Bangko Sentral ng Pilipinas

Bank
The Bangko Sentral ng Pilipinas is the central bank of the Philippines. It was established on
3 July 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of
1993
Headquarters: Manila
CEO: Amando Tetangco Jr. (Jul 2005–)
Currency: Philippine piso; PHP (ISO 4217)
Founder: Government of the Philippines
Governor: Nestor Espenilla Jr.
Governor: Nestor Espenilla Jr.

Overview of the BSP

The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was
established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New
Central Bank Act of 1993. The BSP took over from the Central Bank of Philippines, which was established
on 3 January 1949, as the country’s central monetary authority. The BSP enjoys fiscal and administrative
autonomy from the National Government in the pursuit of its mandated responsibilities.

The BSP Seal

The new BSP logo is a perfect round shape in blue that features three
gold stars and a stylized Philippine eagle rendered in white strokes. These
main elements are framed on the left side with the text inscription “Bangko
Sentral ng Pilipinas” underscored by a gold line drawn in half circle. The
right side remains open, signifying freedom, openness, and readiness of
the BSP, as represented by the Philippine eagle, to soar and fly toward its
goal. Putting all these elements together is a solid blue background to
signify stability.

Principal Elements:

1. The Philippine Eagle, our national bird, is the world’s largest eagle and
is a symbol of strength, clear vision and freedom, the qualities we aspire
for as a central bank.

2. The three stars represent the three pillars of central banking: price
stability, stable banking system, and a safe and reliable payments system.
It may also be interpreted as a geographical representation of BSP’s
equal concern for the impact of its policies and programs on all Filipinos,
whether they are in Luzon, Visayas or Mindanao.

Colors
1. The blue background signifies stability. 
2. The stars are rendered in gold to symbolize wisdom, wealth, idealism,
and high quality. 
3. The white color of the eagle and the text for BSP represents purity,
 neutrality, and mental clarity.

Font or Type Face 

Non-serif, bold for “BANGKO SENTRAL NG PILIPINAS” to suggest
solidity, strength, and stability. The use of non-serif fonts characterized by
clean lines portrays the no-nonsense professional manner of doing
business at the BSP. 

Shape 
Round shape to symbolize the continuing and unending quest to become
an excellent monetary authority committed to improve the quality of life of
Filipinos. This round shape is also evocative of our coins, the basic units
of our currency. 
The BSP Main Complex

The BSP Main Complex in Manila houses the offices of the Governor, the
Monetary Board and the different operating departments/ offices. The
Complex has several buildings, namely: 5-Storey building, Multi-storey
building, the EDPC building and the BSP Money Museum, which
showcases the Bank's collection of currencies.

The BSP Security Plant Complex

The Security Plant Complex which is located in Quezon City houses a

banknote printing plant, a securities printing plant, a mint and a gold
refinery. The banknote printing plant and the mint take care of producing
currency notes and coins, respectively.

Products | Gallery Tour | Gold Buying Program | Gold Selling

Program | Map
The BSP Regional Offices and Branches

The BSP has three regional offices performing cash operations, cash
administration, loans and rediscounting, bank supervision and gold buying
operations. These regional offices are located in La Union, Cebu City and
Davao City.

There are also 18 BSP branches situated in Batac (Ilocos Norte), Tuguegarao City (Cagayan), Dagupan
City (Pangasinan), Cabanatuan City (Nueva Ecija), Angeles City (Pampanga), Lucena City (Quezon),
Naga City (Camarines Sur), Legazpi City (Albay), Dumaguete City (Negros Oriental), Bacolod City
(Negros Occidental), Iloilo City (Iloilo), Kalibo (Aklan), Tacloban City (Leyte), Cagayan de Oro City
(Misamis Oriental), Ozamiz City (Misamis Occidental), Cotabato City, General Santos City (South
Cotabato) and Zamboanga City (Zamboanga del Sur). They perform cash operations, cash
administration, and in certain areas, gold buying operations.
Creating a Central Bank for the Philippines
A group of Filipinos had conceptualized a central bank for the Philippines as early as 1933. It came up
with the rudiments of a bill for the establishment of a central bank for the country after a careful study of
the economic provisions of the Hare-Hawes Cutting bill, the Philippine independence bill approved by
the US Congress.

During the Commonwealth period (1935-1941), the discussion about a Philippine central bank that
would promote price stability and economic growth continued. The country’s monetary system then was
administered by the Department of Finance and the National Treasury. The Philippines was on the
exchange standard using the US dollar—which was backed by 100 percent gold reserve—as the
standard currency.

In 1939, as required by the Tydings-McDuffie Act, the Philippine legislature passed a law establishing a
central bank. As it was a monetary law, it required the approval of the United States president.
However, President Franklin D. Roosevelt disapproved it due to strong opposition from vested interests.
A second law was passed in 1944 during the Japanese occupation, but the arrival of the American
liberalization forces 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 Mr. 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 necessary to implement the proposed shift to the new system.

