The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
of the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019.
History
American era and World War II
In 1900, the
First Philippine Commission
The Schurman Commission, also known as the First Philippine Commission, was established by United States President William McKinley on January 20, 1899, and tasked to study the situation in the Philippines and make recommendations on how the U.S. ...
passed Act No. 52, which placed all banks under the Bureau of the Treasury and authorizing the Insular Treasurer to supervise and examine banks and all banking activity. In 1929, the
Department of Finance, through the Bureau of Banking, took over bank supervision.
By 1933, a group of
Filipino
Filipino may refer to:
* Something from or related to the Philippines
** Filipino language, standardized variety of 'Tagalog', the national language and one of the official languages of the Philippines.
** Filipinos, people who are citizens of th ...
s had conceptualized a central bank for the
Philippine Islands
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
. 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
Hare–Hawes–Cutting Act
The Hare–Hawes–Cutting Act passed to authors Congress Butler B. Hare, Senator Harry B. Hawes and Senator Bronson M. Cutting. (ch. 11, , enacted January 17, 1933) The Hare–Hawes–Cutting Act was the first US law passed setting a process and ...
, which would grant Philippine independence after 12 years, but reserving military and naval bases for the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
and imposing tariffs and quotas on Philippine exports. However, the Hare–Hawes–Cutting Act would be rejected by the
Senate of the Philippines
The Senate of the Philippines (Filipino: ''Senado ng Pilipinas'', also ''Mataas na Kapulungan ng Pilipinas'' or "upper chamber") is the upper house of Congress of the bicameral legislature of the Philippines with the House of Representatives as ...
at the urging of
Commonwealth President Manuel L. Quezon
Manuel Luis Quezon y Molina, (; 19 August 1878 – 1 August 1944), also known by his initials MLQ, was a Filipino lawyer, statesman, soldier and politician who served as president of the Commonwealth of the Philippines from 1935 until his dea ...
. This Senate then advocated a new bill that won
United States President
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United State ...
Franklin D. Roosevelt
Franklin Delano Roosevelt (; ; January 30, 1882April 12, 1945), often referred to by his initials FDR, was an American politician and attorney who served as the 32nd president of the United States from 1933 until his death in 1945. As the ...
's support, this would be the
Tydings–McDuffie Act
The Tydings–McDuffie Act, officially the Philippine Independence Act (), is an Act of Congress that established the process for the Philippines, then an American territory, to become an independent country after a ten-year transition period. ...
, which would grant Philippine independence on July 4, 1946.
Under the
Commonwealth
A commonwealth is a traditional English term for a political community founded for the common good. Historically, it has been synonymous with "republic". The noun "commonwealth", meaning "public welfare, general good or advantage", dates from the ...
, discussions continued regarding the idea of a Philippine central bank that would promote
price stability Price stability is a goal of monetary and fiscal policy aiming to support sustainable rates of economic activity. Policy is set to maintain a very low rate of inflation or deflation. For example, the European Central Bank (ECB) describes price s ...
and economic growth. The country's monetary system then was administered by the Department of Finance and the National Treasury, and the
Philippine piso
The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called cen ...
was on the exchange standard using the
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
, which was backed by 100 percent
gold reserve
A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of v ...
, as the standard currency.
As required by the
Tydings–McDuffie Act
The Tydings–McDuffie Act, officially the Philippine Independence Act (), is an Act of Congress that established the process for the Philippines, then an American territory, to become an independent country after a ten-year transition period. ...
, the
National Assembly of the Philippines
The National Assembly of the Philippines ( tl, Kapulungáng Pambansâ ng Pilipinas, es, Asamblea Nacional de Filipinas) refers to the legislature of the Commonwealth of the Philippines from 1935 to 1941, and of the Second Philippine Republic ...
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
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United Stat ...
;
Franklin D. Roosevelt
Franklin Delano Roosevelt (; ; January 30, 1882April 12, 1945), often referred to by his initials FDR, was an American politician and attorney who served as the 32nd president of the United States from 1933 until his death in 1945. As the ...
did not give his. A second law was passed in 1944 under the
Japanese-controlled Second Republic during the
Second World War
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
, but the 1945 arrival of American liberation forces, aided by Philippine Commonwealth troops and recognised guerrillas, aborted its implementation.
