Central Bank of Philippines
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)
- Kalibo (Aklan)
- 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)
- Cotabato City
- 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:
- Cash operations
- Bank supervision
- Cash administration
- Gold purchase operations
- Rediscounting and loans
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:
- Liquidity management
- Management of foreign currency reserves
- Currency issue
- Determination of exchange rate policy
- Lender of last resort
- Financial supervision
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
More Information On Banks
Last Updated on : 30th July 2013