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.
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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
 
The BSP Vision and Mission
Vision

The BSP aims to be a world-class monetary authority and a catalyst for a globally competitive economy and financial system that delivers a high
quality of life for all Filipinos.
Mission

BSP is committed to promote and maintain price stability and provide proactive leadership in bringing about a strong financial system conducive
to a balanced and sustainable growth of the economy. Towards this end, it shall conduct sound monetary policy and effective supervision over
financial institutions under its jurisdiction.
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
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 June 2009
 
The Executive Management Services
 

1. Office of the Secretary, Monetary Board

 Provides administrative and secretarial services to the Monetary Board.

2. Office of the General Counsel and Legal Services

 Prepares opinions and rulings for the MB, the Governor, and the Deputy Governors on matters relating to policies, functions,
operations and regulations of the Bank; and
 Prosecutes or defends cases involving the BSP, the MB, and Management in judicial and administrative proceedings.
3. Office of Special Investigation

 Evaluates bank irregularities and anomalies noted in the examination reports submitted by examining departments.
4. Internal Audit Office

 Monitors the internal control system of the BSP;

 Reviews and appraises the effectiveness of operating control systems; and
 Monitors utilization of security materials, disposal of production wastes, and receipt of gold and other precious metals at the SPC.
5. Treasury Department

 Manages the BSP’s international reserves at a level and a mix that allows the BSP to meet any demands for foreign currency;
 Undertakes open market operations and transacts with accredited government securities dealers and the rest of the members of the
banking system in pursuit of strategies for the development of an active secondary market for government securities; and
 Participates in the Philippine Dealing System to ensure the competitiveness of the Philippine peso and its convertibility into other
acceptable foreign currencies.
6. Systems and Methods Office

 Ensures a well organized and integrated bankwide effort to develop and maintain efficient systems and procedures; and
 Provides recommendations along the areas of manualization, business process reengineering, and systems support.
7. Corporate Planning Office

 Provides technical support to Management in the formulation and application of strategic plans and practices and in the development
of guidelines/policies in preparation for departmental work plans.
8. BSP Staff in the Anti-Money Laundering Council Secretariat
  Assists the Anti-Money Laundering Council in implementing the provision of the Anti-Money Laundering Law, otherwise known as
Republic Act 9160;
 Receives transaction reports from covered institutions, investigates suspicious transactions, and causes the filing of complaints with
the Department of Justice or the Ombudsman for the prosecution of money laundering offenses; and
Under the Anti-Money Laundering Law, all members of the Secretariat are considered regular employees of the BSP.
A manpower pool for the AMLC Secretariat was created in the Office of the Governor (OG) to address the problem of recruiting
qualified personnel with a minimum of five-year residency either in the BSP, Securities and Exchange Commission, or Insurance
Commission (as required by RA 9160).
All positions in the Pool shall be abolished upon the appointment of their incumbents to corresponding positions at the AMLC
Secretariat.
9. Risk Management Office

 Aggregates the various risk exposures of the Bank;

 Identifies appropriate risk control measures; and
 Ensures that appropriate risk management practices are being implemented at all times.
10. Corporate Affairs Office

 Implements the public relations and advertising programs of the BSP to promote and enhance its corporate image.
The Monetary Stability Sector
 

1. Investor Relations Office

 Assists in developing stronger relations with the international financial community and promotes the Philippines as an investment site.
Monetary Policy Sub-sector
1. Department of Economic Research

 Acts as the principal policy research and technical arm of the Bank; and
 Produces economic data for the guidance of the Governor and the Monetary Board in the formulation and implementation of monetary
policies.
2. Department of Economic Statistics

 Generates relevant, accurate and timely statistics for the guidance of the Monetary Board in the formulation and implementation of its
policies.
3. Center for Monetary and Financial Policy

 Conducts cutting-edge empirical and theoretical researches in the monetary, financial and economic fields.
4. Economic and Financial Learning Center

 Serves as the primary and central source of the Bank in providing timely and relevant information concerning economic and financial
matters through collection of books, and other reference materials, electronic resources, audio-visual materials, other learning tools,
mounting of exhibits, and information kiosks.
International Sub-sector
1. International Relations Department

 Monitors and analyzes regional and global economic, financial, and trade development issues, assesses their impact on the Philippine
economy, and submits reports, updates, and recommendations on positions and policy stance of the BSP thereon.
 Facilitates the Bank's pro-active membership in bilateral, regional and international associations and groupings by initiating and
complying with commitments and agreements.
2. International Operations Department

 Supports the promotion and maintenance of monetary stability and external sustainability through the enhanced management of
external debt, foreign investments and other foreign exchange transactions.
 Reviews, recommends, and implements sound policies and regulations on foreign exchange denominated transactions
Regional Monetary Affairs Sub-sector
  Monitors and coordinates of the operation of the Bank’s branches in the countryside
The BSP has three regional offices and 18 branches performing cash operations, cash administration, loans and rediscounting, bank supervision
and gold buying operations.