Third Republic and martial law
Shortly after
President
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
Manuel Roxas
Manuel Acuña Roxas (born Manuel Roxas y Acuña; ; January 1, 1892 – April 15, 1948) was a Filipino lawyer and politician who served as the fifth president of the Philippines, who served from 1946 until his death due to heart attacks in 194 ...
assumed office in 1946, he instructed then-Finance Secretary Miguel Cuaderno, Sr. to draw up a charter for a central bank. The establishment of a monetary authority became imperative a year later as a result of the findings of the Joint Philippine-American Finance Commission chaired by Cuaderno. The commission, which studied Philippine financial, monetary, and fiscal problems in 1947, recommended a shift from the dollar exchange standard to a
managed currency system. A central bank was needed to implement this proposed shift.
Roxas then created the Central Bank Council to prepare the charter of a proposed monetary authority. It was submitted to
Congress
A congress is a formal meeting of the representatives of different countries, constituent states, organizations, trade unions, political parties, or other groups. The term originated in Late Middle English to denote an encounter (meeting of a ...
in February 1948. The Central Bank Act authored by then Congressman
José J. Roy was signed into law in June of the same year by the newly proclaimed President
Elpidio Quirino
Elpidio Rivera Quirino (born Elpidio Quirino y Rivera; ; November 16, 1890 – February 29, 1956) was a Filipino lawyer and politician who served as the sixth president of the Philippines from 1948 to 1953.
A lawyer by profession, Quirino enter ...
, who succeeded the late President Roxas, affixing his signature on
Republic Act
This article contains a partial list of Philippine laws.
Sources of Philippine laws
;Notes
: *Customs may be considered as supplementary source of law, however, customs which are contrary to law, public order or public policy shall not be ...
(RA) No. 265 or the Central Bank Act of 1948. On January 3, 1949, the Central Bank of the Philippines was formally inaugurated with Cuaderno as the first governor. The main duties and responsibilities of the Central Bank were to promote economic development and maintain internal and external monetary stability.
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
Ferdinand Emmanuel Edralin Marcos Sr. ( , , ; September 11, 1917 – September 28, 1989) was a Filipino politician, lawyer, dictator, and kleptocrat who was the 10th president of the Philippines from 1965 to 1986. He ruled under martial ...
' 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 Bank's authority was also expanded to include regulation of the nation's entire financial system just supervision of the banking system. In 1981, RA 265, as amended, was further improved to strengthen the financial system, among the changes was the increase in the capitalization of the Central Bank from
₱
The Philippine peso sign (₱) is the currency symbol used for the Philippine peso, the official currency of the Philippines. The symbol resembles a Roman letter P with two horizontal strokes. It differs from the currency symbol used for the pe ...
10 million to ₱10 billion. In 2019, President
Rodrigo Duterte
Rodrigo Roa Duterte (, ; born March 28, 1945), also known as Digong, Rody, and by the initials DU30 and PRRD, is a Filipino lawyer and politician who served as the 16th president of the Philippines from 2016 to 2022. He is the chairperson ...
signed R.A. 11211, further increasing the Bank's capitalization to ₱200 billion.
In the
1973 Constitution, the interim ''
Batasang Pambansa
The Batasang Pambansa Complex, or simply the Batasan (), is the seat of the House of Representatives of the Philippines. It is located along the Batasan Road in Batasan Hills, Quezon City.
The complex was initially the home of the Batasang Pa ...
'' (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). According to a confidential October 19, 1984 Monetary Board report, the Central bank overstated the country's dollar reserves at $600 million.
Following the
overthrow
Overthrow may refer to:
* Overthrow, a change in government, often achieved by force or through a coup d'état.
**The 5th October Overthrow, or Bulldozer Revolution, the events of 2000 that led to the downfall of Slobodan Milošević in the former ...
of President Marcos, the
1987 Constitution
The Constitution of the Philippines (Filipino: ''Saligang Batas ng Pilipinas'' or ''Konstitusyon ng Pilipinas'', Spanish: ''Constitución de la República de Filipinas'') is the constitution or the supreme law of the Republic of the Philippines ...
adopted the CMA provisions from the 1973 Constitution that were aimed at establishing an independent monetary authority through increased capitalization and greater private sector representation in the Monetary Board.
