The country’s central monetary authority, Bangko Sentral ng Pilipinas (BSP), is celebrating its 20th anniversary today.
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 on July 3, 1993.
The BSP’s primary objective is to maintain price stability conducive to a balanced and sustainable economic growth. It also aims to promote and preserve monetary stability and the convertibility of the national currency.
It also provides policy directions in the areas of money, banking and credit and supervises operations of banks and exercises regulatory powers over nonbank financial institutions with quasi-banking functions.
As the Philippines’ central monetary authority, the BSP is responsible for liquidity management, currency issue, lender of last resort, financial supervision, management of foreign currency reserves and determination of exchange rate policy.
It is headed today by Amando Tetangco Jr.
1993 to 1999—Gabriel Singson. The first governor of the BSP and a recipient of the 1998 Management Man of the Year conferred by the Management Association of the Philippines.
1999 to 2005—Rafael Buenaventura. A prominent banker in the Philippines became the second governor of the BSP. He served under two Philippine presidents during one of the most tumultuous political transitions in the country’s history.
2005 to present—Amando Tetangco Jr. Assumed office as the third governor of the BSP in July 2005, he is a career central banker, occupying different positions in the organization in a span of over three decades. Immediately prior to his appointment as BSP governor, he was deputy governor in charge of the Banking Services Sector, Economic Research and Treasury.
Twenty years after its creation, the BSP remains to be the top authority in terms of crafting monetary policies in the country.
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. It maintains 18 branches to ensure efficient implementation of its mandated functions across the country.