Immediately, the Central Bank Council, which was created by President Manuel Roxas to prepare the
charter of a proposed monetary authority, produced a draft. It was submitted to Congress in
February1948. By June of the same year, the newly-proclaimed President Elpidio Quirino, who
succeeded President Roxas, affixed his signature on Republic Act No. 265, the Central Bank Act of
1948. The establishment of the Central Bank of the Philippines was a definite step toward national
sovereignty. Over the years, changes were introduced to make the charter more responsive to the
needs of the economy. On 29 November 1972, Presidential Decree No. 72 adopted the
recommendations of the Joint IMF-CB Banking Survey Commission which made a study of the
Philippine banking system. The Commission proposed a program designed to ensure the system’s
soundness and healthy growth. Its most important recommendations were related to the objectives of
the Central Bank, its policy-making structures, scope of its authority and procedures for dealing with
problem financial institutions.

Subsequent changes sought to enhance the capability of the Central Bank, in the light of a developing
economy, to enforce banking laws and regulations and to respond to emerging central banking issues.
Thus, in the 1973 Constitution, the National Assembly was mandated to establish an independent
central monetary authority. Later, PD 1801 designated the Central Bank of the Philippines as the central
monetary authority (CMA). Years later, the 1987 Constitution adopted the provisions on the CMA from
the 1973 Constitution that were aimed essentially at establishing an independent monetary authority
through increased capitalization and greater private sector representation in the Monetary Board.

The administration that followed the transition government of President Corazon C. Aquino saw the
turning of another chapter in Philippine central banking. In accordance with a provision in the 1987
Constitution, President Fidel V. Ramos signed into law Republic Act No. 7653, the New Central Bank
Act, on 14 June 1993. The law provides for the establishment of an independent monetary authority to
be known as the Bangko Sentral ng Pilipinas, with the maintenance of price stability explicitly stated as
its primary objective. 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 3
July 1993, the New Central Bank Act took effect.
Chronology of Events: Central Banking in the Philippines
1900 Act No. 52 was passed by the First Philippine Commission placing all banks
under the Bureau of Treasury. The Insular Treasurer was authorized to
supervise and examine banks and banking activities. 
   
February 1929 The Bureau of Banking under the Department of Finance took over the task of
banking supervision.
   
1939 A bill establishing a central bank was drafted by Secretary of Finance Manuel
Roxas and approved by the Philippine Legislature. However, the bill was
returned by the US government, without action, to the Commonwealth
Government.
   
1946 A joint Philippine-American Finance Commission was created to study the
 Philippine currency and banking system. The Commission recommended the
reform of the monetary system, the formation of a central bank and the
regulation of money and credit.

The charter of the Central Bank of Guatemala was chosen as the model of the
proposed central bank charter.
   
August 1947 A Central Bank Council was formed to review the Commission’s report and
prepare the necessary legislation for implementation.
   
February 1948 President Manuel Roxas submitted to Congress a bill “Establishing the Central
Bank of the Philippines, defining its powers in the administration of the
  monetary and banking system, amending pertinent provisions of the
Administrative Code with respect to the currency and the Bureau of Banking,
and for other purposes.
   
15 June 1948 The bill was signed into law as Republic Act No. 265 (The Central Bank Act)
by President Elpidio Quirino.
   
3 January 1949 The Central Bank of the Philippines (CBP) was inaugurated and formally
opened with Hon. Miguel Cuaderno, Sr. as the first governor.

The broad policy objectives contained in RA No. 265 guided the CBP in the
implementation of its duties and responsibilities, particularly in relation to the
promotion of economic development in addition to the maintenance of internal
and external monetary stability.
   
November 1972 RA No. 265 was amended by Presidential Decree No. 72 to make the CBP
more responsive to changing economic conditions.

PD No. 72 emphasized the maintenance of domestic and international

monetary stability as the primary objective of the CBP. Moreover, the CBP’s
authority was expanded to include not only the supervision of the banking
system but also the regulation of the entire financial system.
   
January 1981 Further amendments were made with the issuance of PD No. 1771 to improve
and strengthen the financial system, among which was the increase in the
capitalization of the CBP from P10 million to P10 billion.
   
1986 Executive Order No. 16 amended the Monetary Board membership to promote
greater harmony and coordination of government monetary and fiscal policies.
   
3 July 1993 The Bangko Sentral ng Pilipinas (BSP) was established to replace the CBP as
the country’s central monetary authority.
   
The BSP Vision and Mission
Ang Bisyon ng BSP

Naghahangad ang BSP na makilala sa buong mundo bilang pangunahing tagapamahala ng sistema at
kaayusan ng pananalapi at ekonomiya upang maitaguyod ang mataas na antas ng kabuhayan para sa
lahat ng Pilipino.

The BSP Mission

To promote and maintain price stability, a strong financial system, and a safe and efficient payments and
settlements system conducive to an inclusive and sustainable growth of the economy.