Present
In accordance with a provision in the 1987 Constitution, President
Fidel V. Ramos
Fidel Valdez Ramos (, ; March 18, 1928 – July 31, 2022), popularly known as FVR and Eddie Ramos, was a Filipino general and politician who served as the 12th president of the Philippines from 1992 to 1998. He was the only career military ...
signed
Republic Act
This article contains a partial list of Philippine laws.
Sources of Philippine laws
;Notes
: *Customs may be considered as supplementary source of law, however, customs which are contrary to law, public order or public policy shall not be ...
No. 7653, otherwise known as the ''New Central Bank Act'', into law on June 14, 1993. 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'' fiscal and administrative autonomy which the old Central Bank did not have. On July 3, 1993, the New Central Bank Act took effect.
![BSP - Zamboanga City](https://upload.wikimedia.org/wikipedia/commons/9/90/BSP_-_Zamboanga_City.JPG)
On the evening of September 26, 2012, a Wednesday, the BSP website was hacked by a group named ''Anonymous Philippine''s in a protest against the recently passed
Cybercrime Prevention Act of 2012
The Cybercrime Prevention Act of 2012, officially recorded as Republic Act No. 10175, is a law in the Philippines that was approved on September 12, 2012. It aims to address legal issues concerning online interactions and the Internet in the Phi ...
. The website was promptly restored in the early hours of the following day.
On April 23, 2013,
The Asian Banker
The Asian Banker is a company that provides information for the financial services industry in the form of publications, online materials such as e-newsletters, research, and conventions, and other industry gatherings. It is regarded as one of t ...
named the BSP as the Best Macroeconomic Regulator in the Asia-Pacific Region for 2013 in ''The Asian Banker Leadership Achievement Awards'' in
Jakarta
Jakarta (; , bew, Jakarte), officially the Special Capital Region of Jakarta ( id, Daerah Khusus Ibukota Jakarta) is the capital and largest city of Indonesia. Lying on the northwest coast of Java, the world's most populous island, Jakarta ...
,
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
. 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
Istanbul ( , ; tr, İstanbul ), formerly known as Constantinople ( grc-gre, Κωνσταντινούπολις; la, Constantinopolis), is the List of largest cities and towns in Turkey, largest city in Turkey, serving as the country's economic, ...
,
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
, in recognition of its initiative to integrate
financial literacy education into the
Philippine elementary school curriculum.
Bangko Sentral ng Pilipinas is adapting its structure to modern technical requirements. in 2020 was launched BOB (BSP Online Buddy) chatbot system b
Proto which democratize consumer protection and amplify the voice of consumers according to
AFI
AFI may refer to:
* ''Address-family identifier'', a 16 bit field of the Routing Information Protocol
* Ashton Fletcher Irwin, an Australian drummer
* AFI (band), an American rock band
** ''AFI'' (2004 album), a retrospective album by AFI rele ...
.
Roles and responsibilities
As prescribed by the ''New Central Bank Act'', the main functions of the Bangko Sentral are:
# Liquidity management, by formulating and implementing monetary policy aimed at influencing money supply, consistent with its primary objective to maintain price stability,
# 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
A government is the system or group of people governing an organized community, generally a state.
In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...
and are considered
legal tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in pa ...
for all private and public debts,
#
Lender of last resort
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facil ...
, by extending discounts, loans and advances to banking institutions for
liquidity
Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include:
* Market liquidity, the ease with which an asset can be sold
* Accounting liquidity, the ability to meet cash obligations when due
* Liqui ...
purposes,
# Financial supervision, by supervising banks and exercising regulatory powers over non-bank institutions performing quasi-banking functions,
# Management of foreign currency reserves, by maintaining sufficient
international reserves
Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence ...
to meet any foreseeable net demands for foreign currencies in order to preserve the international stability and convertibility of the Philippine peso,
# Determination of
exchange rate policy
An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market. It is closely related to monetary policy and the two are generally dependent on many ...
