7653,
otherwise known as the New Central Bank Act, into law on
June 14, 1993.[11][12] The law provides for the establishment of an independent monetary authority to be known
as the Bangko Sentral ng Pilipinas, its primary objective
being the maintenance of price stability. This objective
was only implied in the old Central Bank charter. The law
also gives the Bangko Sentral scal and administrative autonomy which the old Central Bank did not have. On July
3, 1993, the New Central Bank Act took eect.[13]

ORGANIZATION OF THE BANGKO SENTRAL

2. Currency issue. The BSP has the exclusive power

to issue the national currency. All notes and coins
issued by the BSP are fully guaranteed by the
Government and are considered legal tender for all
private and public debts,
3. Lender of last resort, by extending discounts, loans
and advances to banking institutions for liquidity
purposes,
4. Financial supervision, by supervising banks and
exercising regulatory powers over non-bank institutions performing quasi-banking functions,
5. Management of foreign currency reserves, by
maintaining sucient international reserves to meet
any foreseeable net demands for foreign currencies
in order to preserve the international stability and
convertibility of the Philippine peso,
6. Determination of exchange rate policy, by determining the exchange rate policy of the Philippines.
Currently, the BSP adheres to a market-oriented foreign exchange rate policy, and
7. Being the banker, nancial advisor and ocial depository of the Government, its political subdivisions and instrumentalities and GOCCs.

BSP Branch in Zamboanga City.

On the evening of September 26, 2012, a Wednesday, 3 Organization of the Bangko Senthe BSP website was hacked by a group named Anonytral
mous Philippines in a protest against the recently passed
[14][15]
Cybercrime Prevention Act of 2012.
The website
was promptly restored in the early hours of the following The basic structure[20] of the Bangko Sentral includes:
day.[16]
On April 23, 2013, The Asian Banker named the BSP
as the Best Macroeconomic Regulator in the AsiaPacic Region for 2013 in The Asian Banker Leadership
Achievement Awards in Jakarta, Indonesia.[17][18] The
BSP was cited as a good, strong, and fair-minded regulator. About a month later, the BSP was given the country
award by the Child and Youth Finance International in its
2013 International Summit in Istanbul, Turkey, in recognition of its initiative to integrate nancial education in
the Philippine elementary school curriculum.[19]

The Monetary Board, which exercises the powers

and functions of the BSP, such as the conduct of
monetary policy and supervision of the nancial system;

The Supervision and Examination Sector, which

enforces and monitors compliance to banking laws
to promote a sound and healthy banking system; and

Roles and responsibilities

As prescribed by the New Central Bank Act, the main

functions of the Bangko Sentral are:
1. Liquidity management, by formulating and im-

The Monetary Stability Sector, which takes

charge of the formulation and implementation of the
BSPs monetary policy, including serving the banking needs of all banks through accepting deposits,
servicing withdrawals and extending credit through
the rediscounting facility;

The Resource Management Sector, which serves

the human, nancial and physical resource needs of
the BSP.[21]

3
The powers and function of Bangko Sentral are exercised
by its Monetary Board, whose seven members are appointed by the President of the Philippines. As provided
for by RA 7653 or the New Central Bank Act, one of
the government sector members of the Monetary Board
must also be a member of Cabinet. Members of the Monetary Board are prohibited from holding certain positions
in other government agencies and private institutions that
may give rise to conicts of interest. The members have
xed and overlapping terms, except for the Cabinet Secretary representing the incumbent administration.[22]

The Bank is active in promoting a nancial inclusion policy and is a leading member of the Alliance for Financial
Inclusion. It is also one of the original 17 regulatory institutions to make specic national commitments to nancial inclusion under the Maya Declaration[24] during the
2011 Global Policy Forum held in Mexico.

6 Anti-money laundering

With money laundering being one of the problems of the

Philippines,[25] the BSP has issued a number of measures
to bring the Philippines regulatory regime on money
laundering closer to international standards. In SeptemAmando M. Tetangco, Jr., Chairman
ber 2001, the Anti-Money Laundering Act, or AMLA, was
Cesar V. Purisima, Secretary of the Department of signed into law.[26] The AMLA dened money laundering
Finance
a criminal oense, and prescribed corresponding penalties. It also provided the foundation for a central monAlfredo C. Antonio
itoring and implementing council called the Anti-Money
Laundering Council (AMLC). The AMLC is composed
Juan D. De Zuiga, Jr.
of the Governor of the Bangko Sentral as Chair, and
the Commissioner of the Insurance Commission and the
Valentin A. Araneta
Chairman of the Securities and Exchange Commission as
members, all acting unanimously in the discharge of the
Felipe M. Medalla
groups mandate.[27]

The current members of the Monetary Board are:

Armando L. Suratos

Convertible currencies

The Bangko Sentral has 19 currencies directly convertible

with the Philippine peso,[23] which serves as a benchmark
for all Philippine banks.

