Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (English: CentralBank of the Philippines; commonly abbreviated as BSPin both Filipino and English) is the central bank of thePhilippines. It was established on July 3, 1993, pursuantto the provision of Republic Act 7653 or the New CentralBank Act of 1993.[2]

1 History

1.1 American era and World War II

In 1900, the First Philippine Commission passed Act No.52,[3] which placed all banks under the Bureau of theTreasury and authorizing the Insular Treasurer to super-vise and examine banks and all banking activity. In 1929,the Department of Finance, through the Bureau of Bank-ing, took over bank supervision.By 1933, a group of Filipinos had conceptualised a cen-tral bank for the Philippine Islands.[4] It came up withthe rudiments of a bill for the establishment of a centralbank after a careful study of the economic provisions ofthe Hare–Hawes–Cutting Act, which would grant Philip-pine independence after 12 years, but reserving militaryand naval bases for the United States and imposing tariffsand quotas on Philippine exports. However, the Hare–Hawes–Cutting Act would be rejected by the Senate ofthe Philippines at the urging of Commonwealth PresidentManuel L. Quezon. This Senate then advocated a new billthat won United States President Franklin D. Roosevelt'ssupport, this would be the Tydings–McDuffie Act, whichwould grant Philippine independence on July 4, 1946.Under the Commonwealth, discussions continued regard-ing the idea of a Philippine central bank that would pro-mote price stability and economic growth. The coun-try’s monetary system then was administered by the De-partment of Finance and the National Treasury, and thePhilippine peso was on the exchange standard using theUnited States dollar, which was backed by 100 percentgold reserve, as the standard currency.As required by the Tydings–McDuffie Act, the NationalAssembly of the Philippines in 1939 passed a law estab-lishing a central bank. As it was a monetary law, it re-quired the approval of the President of the United States;Franklin D. Roosevelt did not give his. A second law waspassed in 1944 under the Japanese-controlled Second Re-public during the SecondWorldWar, but the 1945 arrivalof American liberation forces, aided by Philippine Com-

monwealth troops and recognised guerrillas, aborted itsimplementation.

1.2 Third Republic and Martial Law

Shortly after President Manuel Roxas assumed officein 1946, he instructed then-Finance Secretary MiguelCuaderno, Sr. to draw up a charter for a central bank.[5]The establishment of a monetary authority became im-perative a year later as a result of the findings of theJoint Philippine-American Finance Commission chairedby Cuaderno. The Commission, which studied Philippinefinancial, monetary, and fiscal problems in 1947, recom-mended a shift from the dollar exchange standard to amanaged currency system. A central bank was necessaryto implement the proposed shift to the new system.Roxas then created the Central Bank Council to preparethe charter of a proposed monetary authority. It wassubmitted to Congress in February 1948. By June ofthe same year, the newly proclaimed President ElpidioQuirino, who succeeded President Roxas, affixed his sig-nature on Republic Act (RA) No. 265, the Central BankAct of 1948.On January 3, 1949, the Central Bank ofthe Philippines was formally inaugurated with MiguelCuaderno, Sr. as the first governor.[6] The main dutiesand responsibilities of the Central Bank were to promoteeconomic development and maintain internal and exter-nal monetary stability.[7]

Over the years, changes were introduced to make thecharter 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 inter-national monetary stability as the primary objective of theCentral Bank. The Bank’s authority was also expandedto include regulation of the entire financial system of thePhilippines and not just supervision of the banking sys-tem. In 1981, RA265, as amended, was further improvedto strengthen the financial system,[8] among the changeswas the increase in the capitalization of the Central Bankfrom Php10 million to Php 10 billion.[9]

In the 1973 Constitution, the interim Batasang Pambansa(National Assembly) was mandated to establish an inde-pendent central monetary authority. Presidential DecreeNo. 1801 designated the Central Bank of the Philip-pines as the central monetary authority (CMA). Yearslater, the 1987 Constitution adopted the CMA provisionsfrom the 1973 Constitution that were aimed essentially at

