Central Bank of the Philippines

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Seal of the Bangko Sentral ng Pilipinas

Estabished: January 3,1949
Re-Established: July 3, 1993
Governor: Amando M. Tetangco, Jr.
Website: www.bsp.gov.ph

The Bangko Sentral ng Pilipinas (BSP) is the Philippines’ central monetary authority. It is considered as the central bank of the country based on the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. On 3 July 1993, BSP was established and it replaced the Central Bank of the Philippines. BSP is vested with fiscal and administrative autonomy from the National Government due to its mandated responsibilities.

BSP Seal

The new BSP logo has a white eagle, with three gold stars on its lower left side, all enclosed in a blue circle. The text “Bangko Sentral ng Pilipinas” is underlined with gold written along the left side of the circle. The openness of its right side symbolizes freedom and readiness of BSP. The Philippine eagle means to grow quickly and to fly toward to its goal. The blue background implies stability of BSP.

The patriotic sign of BSP contains the following principal elements:

  • Philippine Eagle, the national bird of the Philippines, symbolizes the ideal qualities of a central bank such as, strength, clear vision and freedom.
  • The three stars represent the three pillars of central banking such as price stability, stable banking, and a safe and reliable payment system. The three stars may also mean the equal concern of BSP for the Filipinos in Luzon Visayas, and Mindanao.


  • The color blue in its background means stability.
  • Gold stars embodies wealth, wisdom, idealism, and high quality services.
  • White color prints show purity, neutrality, and mental clarity


  • The font Non-serif bold, which was used to print the text “Bangko Sentral ng Pilipinas”, implies the banks’ solidy, strength, and stability. This type of font also portrays professionalism in the company.


  • The circle as the shape of the country's coins symbolizes the continuing and unending quest to become an excellent monetary authority commited to improve the quality of life of Filipinos.

History of BSP

In 1933, a group of Filipinos thought of constructing a central bank for the Philippines. The provisions of the Hare-Hawes Cutting bill contained a basic principle of having a central bank for the country.

From 1935 to 1941, during the commonwealth period, there was a discussion that a Philippine central bank will promote price stability and continue to grow the economy, though, the Department of Finance and National Treasury administered the country’s monetary system.

In 1939, the Tydings-McDuffie Act required the Philippine legislature to pass a law to establish a central bank. The current president of United States, Franklin D. Roosevelt disapproved the monetary law because of his strong opposition to the vested interest.

In 1944, during the Japanese occupation, the second law about the establishing a central bank for Philippines was passed. The implementation of the law was cancelled because American Liberalization forces arrived in the Philippines.

BSP Charter

Republic Act No. 7653: New Central Bank Act


The main objective of the BSP is to maintain price stability to make a balance and sustainable economic growth for every Filipino. It also aims to promote and preserve the monetary stability and the convertibility of the Philippine currency.


The primary responsibility of BSP is to provide policy directions in the areas concerning money, banking, and credit. It monitors the operations of banks. It exercises regulatory powers to non-bank financial institutions with quasi-banking functions.

  • Liquidity Management: Create and implement monetary policy to maintain price stability
  • Currency Issue: Issue the national currency including all notes and coins. This exclusive power is guaranteed by the government and so is considered legal tender for all private and public debts.
  • Lender of last resort: Give discounts, loans and advances to banking institutions for liquidity purposes.
  • Financial Supervision: Monitor bank and non-bank institutions performing banking functions
  • Management of foreign currency and reserves: Maintain enough international reserves and meet foreign demands for the preservation of international stability and convertibility of the Philippine peso.
  • Determination of exchange rate policy: Maintain a market-oriented foreign exchange rate policy.
  • Banker, financial advisor, and official depository of the Government

Organization of BSP

Governors of the Central Bank

  • Miguel Cuaderno, Sr. (1949-1960)
  • Andres V. Castillo (1961-1967)
  • Alfonso Calalang (1968-1970)
  • Gregorio S. Licaros (1970-1981)
  • Jaime C. Laya (1981-1984)
  • Jose B. Fernandez, Jr. (1984-1990)
  • Jose L. Cuisia, Jr. (1990-1993)

Governors of the Bangko Sentral

Main Sector

  • Office of the Secretary, Monetary Board Members: Amando M. Tetangco, Jr., Chairman; Romulo L. Neri; Vicente B. Valdepeñas, Jr.; Raul A. Boncan; Juanita D. Amatong; Alfredo C. Antonio; and Nelly F. Villafuerte.
    • Administrative and secretarial services
  • Office of the General Counsel and Legal Services
    • Opinions and rulings on matters relating to policies, functions, operations and regulations of the Bank
    • Prosecutes or defends cases
  • Office of Special Investigation
    • Evaluates bank irregularities and anomalies noted in the examination reports
  • Internal Audit Office
    • Monitors the internal control system of the BSP
    • Reviews and appraises the effectiveness of operating control systems
    • Monitors utilization of materials at the SPC.
  • Treasury Department
    • Manages the BSP’s international reserves
    • Undertakes open market operations and transacts with accredited government securities dealers
    • Participates in the Philippine Dealing System
  • Systems and Methods Office
    • Ensures a well organized and integrated bankwide effort
    • Provides recommendations on manualization, business process reengineering, and systems support.
  • Corporate Planning Office
    • Technical support to Management in the formulation and application of strategic plans and practices
  • BSP Staff in the Anti-Money Laundering Council Secretariat
  • Risk Management Office
    • Aggregates the various risk exposures of the Bank and identifies appropriate risk control measures
    • Ensures that risk management practices are being implemented at all times.
  • Corporate Affairs Office
    • Implements the public relations and advertising programs of the BSP

The Monetary Stability Sector

  • Investor Relations Office
    • Develops stronger relations with the international financial community to promote the Philippines as an investment site.