 
The BSP Values

 
The BSP Charter
The New Central Bank Act (RA 7653) - PDF file, 155 KB

Chapter I - Establishment And Organizations of the Bangko Sentral ng Pilipinas

Article I. Creation, Responsibilities and Corporate Powers of the Bangko Sentral

Article II. The Monetary Board
Article III. The Governor and Deputy Governors of the Bangko Sentral
Article IV. Operations of the Bangko Sentral
Article V. Reports and Publications
Article VI. Profits, Losses and Special Accounts
Article VII. The Auditor

Chapter II - The Bangko Sentral and the Means of Payment

Article I. The Unit of Monetary Value

Article II. Issue of Means of Payment

Chapter III - Guiding Principles of Monetary Administration by the Bangko Sentral

Article I. Domestic Monetary Stabilization

Article II. International Monetary Stabilization

Chapter IV - Instruments of Bangko Sentral Action

Article I. General Criterion

Article II. Operations in Gold and Foreign Exchange
Article III. Regulations of Foreign Exchange Operations of the Bank
Article IV. Loans to Banking and Other Financial Institutions
Article V. Open Market Operations for the Account of the Bangko Sentral
Article VI. Composition of Bangko Sentral's Portfolio
Article VII. Bank Reserves
Article VIII. Selective Regulation of Bank Operations
Article IX. Coordination of Credit Policies by Government Institutions

Chapter V - Functions as Banker and Financial Advisor of the Government

Article I. Functions as Banker of the Government

Article II. The Marketing and Stabilization of Securities for the Account of the Government
Article III. Functions as Financial Advisor of the Government

Chapter VI - Privileges and Prohibitions

Article I. Privileges
Article II. Prohibitions

Chapter VII - Transitory Provisions

About the Bank
BSP Citizen's Charter
Access to Economic and Financial Information, Library Resources and Learning Services
1.
Provide free access to current and /or historical economic and financial data/informaiton
   
2. Prior BSP Approval of Foreign/Foreign Currency Loans.and their Subsequent Registration

The BSP approval serves as authority for the client to finalize negotiations with the prospective
creditor/s, sign covering agreements, and draw on the proposed loan. On the other hand, the
BSP registration authorizes the client to purchase foreign exchange (FX) from authorized agent
banks (AABs) and AAB-foreign exchange corporations (forex corps) for loan payments for
amounts on due dates indicated in the Bangko Sentral Registration Document (BSRD)
   
3. Registration of Foreign/Foreign Currency Loans not requiring prior BSP Approval

The BSP registration authorizes the client to purchase foreign exchange from AABs and AAB-
foreign exchange corporations (forex corps) for loan payments on scheduled due dates indicated
in the BSRD
   
4. Registration of Inward Foreign Investment

  The BSP registration authorizes the client to purchase foreign exchange from Authorized Agent
Banks (AABs) and AAB-foreign exchange corporations (forex corps) for capital repatriation or
remittance of cash dividends/profits/earnings accruing on said foreign investments.
   
5. Servicing of Bank Withdrawals

The BSP releases cash withdrawal of notes and coins for debit to client banks’ demand deposit
accounts with the BSP.
   
6. Servicing of Bank Deposits and Subsequent Verification

The BSP Cash Department (CD) receives and keeps in custody banknotes and coins  currency
deposit   for credit to  client banks'   demand deposit   account,   pursuant to MAAB#2015-006
dated 23 January 2015. Bank Deposits must be sorted by series and denomination.
   
7. Sale of Commemorative Notes and Coins

The BSP sells Commemorative Notes and Coins to the General Public.
   
8. Redemption of Mutilated Notes/Coins Through Cash Payment

Examination of mutilated Philippine Peso notes and coins as to their genuineness and
redemption value
   
9. Examination of Doubtful Currency Notes for Issuance of Certification 

Examination of doubtful notes as to their genuineness, for issuance of certification

   
10. Issuance of Permit to Reproduce or Use Facsimiles of Legal Tender Philippine Notes and
Coins

BSP approval is required by law for the reproduction of facsimiles of legal tender Philippine
currency for promotional purposes in all print and broadcast media
   
11. Availment of the BSP Rediscounting Facility

Rediscounting is a prividege of a qualified bank to obtain loans or advances from the BSP using
eligible papers of its borrowers as collaterals. Rediscounting Line establishes the maximum
balance of rediscount that can be maintaned with the BSP. Electronic Rediscounting System
(eRS) allows qualified banks to conduct their rediscounting transactions and inquiries with the
BSP on an on-line and real-time basis at the convenience of their bank premises.
   
12. Sale of Real Properties Acquired by the BSP Through Foreclosure/Dacion en Pago

The Asset Management Department (AMD) is tasked to preserve and eventually dispose of the
properties acquired by the BSP through foreclosure or dacion en pago arrangements from its
debtor-banks in settlement of their loans.
   
13. Lease of Real Properties of the BSP

The BSP offers properties not yet disposed of for lease to the public to save the BSP
administration expenses for security and maintenance of the properties.
   
14. Redemption of Mutilated Currencies and Referral to Currency Issue and Integrity Office
(CIIO)

BSP replaces or redeems notes and coins considered unfit for circulation or mutilated pursuant
to R.A. No. 7653 and Circular No. 829, series of 2014
   
15. Integrated Regional Information System (IRIS) user ID Registration and Recertification

IRIS registration allows client banks to engage in electronic transactions with the BSP regional
offices and branches
   
16. Servicing and Verification of Deposits of Client Banks

BSP receives and takes custody of subject-to-verification (SV) currrency banknote and coin
deposits of client banks for credit to their demand deposit account. Deposit transactions must
have been entered in IRIS by client banks prior to actual deposit of currencies to BSP
   
17. Servicing of Withdrawals of Client Banks
 BSP releases currency banknotes and coins to service the withdrawals of client banks for debit
from ther demand deposit account. Withdrawal transactions must have been entered in IRIS by
client banks at least one (1) working day prior to actual withdrawal of currrencies from BSP.
   