1

2 3 ORGANIZATION OF THE BANGKO SENTRAL

establishing an independent monetary authority throughincreased capitalization and greater private sector repre-sentation in the Monetary Board.[10]

1.3 Present

In accordance with a provision in the 1987 Constitution,President Fidel V. Ramos signed Republic Act No. 7653,otherwise known as theNewCentral Bank Act, into law onJune 14, 1993.[11][12] The law provides for the establish-ment of an independent monetary authority to be knownas the Bangko Sentral ng Pilipinas, its primary objectivebeing the maintenance of price stability. This objectivewas only implied in the old Central Bank charter. The lawalso gives the Bangko Sentral fiscal and administrative au-tonomy which the old Central Bank did not have. On July3, 1993, the New Central Bank Act took effect.[13]

BSP Branch in Zamboanga City.

On the evening of September 26, 2012, a Wednesday,the BSP website was hacked by a group named Anony-mous Philippines in a protest against the recently passedCybercrime Prevention Act of 2012.[14][15] The websitewas promptly restored in the early hours of the followingday.[16]

On April 23, 2013, The Asian Banker named the BSPas the Best Macroeconomic Regulator in the Asia-Pacific Region for 2013 in The Asian Banker LeadershipAchievement Awards in Jakarta, Indonesia.[17][18] TheBSP was cited as a “good, strong, and fair-minded regula-tor.” About a month later, the BSP was given the countryaward by the Child and Youth Finance International in its2013 International Summit in Istanbul, Turkey, in recog-nition of its initiative to integrate financial education inthe Philippine elementary school curriculum.[19]

2 Roles and responsibilities

As prescribed by the New Central Bank Act, the mainfunctions of the Bangko Sentral are:

1. Liquidity management, by formulating and im-

plementing monetary policy aimed at influencingmoney supply, consistent with its primary objectiveto maintain price stability,

2. Currency issue. The BSP has the exclusive powerto issue the national currency. All notes and coinsissued by the BSP are fully guaranteed by theGovernment and are considered legal tender for allprivate and public debts,

3. Lender of last resort, by extending discounts, loansand advances to banking institutions for liquiditypurposes,

4. Financial supervision, by supervising banks andexercising regulatory powers over non-bank institu-tions performing quasi-banking functions,

5. Management of foreign currency reserves, bymaintaining sufficient international reserves to meetany foreseeable net demands for foreign currenciesin order to preserve the international stability andconvertibility of the Philippine peso,

6. Determination of exchange rate policy, by deter-mining the exchange rate policy of the Philippines.Currently, the BSP adheres to amarket-oriented for-eign exchange rate policy, and

7. Being the banker, financial advisor and official de-pository of the Government, its political subdivi-sions and instrumentalities and GOCCs.

3 Organization of the Bangko Sen-tral

The basic structure[20] of the Bangko Sentral includes:

• The Monetary Board, which exercises the powersand functions of the BSP, such as the conduct ofmonetary policy and supervision of the financial sys-tem;

• The Monetary Stability Sector, which takescharge of the formulation and implementation of theBSP’s monetary policy, including serving the bank-ing needs of all banks through accepting deposits,servicing withdrawals and extending credit throughthe rediscounting facility;

• The Supervision and Examination Sector, whichenforces and monitors compliance to banking lawsto promote a sound and healthy banking system; and

• The Resource Management Sector, which servesthe human, financial and physical resource needs ofthe BSP.[21]

3

The powers and function of Bangko Sentral are exercisedby its Monetary Board, whose seven members are ap-pointed by the President of the Philippines. As providedfor by RA 7653 or the New Central Bank Act, one ofthe government sector members of the Monetary Boardmust also be a member of Cabinet. Members of theMon-etary Board are prohibited from holding certain positionsin other government agencies and private institutions thatmay give rise to conflicts of interest. The members havefixed and overlapping terms, except for the Cabinet Sec-retary representing the incumbent administration.[22]

The current members of the Monetary Board are:

• Amando M. Tetangco, Jr., Chairman

• Cesar V. Purisima, Secretary of the Department ofFinance

• Alfredo C. Antonio

• Juan D. De Zuñiga, Jr.

