REGION C – ASIA

THE SINKING OF THE TITANIC

(April 14-15, 1912 – North Atlantic Ocean)

Bangko Sentral
ng Pilipinas

(Manila, Philippines)

ROTHSCHILD OWNED & CONTROLLED CENTRAL BANK

The Official Story

BANGKO SENTRAL NG PILIPINAS
(Manila, Philippines)

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 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.

History (Present)

In accordance with a provision in the 1987 Constitution, President Fidel V. Ramos signed Republic Act No. 7653, otherwise known as the New Central Bank Act, into law on June 14, 1993. The law provides for the establishment of an independent monetary authority to be known as the “Bangko Sentral ng Pilipinas”, its primary objective being the maintenance of price stability. This objective was only implied in the old Central Bank charter. The law also gives the Bangko Sentral fiscal and administrative autonomy which the old Central Bank did not have. On July 3, 1993, the New Central Bank Act took effect.

On the evening of September 26, 2012, a Wednesday, the BSP website was hacked by a group named Anonymous Philippines in a protest against the recently passed Cybercrime Prevention Act of 2012. The website was promptly restored in the early hours of the following day.

On April 23, 2013, The Asian Banker named the BSP as the Best Macroeconomic Regulator in the Asia-Pacific Region for 2013 in The Asian Banker Leadership Achievement Awards in Jakarta, Indonesia. The BSP was cited as a “good, strong, and fair-minded regulator.” About a month later, the BSP was given the country award by the Child and Youth Finance International in its 2013 International Summit in Istanbul, Turkey, in recognition of its initiative to integrate financial literacy education into the Philippine elementary school curriculum.

Bangko Sentral ng Pilipinas is adapting its structure to modern technical requirements. in 2020 was launched BOB (BSP Online Buddy) chatbot system by Proto, which democratize consumer protection and amplify the voice of consumers according to AFI

Roles and responsibilities

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, and

Being the banker, financial advisor and official depository of the Government, its political subdivisions and instrumentalities and GOCCs.

Source: Wikipedia