BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Central Bank of the Philippines Central Bank of the Philippines The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was re-chartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP was established on January 3, 1949, as the country’s central monetary authority. 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 the New Central Bank Act, one of the government sector members of the Monetary Board must also be a member of the President's Cabinet. 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. Being the central bank of the country, Bangko Sentral has been entrusted with the responsibility to formulate and conduct monetary and credit policy in a manner consistent with the Government’s targets for growth and inflation control. 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 and are considered legal tender for all private and public debts,  • Lender of last resort, by extending discounts, loans and advances to banking institutions for liquidity 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 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, by determining the exchange rate policy of the Philippines. Currently, the BSP adheres to a market-oriented foreign exchange rate policy,  • Being the banker, financial advisor and official depository of the Government, its political subdivisions and instrumentalities and GOCCs and  • Be reasonably responsible for the faults of the people behind it get the blame of the opposition to which it is grouped. The Bangko Sentral has supervision over the operations of banks and exercises such regulatory powers as provided in the New Central Bank Act and other pertinent laws over the operations of finance companies and non-bank financial institutions performing quasi-banking functions. Bangko Sentral ng Pilipinas HQ Address: A. Mabini St. cor. P. Ocampo St. Malate Manila Philippines 1004 Tel: +632 524 7011 Fax: +632 523 6210 Website: www.bsp.gov.ph Swift Code: PHCBPHMD Currency: Peso Banking Hours: Mon - Fri : 9.00am - 3.00pm   The Bangko Sentral ng Pilipinas accepts that the credibility of its policy and actions is a prerequisite for the attainment of its goals and that such credibility can only be achieved and maintained through independent action, firmness of principle, resoluteness and fixed intent. List of banks regulated by the Central Bank of the Philippines Universal And Commercial Banks » Al-Amanah Islamic Bank » Citibank, N.A » Mizuho Corporate Bank Ltd » Allied Banking Corp » Deutsche Bank » Philippine Bank of Communications » ANZ Banking Group Ltd » Development Bank of the Philippines » Philippine National Bank » Asia United Bank Corporation » East West Banking Corp » PhilTrust Bank (Philippine Trust Company) » Banco De Oro Unibank Inc » Export and Industry Bank Inc » Philippines Veterans Bank » Bangkok Bank Public Co Ltd » Hongkong & Shanghai Banking Corp » Rizal Comm'l Banking Corp » Bank of America N.A » ING Commercial Banking » Robinsons Bank Corporation » Bank of China Limited » JP Morgan Chase Bank » Security Bank Corp » Bank of Commerce » Korea Exchange Bank » Standard Chartered Bank » Bank of The Philippines Islands » Land Bank of The Philippines » The Bank of Tokyo-Mitsubishi UFJ Ltd » BDO Private Bank, Inc. » Maybank Philippines Inc » Union Bank of The Philippines » China Banking Corp » Mega Int'l Comm'l Bank Co Ltd » United Coconut Planters Bank » Chinatrust (Philippines) Commercial Bank » Metropolitan Bank & Trust Co Thrift Banks » Asiatrust Dev Bank » Citibank Savings Inc » Philippine Business Bank Inc » BDO Elite Savings Bank Inc » Citystate Savings Bank Inc » RCBC Savings Bank Inc » BPI Family Savings Bank » Optimum Development Bank » Robinsons Savings Bank Inc » China Bank Savings Inc » Philippine Savings Bank » Sterling Bank of Asia Inc
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