Monetary Policy Sub-sector

  • Department of Economic Research
    • Principal policy research and technical arm of the Bank that produces economic data for the guidance of the Governor and the Monetary Board*Department of Economic Statistics
    • Generates statistics for the guidance of the Monetary Board
  • Center for Monetary and Financial Policy
    • Conducts researches in the monetary, financial and economic fields.
  • Economic and Financial Learning Center
    • Primary and central source of the Bank in providing timely and relevant information

International Sub-sector

  • International Relations Department
    • Monitors and assesses regional and global economic, financial, and trade development issues and submits reports and recommendations
    • Facilitates the Bank's pro-active membership in associations and groupings
  • International Operations Department
    • Supports the promotion and maintenance of monetary stability and external sustainability
    • Reviews, recommends, and implements policies and regulations on foreign exchange denominated transactions

Regional Monetary Affairs Sub-sector

  • Monitors and coordinates he operation of the Bank’s branches in the countryside.

The BSP has three regional offices and 18 branches.

  • BSP branches which report directly to the Regional Monetary Affairs Sub-sector: Legazpi Branch, Lucena Branch, Naga Branch

BSP Regional Offices

Monetary Operations Sub-sector

  • Asset Management Department
    • Administers, preserves, and disposes assets acquired or foreclosed properties by BSP in payment for loans secured by banks
  • Department of Loans and Credit
    • Implements the credit policies of the BSP; extends loans and advances to banks and rediscounts; conducts credit examination of banks

Currency Management Sub-sector

  • Cash Department: Supplies and issues the currency requirements of the banking industry and services the currency exchange; and acts as depository/custodian of cash, securities, gold and other forms of valuable assets.
  • Currency Issue and Retirement Office: Manages the retirement of unfit/mutilated currencies withdrawn from circulation and unissued notes and coins.

The Supervision and Examination Sector

  • Inclusive Finance Advocacy Staff
    • Advocacy work with financial institutions
  • Central Administrative Services Group
    • Sector wide services relating to personnel, budget and finance, records, facilities, property and supplies, and frontline services administration of the SES.

Central Supervisory Support Sub-sector

  • SES Operations Management Group
    • Provides support to the SES management
    • Assesses and develops the training needs and capacity development requirements of the SES personnel
  • Central Applications and Licensing Group
    • Evaluates requests of banks and non-banks
  • Financial Consumer Affairs Group
    • Conducts advocacy initiatives aimed at educating and supporting the interest of the public on financial literacy issues
  • Office of Supervisory Policy Development
    • Central policy research and development unit of the SES
  • Supervisory Data Center
    • Central collection, quality assurance, processing, and distribution point of all financial sector data

Supervision and Examination Sub-sector I

  • Core Information Technology Specialist Group
    • Information technology supervision and examination of banks and non-bank financial institutions
  • Trust Specialist Group
    • Examines risk exposures
  • Capital Markets Specialist Group
    • Supervises and examines capital market activities of BSP-supervised financial institutions
  • Anti-Money Laundering Specialist Group
    • Develops guidelines and regulations to support the anti-money laundering efforts of BSP-supervised financial institutions
    • Conducts off-site monitoring to identify operations with an elevated risk of money laundering activities
  • Micro, Small and Medium Enterprise Finance Specialist Group
    • Focuses on the specialized risk-based supervision and examination requirements of banks
  • Examination Departments I, II, and III
    • Conduct on-site examination of universal banks, commercial banks, foreign banks, and thrift and rural banks.

Supervision and Examination Sub-sector II

  • Integrated Supervision Department I
    • Monitors and supervises cooperative banks and non-bank financial institutions
  • Integrated Supervision Department II
    • Conducts supervision and examination of selected banks and non-bank FIs

Supervision and Examination Sub-sector III

  • Regional Supervisory Services Divisions I and II (Cebu and Davao)
    • Focal point of contact between the SES main office and the local banks and their customers in the region
  • Central Point of Contact Department I (CPCD I)
    • Supervises banking groups and large banks with complex operations and dynamic risk profiles
  • Central Point of Contact Department II (CPCD II)
    • Supervises banks operating on a regional and local level with overwhelming majority of the players in the banking system

The Resource Management Sector

  • Provident Fund Office
    • Implements the rules/regulations governing the administration of the Provident and Housing Funds *Crisis Management Office
    • Establishes and maintains a BSP Bankwide Master Crisis Plan
  • Payments and Settlements Office
    • Ensures the smooth flow of the country’s payments and settlements system