• Valentin A. Araneta

• Felipe M. Medalla

• Armando L. Suratos

4 Convertible currencies

The Bangko Sentral has 19 currencies directly convertiblewith the Philippine peso,[23] which serves as a benchmarkfor all Philippine banks.

5 Microfinance and financial inclu-sion

In 2000, the General Banking Law mandated the BSP torecognize microfinance as a legitimate banking activityand to set the rules and regulations for its practice withinthe banking sector. In the same year, the BSP declaredmicrofinance as its flagship program for poverty allevi-ation. The BSP has become the prime advocate for thedevelopment of microfinance. To this end, the BangkoSentral aims to:

1. Provide the enabling policy and regulatory environ-ment;

2. Increase the capacity of the BSP and banking sectoron microfinance operations; and

3. Promote and advocate for the development of soundand sustainable microfinance operations.

The Bank is active in promoting a financial inclusion pol-icy and is a leading member of the Alliance for FinancialInclusion. It is also one of the original 17 regulatory insti-tutions to make specific national commitments to finan-cial inclusion under the Maya Declaration[24] during the2011 Global Policy Forum held in Mexico.

6 Anti-money laundering

With money laundering being one of the problems of thePhilippines,[25] the BSP has issued a number of measuresto bring the Philippines’ regulatory regime on moneylaundering closer to international standards. In Septem-ber 2001, theAnti-Money Laundering Act, or AMLA,wassigned into law.[26] TheAMLAdefinedmoney launderinga criminal offense, and prescribed corresponding penal-ties. It also provided the foundation for a central mon-itoring and implementing council called the Anti-MoneyLaundering Council (AMLC). The AMLC is composedof the Governor of the Bangko Sentral as Chair, andthe Commissioner of the Insurance Commission and theChairman of the Securities and Exchange Commission asmembers, all acting unanimously in the discharge of thegroup’s mandate.[27]

In February 2013, Philippine President Benigno AquinoIII signed R.A. No. 10365, known as An act furtherstrengthening the Anti-Money Laundering Law, whichaims to strengthen the AMLC by requiring that any sus-picious transaction in foreign exchange, real estate, andjewelry and precious metal trading be reported.[28]

7 Governors

8 Museum

Within the complex of the Bangko Sentral ng Pilipinas,the nation’s central monetary authority is the Museo ngBangko Sentral ng Pilipinas (English: Museum of theCentral Bank of the Philippines). Inaugurated on Jan-uary 3, 1999, as part of the celebration of the 50 years ofcentral banking in the Philippines, the Museo showcasesthe Bank’s collection of currencies.[29]

As repository and custodian of the country’s numismaticheritage, the Museo collects, studies and preserves coins,paper notes, medals, artifacts and monetary items foundin the Philippines during its different historical periods.These collections have been placed on permanent displayat the Museo.Designed to “walk” the visitor through a number of gal-leries dedicated to a specific historical period of thecountry, the Museo visually narrates the development ofthe Philippine economy, parallel to the evolution of itscurrency.[30] Complementary paintings from the BSP art

4 10 REFERENCES

collection,[31][32] together with chosen artifacts, enhanceeach gallery.A panoramic memorabilia of 50 years of central bankingin the Philippines, showcases the strides made in bringingabout price stability, to sustain economic growth in thecountry. The exhibition hall also carries the busts of thegovernors of the Central Bank/Bangko Sentral.

9 Security Plant Complex

The Security Plant Complex, or SPC, was formally es-tablished on September 7, 1978 to safeguard the print-ing, minting, refining, issuance, distribution and durabil-ity of coins, banknotes, gold bars, government official re-ceipts, lottery tickets, internal revenue stamps, passports,seaman identification record books, strip stamps, offi-cial documents, registration certificates, Torrens titles,treasury warrants, stocks and bonds, government con-tracts, ration coupons, official ballots, election returnforms, checks and other security printing or minting jobsof the Philippine government.Printing of official ballots and other public documents waslater transferred to the National Printing Office pursuantto Executive Order No. 285 issued on July 25, 1987.[33]

On August 4, 2003, President Gloria Macapagal-Arroyoissued Administrative Order No. 79, which designatedthe SPC as the sole manufacturer of presidential medalsand decorations.[33]

9.1 SPC products

• Torrens titles

• Passports

10 References[1] “Gross International Reserves”. Bangko Sentral ng Pilip-

inas. Retrieved 31 December 2013.

