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Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (lit. 'Central Bank of the Philippines'; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-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. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte.
In 1900, the First Philippine Commission 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 Filipinos had conceptualized a central bank for the Philippine Islands. 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, which would grant Philippine independence after 12 years, but reserving military and naval bases for the United States and imposing tariffs and quotas on Philippine exports. However, the Hare–Hawes–Cutting 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 Tydings–McDuffie Act, which would grant Philippine independence on July 4, 1946.
Under the Commonwealth, discussions continued regarding the idea of a Philippine central bank that would promote price stability and economic growth. The country's monetary system then was administered by the Department of Finance and the National Treasury, and the Philippine piso 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 Tydings–McDuffie 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 Commonwealth troops and recognised guerrillas, aborted its implementation.
Shortly after President Manuel Roxas 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 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, who succeeded the late President Roxas, affixing his signature on Republic Act (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' 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 ₱10 million to ₱10 billion.
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Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (lit. 'Central Bank of the Philippines'; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-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. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte.
In 1900, the First Philippine Commission 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 Filipinos had conceptualized a central bank for the Philippine Islands. 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, which would grant Philippine independence after 12 years, but reserving military and naval bases for the United States and imposing tariffs and quotas on Philippine exports. However, the Hare–Hawes–Cutting 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 Tydings–McDuffie Act, which would grant Philippine independence on July 4, 1946.
Under the Commonwealth, discussions continued regarding the idea of a Philippine central bank that would promote price stability and economic growth. The country's monetary system then was administered by the Department of Finance and the National Treasury, and the Philippine piso 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 Tydings–McDuffie 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 Commonwealth troops and recognised guerrillas, aborted its implementation.
Shortly after President Manuel Roxas 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 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, who succeeded the late President Roxas, affixing his signature on Republic Act (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' 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 ₱10 million to ₱10 billion.