, by determining the exchange rate policy of the Philippines. Currently, the BSP adheres to a
market-oriented foreign exchange rate policy, and
# Being the banker, financial advisor and official depository of the Government, its political subdivisions and instrumentalities and
GOCCs.
Organization
The basic structure of the Bangko Sentral includes:
* The Monetary Board, which exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system;
* The Monetary Stability Sector, which takes charge of the formulation and implementation of the BSP's monetary policy, including serving the banking needs of all banks through accepting deposits, servicing withdrawals and extending credit through the rediscounting facility;
* The Supervision and Examination Sector, which enforces and monitors compliance to banking laws to promote a sound and healthy banking system; and
* The Resource Management Sector, which serves the human, financial and physical resource needs of the BSP.
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
Cabinet or The Cabinet may refer to:
Furniture
* Cabinetry, a box-shaped piece of furniture with doors and/or drawers
* Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets
* Filing ...
. Members of the Monetary Board are prohibited from holding certain positions in other government agencies and private institutions that may give rise to conflicts of interest. The members have fixed and overlapping terms, except for the Cabinet Secretary representing the incumbent administration.
The current members of the Monetary Board are:
*
Felipe Medalla
Felipe Manguiat Medalla is a Filipino economist currently serving as the Governor of the Bangko Sentral ng Pilipinas, central monetary authority of the Philippines, and the ''ex officio'' chairman of the Anti-Money Laundering Council, the cent ...
–
BSP Governor and Chairman of the Monetary Board
** Francisco G. Dakila, Jr. – Deputy Governor for Monetary and Economic Sector
** Eduardo G. Bobier – Deputy Governor for Corporate Services Sector
** Chuchi Fonacier – Deputy Governor for Financial Supervision Sector
** Mamerto Tangonan – Deputy Governor for Payment and Currency Management Sector
**
Bernadette Romulo-Puyat
Bernadette Fatima Tecson Romulo-Puyat (born May 14, 1971) is a Filipino government official, economist, and academic who served as the Secretary of Tourism under the Duterte administration from May 2018 to June 2022, heading the Philippines' To ...
– Deputy Governor for Program Management Sector
*
Benjamin Diokno
Benjamin Estoista Diokno (born March 31, 1948) is a Filipino economist currently serving as the 32nd Secretary of Finance under the administration of President Ferdinand "Bong Bong" Marcos Jr. since June 30, 2022. He previously served as Secr ...
, Secretary of the
Department of Finance
* Antonio S. Abacan, Jr.
*
V. Bruce J. Tolentino
* Peter B. Favila
* Anita Linda Aquino
Convertible currencies
The Bangko Sentral has 32 currencies directly convertible with the
Philippine peso
The Philippine peso, also referred to by its Tagalog name ''piso'' (Philippine English: , , plural pesos; tl, piso ; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 ''sentimo'', also called ce ...
, which serves as a benchmark for all Philippine banks.
Convertible currencies with Bangko Sentral:
*
Australian dollar
The Australian dollar (sign: $; code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Island s ...
(AUD)
*
Bahraini dinar (BHD)
*
British pound
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...
(GBP)
*
Brunei dollar
The Brunei dollar ( sign: B$, Malay: ''ringgit Brunei'', currency code: ''BND''), has been the currency of the Sultanate of Brunei since 1967. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from othe ...
(BND)
*
Canadian dollar
The Canadian dollar ( symbol: $; code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style ...
(CAD)
*
Chinese yuan
The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 202 ...
(CNY)
*
Euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
(EUR)
*
Hong Kong dollar
The Hong Kong dollar (, currency symbol, sign: HK$; ISO 4217, code: HKD) is the official currency of the Hong Kong, Hong Kong Special Administrative Region. It is subdivided into 100 cent (currency), cents or 1000 Mill (currency), mils. The H ...
(HKD)
*
Indonesian rupiah
The rupiah (Currency symbol, symbol: Rp; ISO 4217, currency code: IDR) is the official currency of Indonesia. It is issued and controlled by Bank Indonesia. The name "Rupee, rupiah" is derived from the Sanskrit word for silver, (). Sometimes, I ...
(IDR)
*
Japanese yen
The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...