18. Purchase of Gold from the General Public

The BSP purchases gold from the general public who comply with the BSP Responsible Gold
Sourcing Policy.
   
19. Access to Economic and Financial Information, Library Resources and Learning Services
in the BSP Regional Offices and Branches

BSP provides the general public free access to currenct and/or historical economic and financial
data/information
   
20. Grant of Authority to Establish a New Domestic Bank/Non-Stock Savings and Loan
Association (NSSLA)

Processing of client's request for approval to establish a new domestic bank/NSSLA

   
21. Grant of Authority to Establish a Domestic Branch of a Local Bank/Non-Bank Financial
Institution

Processing of client's request to establish a domestic branch of a local bank/NBFI

   
22. Grant of Emergency Loan Facilitiy

Processing and evaluation of applications for emergency loans

   
23. Registration of Foreign Exchange (FXDs), Money Changers (MCs) and Remittance Agents
(RAs)

Processing of clients's applications for the issuance of Certificate of Registration for FXD/MC and
RA
   
24. Registration of Pawnshops

Processing of clients's applications for the issuance of any of the following: (1) Acknowledgement
of Registration/ (AOR) for Pawnshop Head Office; (2) Authority to Operate (AO) for Pawnshop
Branch
   
25. Grant of Authority to Engage in Electronic Banking (E-Banking) Services

Processing of client's request to engage in e-banking services

   
26. Extend Initial Assistance to Clients with Complaints on the Financial Products and/or
Services of BSP-Supervised Financial Institutions (BSFI)

Refer complaints to Senior Management of BSFIs

   
27. Provide Assistance for Further or Alternative Dispute Resolution for Clients who Remain
Dissastisfied with BSFIs Initial Comments/Explanation/Action on Initial Referral

Dissatisfied clients are informed of possible venues for addressing their complaint or settling the
 dispute
   
28. BSP Museum Tours

Exhibit about Money, the BSP and the Evolution of Philippine Currency
   
29. Sell BSP Publications and Corporate Gifts

Sell BSP publications and corporate gifts

   
30. Mediation of Administrative Cases Involving Directors and Officers of Banks, Quasi-Banks
and Trust Entities

Conducting mediation proceedings to help resolve disputes between the public complainants and
the directors and officers of banks, quasi-banks and trust entities in relation to BSP Circular No.
477, s. 2005. The complaint must be media table. A complaint is media table if it is not a patent
violation of banking laws, rules and regulations.
   
31. PhilPaSS Participant Browser User Registration

The PhilPaSS Participant Browser is a web-based facility that will provide the participant banks
easier and faster access to PhilPaSS, in order that they can effectively monitor and control their
daily real time gross settlement system transactions on a real time basis.
   
32. Participation in the PhilPaSS/REMIT System

  PhilPaSS REMIT is a system that provides an efficient interbank clearing facility for the
settlement of OFW remittances for credit to other banks via the RTGS otherwise known as
Philippine Payments and Settlements System (PhilPaSS), which is owned and operated by the
BSP. It was developed and implemented by BSP to actualize its advocacy to help the OFWs and
to encourage them to use the formal banking channel for safer aand more efficient sending of
their hard-earned money to their relatives back home.
   
33. Participation in the Philippine Payments and Setttlements System (PhilPaSS)

The PhilPaSS is a payments and settlements systems and participation thereto will ensure
prompt, final, efficient payments and settlements of banks/non-banks/other government agencies
transactions with high degree of security and operational reliability
   
34. PhilPaSS Smart Card Registration

The smart cards are stored digital certificates that provide users with authorization access to
the PhilPaSSParticipant Browser (PPB). These card users are bank officers who are authorized
by their respective banks to approve payments instructions for settlement in PhilPaSS; including
resetting of user-passwords. Such authorizers will not be able to log-on to the PPB without the
smart card. Public Key Infrastructure technology is used to register/configure the smart cards.
   
35. Security Plant Complex Gold-Buying Program

Purchase of Gold from the General Public (SPC)

   
36. SPC Gallery Tours

Guided gallery tours of SPC showcasing currency production, minting, and gold refining
Overview of Functions and Operations
Objectives

The BSP’s primary objective is to maintain price stability conducive to a balanced and sustainable
economic growth. The BSP also aims to promote and preserve monetary stability and the convertibility of
the national currency.

Responsibilities

The BSP provides policy directions in the areas of money, banking and credit. It supervises operations of
banks and exercises regulatory powers over non-bank financial institutions with quasi-banking functions.

Under the New Central Bank Act, the BSP performs the following functions, all of which relate to its status
as the Republic’s central monetary authority.

 Liquidity Management. The BSP formulates and implements 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. The BSP extends discounts, loans and advances to banking institutions
for liquidity purposes. 
 Financial Supervision. The BSP supervises banks and exercises regulatory powers over non-
bank institutions performing quasi-banking functions. 
 Management of foreign currency reserves. The BSP seeks to maintain 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. The BSP determines the exchange rate policy of the
Philippines. Currently, the BSP adheres to a market-oriented foreign exchange rate policy such
that the role of Bangko Sentral is principally to ensure orderly conditions in the market. 
 Other activities. The BSP functions as the banker, financial advisor and official depository of the
Government, its political subdivisions and instrumentalities and government-owned and
-controlled corporations.

