The Bangko Sentral ng Pilipinas:
A Historical Overview and
Organizational Structure
The Bangko Sentral ng Pilipinas (BSP)
Brief History of the Bangko Sentral ng Pilipinas
In 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.
In February 1929, the Bureau of Banking under the Department of
Finance took over the task of banking supervision.
In 1939, a bill establishing a central bank was drafted by the 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.
In 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".
On 15 June 1948, the bill was signed into law as Republic Act No. 265,
also known as the Central Bank Act, by Elpidio Quirino.
On 3 January 1949, the Central Bank of the Philippines was
inaugurated and formally opened with Hon. Miguel Cuaderno, Sr. as
the first governor.
On 3 July 1993, the Bangko Sentral ng Pilipinas was established to
replace the Central Bank of the Philippines as the country's central
monetary authority.
The Bangko Sentral ng Pilipinas
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 the Philippines, which was
established on 3 January 1949, as the country's central monetary
authority.
The BSP acts as the banker, financial advisor, and official depository of
the government, its political subdivisions and instrumentalities, and
government-owned and -controlled corporations.
The BSP provides policy directions in the areas of money, banking, and
credit. It supervises the operations of banks and exercises regulatory
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