(JPY)
*
South Korean won
The Korean Republic won, unofficially the South Korean won ( Symbol: ₩; Code: KRW; Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used f ...
(KRW)
*
Kuwaiti dinar
The Kuwaiti dinar ( ar, دينار كويتي, code: KWD) is the currency of Kuwait. It is sub-divided into 1,000 fils.
As of 2022, the Kuwaiti dinar is the currency with the highest value per base unit, with KD 1 equalling US$3.32, ahead ...
(KWD)
*
Saudi riyal
The Saudi riyal ( ar, ريال سعودي ') is the currency of Saudi Arabia. It is abbreviated as
or SAR ''(Saudi Arabian Riyal)''. It is subdivided into 100 halalas ( ar, هللة '). The currency is pegged to the US dollar at a constant rate ...
(SAR)
*
Singapore dollar
The Singapore dollar (sign: S$; code: SGD) is the official currency of the Republic of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currenci ...
(SGD)
*
Swiss franc
The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d'Italia which is surrounded by Swiss territory. The Swiss National Bank (SNB) issues banknotes and the f ...
(CHF)
*
Thai baht
The baht (; th, บาท, ; currency sign, sign: ฿; ISO 4217, code: THB) is the official currency of Thailand. It is divided into 100 ''satang'' (, ). The issuance of currency is the responsibility of the Bank of Thailand. Society for Worldw ...
(THB)
*
United Arab Emirates dirham
The dirham (; ar, درهم إماراتي, abbreviation: د.إ in Arabic, Dh (singular) and Dhs (plural) or DH in Latin; ISO code: AED) is the official currency of the United Arab Emirates. The dirham is subdivided into 100 .
History
The n ...
(AED)
*
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
(USD)
Others (Not Convertible With BSP):
* Argentina Peso (ARS)
* Brazil Real (BRL)
* Denmark Kroner (DKK)
* India Rupee (INR)
* Malaysia Ringgit (MYR)
* Mexico New Peso (MXN)
* New Zealand Dollar (NZD)
* Norway Kroner (NOK)
* Pakistan Rupee (PKR)
* South Africa Rand (ZAR)
* Sweden Kroner (SEK)
* Syria Pound (SYP)
* Taiwan NT Dollar (TWD)
* Venezuela Bolivar (VEB)
Microfinance and financial inclusion
In 2000, the General Banking Law mandated the BSP to recognize
microfinance
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...
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 microfinance as its flagship program for
poverty
Poverty is the state of having few material possessions or little income. Poverty can have diverse social, economic, and political causes and effects. When evaluating poverty in ...
alleviation. The BSP has become the prime advocate for the development of microfinance. To this end, the Bangko Sentral aims to:
# Provide the enabling policy and regulatory environment;
# Increase the capacity of the BSP and banking sector on microfinance operations; and
# Promote and advocate for the development of sound and sustainable microfinance operations.
The Bank is active in promoting a
financial inclusion
Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...
policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the
Maya Declaration during the 2011
Global Policy Forum The Global Policy Forum (GPF) is an international non-governmental organization founded in December 1993 and based in New York and Bonn (Global Policy Forum Europe). The aim of the Global Policy Forum is to critically accompany and analyze develo ...
held in
Mexico
Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...
.
Anti-money laundering
With
money laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
being one of the problems of the Philippines, the BSP has issued a number of measures to bring the Philippines' regulatory regime on money laundering closer to international standards. In September 2001, the ''Anti-Money Laundering Act'', or AMLA, was made into law. The AMLA defined money laundering a criminal offense, and prescribed corresponding penalties. It also provided the foundation for a central monitoring and implementing council called the ''
Anti-Money Laundering Council'' (AMLC). The AMLC is composed of the Governor of the Bangko Sentral as chair, and the Commissioner of the Insurance Commission and the Chairman of the
Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
as members, all acting unanimously in the discharge of the group's mandate.
In February 2013, Philippine President
Benigno Aquino III
Benigno Simeon Cojuangco Aquino III (; February 8, 1960 – June 24, 2021), also known as Noynoy Aquino and colloquially as PNoy, was a Filipino politician who served as the 15th president of the Philippines from 2010 to 2016. The son of ...