The BSP's Organizational Structure

as of 02 May 2018

Primer

The BSP's Organizational Chart

Governance of the Bank

The Monetary Board exercises the powers and functions of the BSP, such as the conduct of monetary
policy and supervision of the financial system. Its chairman is the BSP Governor, with five full-time
members from the private sector and one member from the Cabinet.

The Governor is the chief executive officer of the BSP and is required to direct and supervise the
operations and internal administration of the BSP. A deputy governor (or a Senior Assistant Governor in
the case of the Currency Management Sector) heads each of the BSP's operating sector as follows:

 Monetary and Economics Sector is mainly responsible for the operations/activities related to
monetary policy formulation, implementation, and assessment
 Financial Supervision Sector is mainly responsible for the regulation of banks and other BSP-
supervised financial institutions, as well as the oversight and supervision of financial technology
and payment systems
 Currency Management Sector is mainly responsible for the forecasting, production, distribution,
and retirement of Philippine currency, as well as security documents, commemorative medals,
and medallions
 Corporate Services Sector is mainly responsible for the effective management of corporate
strategy, communications, and risks, as well as the BSP's human, financial, technological, and
physical resources to support the BSP's core functions

The Monetary Board

The powers and function of Bangko Sentral are exercised by its Monetary Board, which has seven
members appointed by the President of The Philippines. Under the New Central Bank Act, one of the
government sector members of the Monetary Board must also be a member of the Cabinet designated by
the President.

The New Central Bank Act establishes certain qualifications for the members of the Monetary Board and
also prohibits members from holding certain positions with other governmental agencies and private
institutions that may give rise to conflicts of interest. With the exception of the members of the Cabinet,
the Governor and the other members of the Monetary Board serve terms of six years and may only be
removed for cause.

The Monetary Board meets at least once a week. The Board may be called to a meeting by the Governor
of the Bangko Sentral or by two (2) other members of the Board. Usually, the Board meets every
Thursday but on some occasions, it convenes to discuss urgent issues.

In the exercise of its authority, the Monetary Board shall:

1. Issue rules and regulations it considers necessary for the effective    discharge of the
responsibilities and exercise of the powers vested upon the Monetary Board and the Bangko
Sentral;
2. Direct the management, operations, and administration of the Bangko Sentral, reorganize its
personnel, and issue such rules and regulations as it may deem necessary or convenient for this
purpose. The legal units of the Bangko Sentral shall be under the exclusive supervision and
control of the Monetary Board;
3. Establish a human resource management system which shall govern the selection, hiring,
appointment, transfer, promotion, or dismissal of all personnel. Such system shall aim to establish
professionalism and excellence at all levels of the Bangko Sentral in accordance with sound
principles of management. 
A compensation structure, based on job evaluation studies and wage surveys subject to the
Board's approval, shall be instituted as an integral component of the Bangko Sentral's human
resource development program.
On the recommendation of the Governor, appoint, fix the remunerations and other emoluments,
and remove personnel of the Bangko Sentral, subject to pertinent civil service laws: Provided,
That the Monetary Board shall have exclusive and final authority to promote, transfer, assign, or
reassign personnel of the Bangko Sentral and these personnel actions are deemed made in the
interest of the service and not disciplinary: Provided, further, That the Monetary Board may
delegate such authority to the Governor under such guidelines as it may determine; 
4. Adopt an annual budget for and authorize such expenditures by the Bangko Sentral in the interest
 of the effective administration and operations of the Bangko Sentral in accordance with applicable
laws and regulations; and
5. Indemnify its members and other officials of the Bangko Sentral, including personnel of the
departments performing supervision and   examination functions against all costs and expenses
reasonably incurred by such persons in connection with any civil or criminal action, suit or
proceedings to which he may be, or is, made a party by reason of the performance of his
functions or duties, unless he is finally adjudged in such action or proceeding to be liable for
negligence or misconduct.

The BSP Monetary Board

Chairman Nestor A. Espenilla, Jr.

   
Members Carlos G. Dominguez III
Felipe M. Medalla
Juan De Zuniga, Jr.
  Peter B. Favila
Antonio S. Abacan, Jr.
V. Bruce J. Tolentino
The Governor
Pursuant to Republic Act No. 7653 (The New Central Bank Act), the Governor shall be the chief executive
officer of the Bangko Sentral. His powers and duties shall be to:

1. Prepare the agenda for the meetings of the Monetary Board and to submit for the consideration of
the Board the policies and measures that he believes to be necessary to carry out the purposes
and provisions of said Act;
2. Execute and administer the policies and measures approved by the Monetary Board;
3. Direct and supervise the operations and internal administration of the Bangko Sentral. The
Governor may delegate certain of his administrative responsibilities to other officers or may
assign specific tasks or responsibilities to any full-time member of the Monetary Board without
additional remuneration or allowance whenever he may deem fit or subject to such rules and
regulations as the Monetary Board may prescribe;
4. Appoint and fix the remunerations and other emoluments of personnel below the rank of a
department head in accordance with the position and compensation plans approved by the
Monetary Board, as well as to impose disciplinary measures upon personnel of the Bangko
Sentral, subject to the provisions of Section 15(c) of said Act: Provided, That removal of
personnel shall be with the approval of the Monetary Board;
5. Render opinions, decisions, or rulings, which shall be final and executory until reversed or
modified by the Monetary Board, on matters regarding application or enforcement of laws
pertaining to institutions supervised by the Bangko Sentral and laws pertaining to quasi-banks, as
well as regulations, policies or instructions issued by the Monetary Board, and the implementation
thereof; and
6. Exercise such other powers as may be vested in him by the Monetary Board.