In February 2013, Philippine President Benigno Aquino

III signed R.A. No. 10365, known as An act further
strengthening the Anti-Money Laundering Law, which
aims to strengthen the AMLC by requiring that any suspicious transaction in foreign exchange, real estate, and
jewelry and precious metal trading be reported.[28]

7 Governors

Micronance and nancial inclu- 8 Museum

sion

Within the complex of the Bangko Sentral ng Pilipinas,

the nations central monetary authority is the Museo ng
Bangko Sentral ng Pilipinas (English: Museum of the
Central Bank of the Philippines). Inaugurated on January 3, 1999, as part of the celebration of the 50 years of
central banking in the Philippines, the Museo showcases
the Banks collection of currencies.[29]

In 2000, the General Banking Law mandated the BSP to

recognize micronance as a legitimate banking activity
and to set the rules and regulations for its practice within
the banking sector. In the same year, the BSP declared
micronance as its agship program for poverty alleviation. The BSP has become the prime advocate for the
development of micronance. To this end, the Bangko As repository and custodian of the countrys numismatic
heritage, the Museo collects, studies and preserves coins,
Sentral aims to:
paper notes, medals, artifacts and monetary items found
in the Philippines during its dierent historical periods.
1. Provide the enabling policy and regulatory environ- These collections have been placed on permanent display
ment;
at the Museo.
2. Increase the capacity of the BSP and banking sector Designed to walk the visitor through a number of galleries dedicated to a specic historical period of the
on micronance operations; and
country, the Museo visually narrates the development of
3. Promote and advocate for the development of sound the Philippine economy, parallel to the evolution of its
and sustainable micronance operations.
currency.[30] Complementary paintings from the BSP art

10

REFERENCES

collection,[31][32] together with chosen artifacts, enhance

each gallery.

[7] The BSP Vision and Mission. Bangko Sentral ng Pilipinas. Retrieved 3 June 2013.

A panoramic memorabilia of 50 years of central banking

in the Philippines, showcases the strides made in bringing
about price stability, to sustain economic growth in the
country. The exhibition hall also carries the busts of the
governors of the Central Bank/Bangko Sentral.

[8] Republic Act No. 265 An act establishing the Central

Bank of the Philippines, dening its powers in the administration of the monetary and banking system, amending
the pertinent provisions of the administrative code with
respect to the currency and the Bureau of Banking, and
for other purposes. LawCenter Philippines. Retrieved 3
June 2013.

Security Plant Complex

The Security Plant Complex, or SPC, was formally established on September 7, 1978 to safeguard the printing, minting, rening, issuance, distribution and durability of coins, banknotes, gold bars, government ocial receipts, lottery tickets, internal revenue stamps, passports,
seaman identication record books, strip stamps, ocial documents, registration certicates, Torrens titles,
treasury warrants, stocks and bonds, government contracts, ration coupons, ocial ballots, election return
forms, checks and other security printing or minting jobs
of the Philippine government.

[9] Philippine Presidential Decree No. 72 The LawPhil

Project (www.lawphil.net). Retrieved on 2013-03-26.
[10] Philippine Presidential Decree No. 1801 The LawPhil
Project (www.lawphil.net). Retrieved on 2013-03-26.
[11] Creating a Central Bank for the Philippines. Bangko
Sentral ng Pilipinas. Retrieved 3 June 2013.
[12] 50 Years of Central Banking in the Philippines. Manila,
Philippines: Bangko Sentral ng Pilipinas. 1998. p. 128.
ISBN 971-91785-1-5.
[13] Philippine Republic Act No. 7653 Bangko Sentral ng
Pilipinas (www.bsp.gov.ph) Retrieved on 2012-03-26.

Printing of ocial ballots and other public documents was [14] Dumlao, Doris. BSP, MWSS websites hacked by antilater transferred to the National Printing Oce pursuant
cybercrime law protester. The Philippine Daily Inquirer.
Retrieved 3 June 2013.
to Executive Order No. 285 issued on July 25, 1987.[33]
On August 4, 2003, President Gloria Macapagal-Arroyo
issued Administrative Order No. 79, which designated
the SPC as the sole manufacturer of presidential medals
and decorations.[33]

[15] Websites hacked in protest vs new law. Rappler.com.

Retrieved 3 June 2013.

9.1

[17] BSP is the 2013 Best Macroeconomic Regulator in the

Asia Pacic Region. Ocial Gazette. Oce of the President of the Republic of the Philippines. Retrieved 3 June
2013.

SPC products

Torrens titles
Passports

10

References

[1] Gross International Reserves. Bangko Sentral ng Pilipinas. Retrieved 31 December 2013.
[2] Overview of the BSP. Bangko Sentral ng Pilipinas. Retrieved July 28, 2013.
[3] About the Bank. Bangko Sentral ng Pilipinas. Retrieved
3 June 2013.
[4] 50 Years of Central Banking in the Philippines. Manila,
Philippines: Bangko Sentral ng Pilipinas. 1998. p. 7.
ISBN 971-91785-1-5.
[5] Roxas, Manuel. Second State of the Nation Address.
Ocial Gazette. Retrieved 3 June 2013.
[6] 50 Years of Central Banking in the Philippines. Manila,
Philippines: Bangko Sentral ng Pilipinas. 1998. pp. 18
20. ISBN 971-91785-1-5.