Management Services Sub-sector

  • Administrative Services Department
    • Property control, real and movable properties, warehousing, records management, bank circulars/internal issuances/forms, mail distribution and telephone switchboard operations.
  • Facilities Management and Engineering Department
    • General upkeep of the whole BSP Main Building Complex and premises
  • Project Development and Management Office
  • Procurement Office
    • Bids and Awards Committee
  • Security, Investigation and Transport Department
    • Protects and safeguards installations, property, currency, documents/information and personnel of the BSP main office and the Security Plant Complex

Comptrollership Sub-sector

  • Budget Planning and Special Studies Group
    • Technical staff of the BSP Budget Committee
  • Financial Accounting Department
    • Accounting/bookkeeping, budget administration and disbursement activities of the Bank

Human Resource Sub-sector

  • Human Resource Development Department
    • Manages the development of the organization and its human capital
  • Human Resource Management Department
    • Delivers human resource services
  • Bangko Sentral ng Pilipinas Institute
    • Training arm of the BSP*Medical and Dental Clinic
    • medical and dental services (consultations and treatments)

Information Technology Sub-sector

  • Policy Standards and Planning Group
    • Implements and monitors specific standards in the acquisition, development of application systems.
  • Enterprise Systems and Project Development Staff
    • Provides enterprise IT solutions and close support management projects
  • IT Infrastructure and Operations Department
    • Manages the computer environment of the Bank
  • Information Systems Support and Development Department
    • Develops and maintains software that enhances the effectiveness and efficiency of operations of the Bank.

The Security Plant Complex

  • Research and Development Group
    • Studies various aspects of the operations of the Security Plant Complex (SPC)
  • Financial Services and Data Management Group
    • Prepares financial statements and consolidates cash flows, income statements and balance sheets for SPC
  • Quality Assurance and Compliance Group
  • Banknotes Securities and Printing Department
    • Manages and prints banknotes and other security documents (i.e. passports and land titles).
  • Mint and Refinery Operations Department
    • Manages and performs the minting of coins, commemorative medals
    • Refines gold purchased from local panners/miners
  • Department of General Services
    • Procures and upkeeps supplies, equipment, and services for the SPC

Governance of the Bank

BSP is under the supervision of the Monetary Board. It conducts monetary policies and supervises the financial system. The chairman of the Monetary board is the BSP governor. He works with five full-time members from the private sector and one member from the cabinet.

The governor is considered the chief executive officer of BSP. He directs and supervises the operations and internal administration of the BSP. The deputy governor leads BSP’s operating sectors: the Monetary Stability Sector, Supervision and Examination Sector, and Resource Management Sector.


BSP is involved in several projects and activities aimed towards the following:

  • BSP Initiatives on Microfinance and Financial Inclusion
  • BSP Advocacy on Anti-Money Laundering (AML)
  • Financial Literacy
  • Economic Information
  • Overseas Filipino Workers


  • BSP Library serves the research needs of the Bank officers and staff
  • Museo ng Bangko Sentral ng Pilipinas exhibits the bank’s collection of currencies, studies and preserved coins, paper notes, medals, artifacts, and monetary items found in the Philippines. It also displays paintings from the BSP art collection.
  • Economic and Financial Learning Center (EFLC) is the place where the public can access information concerning economic and financial matters. It has an exhibit area, information help desk, information kiosks of publications and sales, multimedia/internet research, statistical information section, audio visiual room/ games nook, and library section.
  • Metropolitan Museum showcases permanent exhibitions of the BSP Collection
    • Classical Philippine Goldwork of the 8th to the 13th century
    • Classical Philippine Pottery of the 8th to the 13th century
    • Aura: Religious Art from the BSP
    • Hidalgo: The Colonial Subject as Master
    • A Century and a half since…
    • Three Budda Mothers Basement: Figurative sculptures by Agnes Arellano that convey the spiritual in everyday life.

Note: The Metropolitan Museum is open on Mondays to Saturdays from 9 A.M. to 6 .M. It is closed on Sundays, Holidays and every first Monday of the month. Admission costs Php 100 for adults and students and Php 80 for senior citizens and persons with disabilities. A guided tour for group of 50 persons or more costs Php 500.

The visit to the museum is free of charge for ocular visits (maximum of three persons; teachers/faculty for group tours with valid ID; BSP officers and employees).


  • "History of BSP".Bangko Sentral gn Pilipinas.(Accessed 17 November 2014).
  • "Vision”.Bangko Sentral gn Pilipinas.(Accessed 17 November 2014).
  • "Charter".Bangko Sentral gn Pilipinas.(Accessed 17 November 2014).
  • "Organization".Bangko Sentral gn Pilipinas.(Accessed 17 November 2014).
  • "Governance".Bangko Sentral gn Pilipinas.(Accessed 17 November 2014).
  • "Advocacies".Bangko Sentral gn Pilipinas.(Accessed 17 November 2014).
  • "Facilities".Bangko Sentral gn Pilipinas.(Accessed 17 November 2014).



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