The Governor of the Bangko Sentral shall be the principal representative of the Monetary Board and of
the Bangko Sentral and, in such capacity and in accordance with the instructions of the Monetary Board,
he shall be empowered to:

1. Represent the Monetary Board and the Bangko Sentral in all dealings with other offices, agencies
and instrumentalities of the Government, and all other persons or entities, public or private,
whether domestic, foreign or international;
2. Sign contracts entered into by the Bangko Sentral, notes and securities issued by the Bangko
Sentral, all reports, balance sheets, profit and loss statements, correspondence, and other
documents of the Bangko Sentral;
3. Represent the Bangko Sentral, either personally or through counsel,   including private counsel,
as may be authorized by the Monetary Board, in any legal proceedings, action or specialized
legal studies; and
4. Delegate his power to represent the Bangko Sentral, to other officers upon his own responsibility:
 Provided, however, That in order to preserve the integrity and the prestige of his office, the
Governor of the Bangko Sentral may choose not to participate in preliminary discussions with any
multilateral banking or financial institution on any negotiations for the Government within or
outside the Philippines.    During the negotiations, he may instead be represented by a
permanent negotiator.

Governor Nestor A. Espenilla, Jr.

Past Governors
Audited Financial Statements
CY2015 Audited Financial Statements

1. Audit Certification
2. Statement of Management's Responsibility for Financial Statements
3. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Comprehensive Income
d. Statement of Changes in Equity
e. Cash Flow Statement
f. Notes to Financial Statements

CY2014 Audited Financial Statements

1. Audit Certification
2. Statement of Management's Responsibility for Financial Statements
3. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Comprehensive Income
d. Statement of Changes in Equity
e. Cash Flow Statement
f. Notes to Financial Statements

CY2013 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Comprehensive Income
d. Statement of Changes in Equity
e. Cash Flow Statement
f. Notes to Financial Statements

CY2012 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Comprehensive Income
d. Statement of Changes in Equity
e. Cash Flow Statement
f. Notes to Financial Statements
CY2011 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Comprehensive Income
d. Statement of Changes in Equity
e. Cash Flow Statement
f. Notes to Financial Statements

CY2010 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Comprehensive Income
d. Statement of Changes in Equity
e. Cash Flow Statement
f. Notes to Financial Statements

CY2009 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Comprehensive Income
d. Statement of Changes in Equity
e. Cash Flow Statement
f. Notes to Financial Statements

CY2008 Audited Financial Statements

 General Balance Sheet (as of June 30, 2008)

CY2007 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Balance Sheet | General Balance Sheet
b. Income Statement
c. Statement of Changes in Equity
d. Cash Flow Statement
e. Notes to Financial Statements

CY2006 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Balance Sheet
b. Income Statement
c. Statement of Changes in Equity
 d. Cash Flow Statement
e. Notes to Financial Statements

CY2005 Audited Financial Statements

1. Audit Certification
2. BSP Financial Statements
a. Comparative Statement of Condition
b. Comparative Statement of Income and Expenses
c. Statement of Changes in Capital Accounts
d. Comparative Cash Flow Statements
e. Notes to Financial Statements

Advocacies
The BSP is deeply involved in various projects and activities aimed towards alleviating poverty,
contributing to the global fight against money laundering, increasing transparency of monetary policy
and improving the financial literacy of the public.

 The BSP has declared microfinance as its flagship program for poverty alleviation in Year 2000
and has since then played a key role in the development of sustainable microfinance in the
country. The BSP initiatives have focused on the policy and regulatory environment, training
and capacity building as well as on promotion and advocacy.

 The BSP has been conducting public information campaigns in line with the effort to increase
public awareness on the role of the BSP in the economy and the financial system and to further
enhance the transparency of monetary policy.

 The BSP has also taken a proactive stance in embarking on a consumer education program
that aims to improve the basic financial literacy of the public.

 The BSP undertakes various bank-related initiatives to improve the remittance environment and
to channel remittances to productive undertakings. Through these initiatives, the BSP intends to
maximize the benefits of remittances aimed at: (1) ensuring the smooth inflow of remittances,
and (2) promoting their use for development by channeling them to the financial sector so that
these funds can be mobilized for lending and other productive activities.

inancial Education and Consumer Protection

The BSP works toward educating and protecting consumers, with the underlying philosophy that a well-
informed and adequately protected citizenry is a more effective partner in maintaining the effectiveness
of monetary policy as well as in ensuring a stronger and safer banking and payments system.

