Escolar Documentos
Profissional Documentos
Cultura Documentos
Outline:
I. Introduction VII. Organization of the Bank
II.History VIII. Governance of the Bank
III.Vision and Mission IX. Audited Financial Statements
IV. BSP Charter X. Advocacies
V. BSP Citizen’s Charter XI. Facilities
VI. Overview of Functions and Operations
SUMMARY
History
During 1900’s, an act passed by the First Philippine Commission placing all banks
under Bureau of Treasury. However, the central monetary authority of the country hasn’t
established until January 1949. The Central Bank of the Philippines (CBP) was formally
inaugurated with Hon. Miguel S. Cuaderno as its first governor. The CBP’s duties and
responsibilities were particularly focused on the promotion of economic development and the
maintenance of internal and external monetary stability. After 44 years, on July 3, 1993, CBP
was then changed to Bangko Sentral ng Pilipinas (BSP). BSP was established pursuant to the
Republic Act 7653 or New Central Bank Act that was signed by then President Fidel V.
Ramos.
Vision and Mission
To simply put it, the vision of BSP is to give a better standard of living for Filipinos.
BSP’s mission, on the other hand, is focused to maintaining price stability and in leading the
country’s economy to a stable and sustainable growth. They hope to create and implement
sound and effective monetary policies that will help in realizing its vision.
BSP Charter
BSP governs the creation, responsibilities and rules and regulations of the BSP. It
includes seven (7) chapters. These are: Establishment And Organizations of the Bangko
Sentral ng Pilipinas, The Bangko Sentral and the Means of Payment, Guiding Principles of
Monetary Administration by the Bangko Sentral, Instruments of Bangko Sentral
Action, Functions as Banker and Financial Advisor of the Government, Privileges and
Prohibitions and Transitory Provisions. These documents are strictly followed since the BSP
have a big role in the country’s economy.
BSP Citizen’s Charter
A citizen’s charter is a government document setting out standards of service for
public and private sector bodies. The BSP citizen’s charter includes: their pledge, their rules
2
Advocacies
The BSP has been involved in many activities that will help in realizing its vision to
give the Filipino people a more comfortable life. It has been involved in developing a
sustainable microfinance in the country as its answer to alleviate poverty. It has also worked
for passing Anti-Money Laundering Act for legislation. It has also made the public more
aware of its role in the economy and financial system and their financial literacy so that the
transparency of monetary policy is enhanced. The BSP had also taken initiative to improve
the remittance channels and environment so that it may be used to activities that are more
productive.
Facilities
There are other facilities the BSP is using for their operations and other activities. The
first facility is the Money Museum or more popularly known as the Museo ng Bangko Sentral
ng Pilipinas that was launch on January 3, 1999. It displays their currency collection. Next is
the Economic and Learning Center. This was one of their initiatives for one of their
advocacies that is public information regarding economic and financial matters. Lastly is the
Metropolitan Museum. This museum displays artifacts and other historical items from the
different periods of Philippine History. Things such as sculptures, ritual pieces, ritual articles,
and burial vessels can be found here.