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.
Governors
Logo
![Bangko Sentral ng Pilipinas (BSP)](https://upload.wikimedia.org/wikipedia/commons/0/0b/Bangko_Sentral_ng_Pilipinas_%28BSP%29.svg)
The current logo of the Bangko Sentral ng Pilipinas was adopted in January 2021 with the design receiving endorsement by the
National Historical Commission of the Philippines
The National Historical Commission of the Philippines ( fil, Pambansang Komisyong Pangkasaysayan ng Pilipinas, abbreviated NHCP) is a government agency of the Philippines. Its mission is "the promotion of Philippine history and cultural herita ...
. The circular symbol features a full-bodied gold-colored
Philippine eagle
The Philippine eagle (''Pithecophaga jefferyi''), also known as the monkey-eating eagle or great Philippine eagle, is a critically endangered species of eagle of the family Accipitridae which is endemic to forests in the Philippines. It has br ...
based on actual photographs of the bird and three stars.
The old logo introduced in 2010 which is still currently used in coinage and banknotes in circulation and on its headquarters features a blue and white logo and a more stylized rendition of the eagle.
[
]
Museum
Within the main Manila complex of the BSP is the ''Museo ng Bangko Sentral ng Pilipinas'' (English: Museum of the Bangko Sentral ng Pilipinas). Inaugurated on January 3, 1999, as part of the golden jubilee of central banking in the country, the ''Museo'' showcases the BSP's collection of currencies.
As repository and custodian of the country's numismatic
Numismatics is the study or collection of currency, including coins, tokens, paper money, medals and related objects.
Specialists, known as numismatists, are often characterized as students or collectors of coins, but the discipline also includ ...
heritage, the ''Museo'' collects, studies and preserves coins, paper notes, medals, artifacts and monetary items found in the Philippines during its different historical periods. These collections have been placed on permanent display at the ''Museo''. Designed to "walk" the visitor through a number of galleries dedicated to a specific historical period of the country, the ''Museo'' visually narrates the development of the Philippine economy, parallel to the evolution of its currency. Complementary paintings from the BSP's art collection, together with chosen artifacts, enhance each gallery.
A panoramic memorabilia of central banking in the Philippines, it showcases the strides made in bringing about price stability to sustain economic growth in the country. The exhibition hall also features portrait busts of previous governors.
Security Plant Complex
The Security Plant Complex, or SPC, was formally established on September 7, 1978, to safeguard the printing, minting, refining, issuance, distribution and durability of coins, banknote
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Banknotes w ...
s, gold bar
A gold bar, also called gold bullion or gold ingot, is a quantity of refined metallic gold of any shape that is made by a bar producer meeting standard conditions of manufacture, labeling, and record keeping. Larger gold bars that are produced ...
s, government official receipts, lottery
A lottery is a form of gambling that involves the drawing of numbers at random for a prize. Some governments outlaw lotteries, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of ...
tickets, internal revenue stamp
A revenue stamp, tax stamp, duty stamp or fiscal stamp is a (usually) adhesive label used to designate collected taxes or fees on documents, tobacco, alcoholic drinks, drugs and medicines, playing cards, hunting licenses, firearm registration, ...
s, passport
A passport is an official travel document issued by a government that contains a person's identity. A person with a passport can travel to and from foreign countries more easily and access consular assistance. A passport certifies the personal ...
s, seaman identification record books, strip stamps
Stamp or Stamps or Stamping may refer to:
Official documents and related impressions
* Postage stamp, used to indicate prepayment of fees for public mail
* Ration stamp, indicating the right to rationed goods
* Revenue stamp, used on documents to ...
, official documents, registration certificates, Torrens title
Torrens title is a land registration and land transfer system, in which a state creates and maintains a register of land holdings, which serves as the conclusive evidence (termed " indefeasibility") of title of the person recorded on the regist ...
s, treasury warrants, stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...
s and bonds, government contracts, ration coupons, official ballots, election return forms, check
Check or cheque, may refer to:
Places
* Check, Virginia
Arts, entertainment, and media
* ''Check'' (film), a 2021 Indian Telugu-language film
* ''The Checks'' (episode), a 1996 TV episode of ''Seinfeld''
Games and sports
* Check (chess), a thr ...
s and other security printing
Security printing is the field of the printing industry that deals with the printing of items such as banknotes, cheques, passports, tamper-evident labels, security tapes, product authentication, stock certificates, postage stamps and identity ca ...
or minting jobs of the Philippine government.