To know more about the different initiatives of the BSP on FECP, click on the links below:

The Economic and Financial Learning Center (EFLC)

 Educational Group Discussion

The Financial Consumer Protection Department

 Consumer Assistance Mechanism

Learning Programs

 The BSP Economic and Financial Learning Program (BSP-EFLP)

 Financial Literacy Programs
  Awareness Campaigns and other Learning Initiatives

Multimedia

 About the BSP (video)

 Role of the BSP in the Economy (PPT)
 "Paghahanda sa Kinabukasan" (video)
 Financial Learning Campaign for Overseas Filipinos and their Beneficiaries (FLC-OFs)
 Savings Video (video)
 Financial Education Congress for the Youth (FECY) (videos)

Publications

 Primers
 Financial Consumer Education Materials
 Consumer Assistance Mechanism flyer
 Teaching Guides on Financial Education
 Learning Materials
 Handbook on Consumer Laws Covering BSP-Supervised Financial Institutions
 Brochures on Banknotes and Coins
 Financial Inclusion in the Philippines

Are you an OF?

 OFW portal
 Financial Planner

Overseas Filipino Workers

The BSP recognizes the valuable contribution of the Overseas Filipino Workers (OFW) remittances to
the economy. As part of its efforts to improve the environment for OFW remittance flows, and in order to
assist overseas Filipinos on their remittance concerns, the BSP created an interactive portal that will link
users to information on the different banks and non-bank remittance companies in the Philippines,
including locations of their branches abroad, remittance center, foreign bank/correspondents, products
and services, and charges/fees for remittance services to any part of the Philippines.

Select a host country and click on Go to display the Philippine banks with remittance network abroad
offering products/services to OFWs and their beneficiaries. Under your selected bank, choose the
category relevant to your query (e.g. products and services, fees/charges, branches, correspondent
banks, others). The portal will then link you to the webpage on your bank's website which contains
further details on the chosen category.

Facilities
Within the complex of the BSP resides a numismatist's haven - the Museo ng Bangko Sentral ng
Pilipinas. Inaugurated on January 3, 1999, as part of the celebration of the 50 years of central banking
in the Philippines, the Museo showcases the Bank's collection of currencies.

Also located at the BSP Complex is the BSP Library which serves the research needs of the Bank
officers and staff. As a public service, however, its collection of BSP publications are made available to
the public.
The Money Museum
Within the complex of the Bangko Sentral ng Pilipinas, the nation's central monetary authority, resides a
numismatist's haven - the Museo ng Bangko Sentral ng Pilipinas. Inaugurated on January 3, 1999, as
part of the celebration of the 50 years of central banking in the Philippines, the Museo showcases the
Bank's collection of currencies.

As repository and custodian of the country's numismatic heritage, the Museo collects, studies and
preserves coins, paper notes, medals, artifacts and monetary items found in the Philippines during its
different historical periods. These collections have been placed on permanent display at the Museo.

Designed to "walk" the visitor through a number of galleries, individually dedicated to a specific historical
period of the country, the Museo visually narrates the development of the Philippine economy, parallel to
the evolution of its currency. Complementary paintings from the BSP art collection, together with chosen
artifacts, enhance each gallery.

A panoramic memorabilia of 50 years of central banking in the Philippines, showcases the strides made in
bringing about price stability, to sustain economic growth in the country. The exhibition hall also carries
the busts of the governors of the Central Bank/ Bangko Sentral.

Museo ng Bangko Sentral ng Pilipinas

Inside the BSP Main Complex
A. Mabini St. corner P. Ocampo St.
Malate, Manila 1004

Museum Hours
Monday to Friday, except holidays
9:00 a.m. to 4:00 p.m.

For group tours/inquiries:

Call (02) 516-7499
The Metropolitan Museum
Permanent Exhibitions 
Bangko Sentral ng Pilipinas Collection

Classical Philippine Goldwork of the 8th to the 13th century

Basement Gallery
Gold ornaments, ritual pieces, and barter rings – evidences of a flourishing pre-colonial Filipino society
actively engaged in local and international trade.

Classical Philippine Pottery of the 8th to the 13th century -

Basement Gallery
Pottery used by pre-colonial Filipinos as household implements, ritual articles, and burial vessels.

Aura: Religious Art from the BSP - 

Basement Hallway
Religious images crafted by Filipino artist to capture spiritual aura represented by a halo of gold.

Hidalgo: The Colonial Subject as Master

Galeriya Bangko Sentral ng Pilipinas
Works of Felix Resurreccion Hidalgo (1855-1913) in an exhibit paying homage to the Master

A Century and a half since…

Galeriya Bangko Sentral ng Pilipinas
A special 150th commemorative exhibition on Juan Luna (1857 - 1899), a towering figure in Philippine art.

Three Budda Mothers

Basement
Figurative sculptures by Agnes Arellano that convey the spiritual in everyday life.

Admission fees:

P 100 Adults/Private school all level/ College 

P 80 Senior Citizen and Persons with disabilities

Tour guide

P 500 Guided tour

Complimentary for group of 50 persons and more

Free of Charge (FOC) 

o Ocular visit for maximum of three persons
o Teachers/faculty for group tours w/valid ID
o Bangko Sentral ng Pilipinas Officers and Employees

Museum hours

Monday to Saturday from 9am to 6pm except Sundays, Holidays and every first Monday of the month.

Contact Information

Administration : 708-7829
Exhibition and Education Programs Department : 708-7827 
Facsimile : 708-7829

Website: www.metmuseum.ph
Email address: info@metmuseum.ph
FB: www.facebook.com/metmuseum.manila

Where we are

We are located at the Bangko Sentral ng Pilipinas Complex along Roxas Boulevard near Pablo Ocampo
Street (formerly Vito Cruz). We are across the Manila Yacht Club and diagonal to the Cultural Center of
the Philippines (CCP).