[2] “Overview of the BSP”. Bangko Sentral ng Pilipinas. Re-trieved July 28, 2013.

[3] “About the Bank”. Bangko Sentral ng Pilipinas. Retrieved3 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”.Official 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.

[7] “The BSP Vision and Mission”. Bangko Sentral ng Pilip-inas. Retrieved 3 June 2013.

[8] “Republic Act No. 265 – An act establishing the CentralBank of the Philippines, defining its powers in the admin-istration of the monetary and banking system, amendingthe pertinent provisions of the administrative code withrespect to the currency and the Bureau of Banking, andfor other purposes”. LawCenter Philippines. Retrieved 3June 2013.

[9] Philippine Presidential Decree No. 72 The LawPhilProject (www.lawphil.net). Retrieved on 2013-03-26.

[10] Philippine Presidential Decree No. 1801 The LawPhilProject (www.lawphil.net). Retrieved on 2013-03-26.

[11] “Creating a Central Bank for the Philippines”. BangkoSentral 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 ngPilipinas (www.bsp.gov.ph) Retrieved on 2012-03-26.

[14] Dumlao, Doris. “BSP, MWSS websites hacked by anti-cybercrime law protester”. The Philippine Daily Inquirer.Retrieved 3 June 2013.

[15] “Websites hacked in protest vs new law”. Rappler.com.Retrieved 3 June 2013.

[16] Garcia, Cathy Rose. “BSP website restored after beinghacked”. abs-cbnnews.com. Retrieved 3 June 2013.

[17] “BSP is the 2013 Best Macroeconomic Regulator in theAsia Pacific Region”. Official Gazette. Office of the Pres-ident of the Republic of the Philippines. Retrieved 3 June2013.

[18] “BSP named ‘Best Regulator’ in Asia”. Malaya BusinessNews Online. Retrieved 3 June 2013.

[19] “BSP Wins Top Global Award for Child Finance Educa-tion Program”. Media Releases. Bangko Sentral ng Pilip-inas. Retrieved 3 June 2013.

[20] “The BSP’s Organizational Structure”. Bangko Sentral ngPilipinas. 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. Re-trieved 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-populations-130887928.html

[25] Lee-Brago, Pia. “Phl monitoring vs money launderingweak – US report”. philstar.com. Retrieved 3 June 2013.

5

[26] “History of the Act”. Anti-Money Laundering Council.Retrieved 3 June 2013.

[27] “Organization”. Anti-Money Laundering Council. Re-trieved 3 June 2013.

[28] “Aquino signs expanded law vs ‘dirty money’". PhilippineDaily 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.205–212. ISBN 971-91785-1-5.

[31] Marcelo, Sam. “The BSP art collection: Figures andpaintings”. BusinessWorld Weekender. Retrieved 3 June2013.

[32] Laya, Jaime (1998). The Central Bank and Culture and theArts. Manila, Philippines: Bangko Sentral ng Pilipinas.pp. 198–204. ISBN 971-91785-1-5.

[33] “ABOUT NATIONAL PRINTING OFFICE”. Office ofthe Press Secretary - National Printing Office. Retrieved2010-06-09.

• About the Bangko Sentral

11 Publications• Villegas, Ramón N. (1983). Kayamanan: ThePhilippine Jewelry Tradition. Central Bank of thePhilippines. ISBN 9711039001. Retrieved 24April2014.

12 External links• Official website

6 13 TEXT AND IMAGE SOURCES, CONTRIBUTORS, AND LICENSES

13 Text and image sources, contributors, and licenses

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