The Central Bank of Philippines or the Bangko Sentral ng Pilipinas (BSP) was established on July 3, 1993. It was set up as per the provisions of the New Central Bank Act of 1993 and the 1987 Philippine Constitution.
At the time of its inception it assumed the role of this south-east Asian country’s main monetary authority from the Central Bank of Philippines that had been set up on January 3, 1949. The national government has provided the bank the independence necessary to fulfill its role as the apex financial authority of Philippines.
Central Bank of Philippines – Profile
The Bangko Sentral ng Pilipinas has three regional offices at La Union, Davao City, and Cebu City. Its branches are situated at the following locations:
Batac (Ilocos Norte)
Bacolod City (Negros Occidental)
Tuguegarao City (Cagayan)
Iloilo City (Iloilo)
Dagupan City (Pangasinan)
Cabanatuan City (Nueva Ecija)
Tacloban City (Leyte)
Angeles City (Pampanga)
Cagayan de Oro City (Misamis Oriental)
Lucena City (Quezon)
Ozamiz City (Misamis Occidental)
Naga City (Camarines Sur)
Legazpi City (Albay)
General Santos City (South Cotabato)
Dumaguete City (Negros Oriental)
Zamboanga City (Zamboanga del Sur)
All its branches and regional offices perform the following functions:
Gold purchase operations
Rediscounting and loans
The Philippine central bank also manages an educational initiative named as the BSP Educational Scholarship and Training Program (BEST).
Central Bank of Philippines – Mission and Vision
As a monetary authority the BSP aims to achieve parity with international standards and act as a catalyst to make the Philippine economy a globally competitive one. The central bank also tries to make sure that the financial system of the country is such that Filipinos enjoy a high standard of life.
The BSP s major commitment is towards ensuring and promoting the consistency of prices and providing a positive leadership that is necessary to make sure the financial system stays strong. The bank also aims to assist the economy in experiencing a sustainable and balanced level of growth it also implements the necessary monetary policies and supervises the financial organizations in ways that are required to achieve the goal.
Central Bank of Philippines – Responsibilities
The major responsibilities of the BSP may be enumerated as below:
Management of foreign currency reserves
Determination of exchange rate policy
Lender of last resort
Central Bank of Philippines – Governance
The Monetary Board is the leading authority at the BSP and performs important functions such as management of the financial system and formulation and implementation of monetary policies.
The Governor heads the Monetary Board and also acts as the BSP CEO. He or she is responsible for supervising and directing the internal administration and functions of the bank.
The Monetary Sector implements and makes the bank’s monetary policies. It accepts servicing withdrawals, deposits, and provides credit through the rediscounting facility.
The Supervision and Examination Sector monitors and implements the extent of compliance to banking rules and regulations so that the whole banking system performs properly.
The human resource and financial requirements of the Bangko Sentral ng Pilipinas are managed by the Resource Management Sector. All these Sectors are headed by the Deputy Governors.
Central Bank of Philippines – Contact Details
The contact details of the Bangko Sentral ng Pilipinas are mentioned as below:
Bangko Sentral ng Pilipinas
A. Mabini St. cor. P. Ocampo St.,
Malate Manila, Philippines 1004
Phone: (632) 708.77.01
For more information on the Central Bank of Philippines click here