Printing of official ballots and other public documents was later transferred to the National Printing Office
National Printing Office (NPO) is one of 3 Recognized Government Printers in the Philippines (together with Bangko Sentral ng Pilipinas and the Apo Production Unit). It was first established in 1901 as the Philippine Bureau of Printing. It is ...
pursuant to Executive Order No. 285 issued on July 25, 1987.
On August 4, 2003, President Gloria Macapagal Arroyo
Maria Gloria Macaraeg Macapagal Arroyo (, born April 5, 1947), often referred to by her initials GMA, is a Filipino academic and politician serving as one of the Deputy Speaker of the House of Representatives of the Philippines, House Deputy Spe ...
issued "Administrative Order No. 79", which designated the SPC as the sole producer of insignia of national orders, decorations, and medals.
The BSP will relocate its security plant complex from East Avenue, Quezon City
East Avenue is a major street located within the Diliman area of Quezon City, Philippines. It runs north–south through the eastern edge of Triangle Park. The street is located in Quezon City's government area, known for different national and ...
to the National Government Administrative Center
The National Government Administrative Center (NGAC) is a mixed-used development situated in New Clark City, Capas, Tarlac, Capas, Tarlac. It will primarily host facilities for the Philippine government such as offices of various government agenci ...
district of New Clark City
New Clark City is a planned community currently undergoing development, located within the Clark Special Economic Zone in the towns of Bamban and Capas in Tarlac province, Philippines. It has an area of approximately and will accommodate up to ...
in Capas, Tarlac
Capas, officially the Municipality of Capas ( pam, Balen ning Capas;
tgl, Bayan ng Capas), is a 1st class municipality in the province of Tarlac, Philippines, and one of the richest towns in the province. The town also consists of numerous su ...
after it signed a memorandum of agreement with the Bases Conversion and Development Authority
The Bases Conversion and Development Authority (BCDA; fil, Pangasiwaan sa Pangkaunlarang Kumbersiyon ng mga Base) is a government-owned and controlled corporation under the Office of the President of the Philippines. It is a governme ...
in September 2019. The new currency production facility will be located on a 29-hectare plot near the access road connecting New Clark City
New Clark City is a planned community currently undergoing development, located within the Clark Special Economic Zone in the towns of Bamban and Capas in Tarlac province, Philippines. It has an area of approximately and will accommodate up to ...
in Pampanga
Pampanga, officially the Province of Pampanga ( pam, Lalawigan ning Pampanga; tl, Lalawigan ng Pampanga ), is a province in the Central Luzon region of the Philippines. Lying on the northern shore of Manila Bay, Pampanga is bordered by Tarlac ...
to the Subic–Clark–Tarlac Expressway
The Subic–Clark–Tarlac Expressway (SCTEX), signed as E1 and E4 of the Philippine expressway network and R-8 of the Metro Manila arterial road network, is controlled-access toll expressway in the Central Luzon region of the Philippines. From ...
and it is expected to be completed within two years.
File:Philippine land title.jpg, A Philippine Torrens title, dated to December 1961
File:Philippine Passport Biometric 2014.jpg, Current version of the Philippine passport
A Philippine passport is both a travel document and a primary national identity document issued to citizens of the Philippines. It is issued by the Department of Foreign Affairs (Philippines), Department of Foreign Affairs (DFA) and Philippine ...
, equipped with biometric
Biometrics are body measurements and calculations related to human characteristics. Biometric authentication (or realistic authentication) is used in computer science as a form of identification and access control. It is also used to identify in ...
technology.
References
Sources
About the ''Bangko Sentral''
BSP 100
Publications
*
External links
*
Bsp exchange rate
{{authority control
Department of Finance (Philippines)
Economy of the Philippines
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
Banks established in 1949
Banks of the Philippines
Government-owned and controlled corporations of the Philippines
Philippine companies established in 1949