How to get to us

Via LRT: You may get off either at Quirino or Vito Cruz Stations, stations that are within Museum vicinity.

Via Bus or Jeepney: At Taft Avenue, get off at Pablo Ocampo St. Take the CCP Orange Shuttle. Get off
at the corner of Pablo Ocampo Street and Roxas Blvd, and walk to the right along the service road until
you reach the Museum.
Economic and Financial Learning Center (EFLC)

The Economic and Financial Learning Center of the BSP is the focal point of contact of the public of
information concerning economic and financial matters. Instead of gathering various information from
different departments/locations within the BSP, researchers can just visit the EFLC for their information
requirements

The EFLC

 Exhibit Area
 Information Help Desk
 Information Kiosks / Publications and Sales
 Multi-media/Internet Research
 Statistical Information Section
 Audio Visual Room / Games Nook
 Library Section

EFLC Educational Group Discussion Guidelines

Events
2018

 BSP International Research Conference 

24-25 September 2018
 3rd Procurement Opportunities Fair
21-22 February 2018
2017

 Economic and Financial Literacy Week 

06-10 November 2017
 BSP-UP Professorial Chair Lecture Series
18-19 October 2017
 Economic and Financial Learning Program (EFLP) - San Fernando, La Union 
03-06 October 2017
 Economic and Financial Learning Program (EFLP) - Calapan City, Oriental Mindoro
14 - 17 August 2017
 4th Philippine Property Expo - 27-28 May 2017 
27-28 May 2017
 2017 Awards Ceremony and Appreciation Lunch for Stakeholders in Region XI
12 September 2017
 Economic and Financial Learning Program (EFLP) - Calapan City, Oriental Mindoro
28 February - 2 March 2017
 Schedule of Additional Briefings on Pawnshop Regulations and AMLA Seminar for 2017
 Schedule of Briefings on Pawnshop Regulations and Anti-Money Laundering Act (AMLA)
Seminars for 2017

2016

 BSP-UP Professorial Chair Lecture Series 

25 - 26 October 2016
 2016 Consumer Welfare Month 
October 2016
 BSP International Research Conference on "Revisiting macro-financial linkages: Looking
back and looking ahead" 
20-21 September 2016
 Schedule of Additional Anti-Money Laundering Act (AMLA) Seminars and Transfer of
Venues of the Seminars to be conducted in Isabela and Leyte for 2016
 Schedule of Briefings on Pawnshop Regulations and Anti-Money Laundering Act (AMLA)
Seminar for 2016

2015

 BSP-UP Professorial Chair Lecture Series 

19 - 20 October 2015
 Economic and Financial Learning Program (EFLP) - Manila 
5,6 and 8 May 2015
 Q2 2015 Inflation Report Press Conference

2014

 BSP-UP Professorial Chair Lecture Series - Part 2 

26 November 2014
 BSP International Research Conference on "The Evolving Role and Limits of Monetary
Policy: New Perspectives for Emerging Market Economies" 
28-29 October 2014
 BSP-UP Professorial Chair Lecture Series - Part 1 
14 May 2014

2013

 BSP Professorial Chair Lecture Series - Part 2

29 November 2013
 12th National Convention on Statistics (NCS) 
October 2013
  10th Awards Ceremony for BSP Stakeholders 
16 July 2013
 Seminar on the Liberalization and Management of Capital Flows 
19 June 2013
 BSP Professorial Chair Lecture Series - Part 1
29 November 2013

2012

 BSP-UP Professorial Chair Lecture Series - Part 2

12 November 2012
 BSP-UP Professorial Chair Lecture Series - Part 1
28-29 May 2012
 BSP International Research Conference on "Contemporary Challenges to Monetary
Policy" 
28-29 February 2012

2011

 BSP-DepEd Annual Oratorical Contest (NCR) 

28 October 2011
 High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial
crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 
6 - 8 September 2011
 International Monetary Fund (IMF) Presentation on Global Economic Developments and
Outook, Oil Scarcity and Capital Flows 
May 2011
 A Special Lecture on: "Why Quantitative Easing was good and should be better ... and how
the Philippines should benefit from it 
January 2011
 Credit Surety Fund Logo Designing Contest 
February 2011
 BSP-UP Professorial Chair Lecture Series 
21-23 February 2011

2010

 Conference on Gearing Up for External Competitiveness (CGUEC)

 PHL-IMF Workshop: Managing Opportunities and Risks in the Philippine Economy 
December 2010
 Tanaw: The BSP Art Competition February 2011
 2010 Central Bank Macroeconomic Modeling Workshop 
19-20 October 2010
 BSP-UP Professorial Chair Lecture Series 
15-17 February 2010

2009

 SEACEN-CCBS/BOE-BSP Workshop on Dynamic Stochastic General Equilibrium (DSGE)

Modelling and Econometric Techniques 
23-27 November 2009
 7th Development Policy Research Month (DPRM): "Coping with Climate Variability and
Change" 
September 2009
 BSP International Research Conference on Remittances 
30-31 March 2009
 Forum on “Sustaining Growth Through Better Access to Credit.” 
02 March 2009