[16] Garcia, Cathy Rose. BSP website restored after being

hacked. abs-cbnnews.com. Retrieved 3 June 2013.

[18] BSP named Best Regulator in Asia. Malaya Business

News Online. Retrieved 3 June 2013.
[19] BSP Wins Top Global Award for Child Finance Education Program. Media Releases. Bangko Sentral ng Pilipinas. Retrieved 3 June 2013.
[20] The BSPs Organizational Structure. Bangko Sentral ng
Pilipinas. Retrieved 3 June 2013.
[21] Governance of the Bank. Bangko Sentral ng Pilipinas.
Retrieved 3 June 2013.
[22] The Monetary Board. Bangko Sentral ng Pilipinas. Retrieved 3 June 2013.
[23] Bangko Sentral Buying Rates for Foreign Currency Notes
(Accessed on 2011-05-29)

[24] http://www.prnewswire.com/news-releases/
maya-declaration-urges-financial-inclusion-for-worlds-unbanked-population
html
[25] Lee-Brago, Pia. Phl monitoring vs money laundering
weak US report. philstar.com. Retrieved 3 June 2013.

[26] History of the Act. Anti-Money Laundering Council.

Retrieved 3 June 2013.
[27] Organization. Anti-Money Laundering Council. Retrieved 3 June 2013.
[28] Aquino signs expanded law vs dirty money". Philippine
Daily Inquirer. Retrieved 3 June 2013.
[29] The Money Museum. Retrieved 3 June 2013.
[30] del Mundo, Antonio (1998). The Money Museum.
Manila, Philippines: Bangko Sentral ng Pilipinas. pp.
205212. ISBN 971-91785-1-5.
[31] Marcelo, Sam. The BSP art collection: Figures and
paintings. BusinessWorld Weekender. Retrieved 3 June
2013.
[32] Laya, Jaime (1998). The Central Bank and Culture and the
Arts. Manila, Philippines: Bangko Sentral ng Pilipinas.
pp. 198204. ISBN 971-91785-1-5.
[33] ABOUT NATIONAL PRINTING OFFICE. Oce of
the Press Secretary - National Printing Oce. Retrieved
2010-06-09.

About the Bangko Sentral

11

Publications

Villegas, Ramn N. (1983). Kayamanan: The

Philippine Jewelry Tradition. Central Bank of the
Philippines. ISBN 9711039001. Retrieved 24 April
2014.

12

External links

Ocial website

13

13
13.1

TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES

Text and image sources, contributors, and licenses

Text

Bangko Sentral ng Pilipinas Source: https://en.wikipedia.org/wiki/Bangko_Sentral_ng_Pilipinas?oldid=673605517 Contributors: SimonP, Edward, Ixfd64, Ronaldo Guevara, El Caudillo, J heisenberg, Avala, TheCoee, JParis, Chochopk, Tabletop, Twthmoses, Behun, Graham87, Rjwilmsi, Tim!, Sky Harbor, CalJW, Magalhes, YurikBot, Noypi380, Shanel, Howcheng, Thiseye, DAJF, Gadget850,
SunKing, Sardanaphalus, SmackBot, Mithril Cloud, Colonies Chris, Exec8, Muzi, Zerwell, Howard the Duck, WayKurat, Euchiasmus,
Gobonobo, Joseph Solis in Australia, Pink Fae, Shaneteen8, Namayan, Krixtoerxon, Lugnuts, Ianlopez1115, Windows72106, WinBot,
Kleomarlo, Geniac, Magioladitis, Feeeshboy, Wormcast, Highhi~enwiki, Roewuck, Lenticel, CommonsDelinker, Pharaoh of the Wizards,
Rizalninoynapoleon, Pontororoy, Ng.j, Ram gervacio, Delndakila, The Random Editor, Yan danniel, Adkranz, Aspects, Xeltran, Mk32,
Florentino oro, Maxschmelling, ImageRemovalBot, Betweendeadlines, Renzoy16, TwoSolitudes, DerBorg, Rror, Addbot, Kevzspeare,
WikiEditor50, Stidmatt, Faunas, Jim1138, Fighter 10, LilHelpa, Shadowjams, Dico Calingal, EasyJimQC, TerraHikaru, FrescoBot, SkyHigher, Hariboneagle927, Full-date unlinking bot, Young gee 1525, Trappist the monk, Raykyogrou0, Athene cheval, John of Reading,
Zollerriia, Ramon FVelasquez, Werieth, ZroBot, Rennejann, H3llBot, Compgeo.98, Jaceraval, ChuispastonBot, ClueBot NG, BG19bot,
Arius1998, RioHondo, Miguel raul, Dexbot, Kmzayeem, Rajmaan, Lambrusia and Anonymous: 78

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