 The following BSP branches report directly to the Regional Monetary Affairs Sub-sector:
• Legazpi Branch
• Lucena Branch
• Naga Branch
BSP Regional Offices
1. La Union Regional Office - supervises the following branches in Luzon:
• Angeles Branch
• Cabanatuan Branch
• Dagupan Branch
• Tuguegarao Branch
• Batac Branch
2. Cebu Regional Office – supervises the following branches in the Visayas:
• Bacolod Branch
• Dumaguete Branch
• Iloilo Branch
• Kalibo Branch
• Tacloban Branch
3. Davao Regional Office – supervises the following branches in Mindanao:
• Cagayan de Oro Branch
• Cotabato Branch
• General Santos Branch
• Ozamis Branch
• Zamboanga Branch
Monetary Operations Sub-sector

1. Asset Management Department

 Administers, preserves, and disposes assets acquired or foreclosed properties by the Bangko Sentral in payment for loans secured by
banks including real estate holdings of the Bangko Sentral which are not utilized or earmarked for use pursuant to its
objectives/regular business.
2. Department of Loans and Credit
• Implements the credit policies of the BSP;
• Extends loans and advances to banks and rediscounts;
• Conducts credit examination of banks; and
• Undertakes special studies on credit policies.
Currency Management Sub-sector
1. Cash Department

 Supplies and issues the currency requirements of the banking industry and services the currency exchange; and
 Acts as depository/custodian of cash, securities, gold and other forms of valuable assets.
2. Currency Issue and Retirement Office

 Manages the retirement of unfit/mutilated currencies withdrawn from circulation; and

 Safekeeps unissued notes and coins.
The Supervision and Examination Sector
 

1. Inclusive Finance Advocacy Staff

 Focuses on advocacy work with financial institutions to promote sustainable methods in the delivery of microfinance and the small
and medium enterprise banking services, organizing capacity-building with exposure activities within the BSP, liaising with the
Congress, other agencies, international organizations, other assistance providers, and the media to inform on the BSP activities and
to share knowledge, and conducting research and monitoring new developments in the field.
2. Central Administrative Services Group

 Undertakes sector wide services relating to personnel, budget and finance, records, facilities, property and supplies, and frontline
services administration of the SES.
Central Supervisory Support Sub-sector
1. SES Operations Management Group

 Provides dedicated support to the SES management in: (1) optimizing scarce examination resources to achieve timely and efficient
conduct of risk-based on-site examinations while keeping the professional staff up-to-date on their training requirements; and (2)
monitoring progress in the accomplishment of critical supervision tasks such as compliance with examination schedules, delivery of
Reports of Examination (ROE) and Institutional Overview (IO), and response to requests; and
 Assesses the training needs and capacity development requirements of the SES personnel, and develops the corresponding training
courses and other development interventions in coordination with the BSP Institute and the Human Resource Development
Department.
2. Central Applications and Licensing Group

 Evaluates requests of banks and non-banks which require approval of the BSP on matters such as the establishment of banks,
branching, equity investment outsourcing and in-sourcing, cross-selling, cash or stock dividend declaration, issuance of the Foreign
Currency Deposit Unit and quasi-banking licenses, acceptance of government deposits, issuance of long-term negotiable certificates
of deposits, offering demand deposit accounts, amendment of articles of incorporation and/or by-laws; and other similar
standardized tasks.
3. Financial Consumer Affairs Group

 Conducts advocacy initiatives aimed at educating and supporting the interest of the public on financial literacy issues, which include:
(1) assisting consumers on the resolution of complaints or disputes with BSP-supervised financial institutions; (2) initiating the
adoption of or modification of policies, rules and regulations in line with consumer protection laws and the BSP’s financial literacy
advocacy; and (3) liaising between the SES and the public, the legislative, and the financial sector with regard to consumer issues
related to the use of banking services.
4. Office of Supervisory Policy Development

 Functions as central policy research and development unit of the SES. It conducts continuing research on financial institutions
supervision requirements in line with evolving global standards and needs of the banking and financial system as a whole toward a
more proactive regulatory environment.
5. Supervisory Data Center

 Serves as the central collection, quality assurance, processing, and distribution point of all financial sector data coming into or being
released by the SES. It is responsible for developing and maintaining the financial system databases of the Sector in a state-of-the-
art data warehouse environment.

Supervision and Examination Sub-sector I

1. Core Information Technology Specialist Group

 Conducts information technology (IT) supervision and examination of banks and non-bank financial institutions (FIs), including
payments systems. Its focus is on determining the adequacy of the IT management and operational controls over data integrity and
confidentiality, and the assessment of attendant risk exposures.
2. Trust Specialist Group

 Specializes in examining risk exposure which may arise from the trust, other fiduciary business, and investment management activities
of FIs. It also formulates policies, guidelines, rules and regulations consistent/aligned with international best practices.
3. Capital Markets Specialist Group

 Specializes in the supervision and examination of capital market activities of BSP-supervised financial institutions (FIs) including
treasury operations, market and liquidity risk management, and trading of capital market products such as derivatives and complex
structured products.
4. Anti-Money Laundering Specialist Group

 Develops guidelines and regulations to support the anti-money laundering efforts of BSP-supervised financial institutions;
 Ensures effective implementation of said policies through examination services; and
 Conducts off-site monitoring to identify those FIs with operations that present an elevated risk of money laundering activities
5. Micro, Small and Medium Enterprise Finance Specialist Group
• Focuses on the specialized risk-based supervision and examination requirements of banks which have adopted a banking business model
dedicated to or highly exposed to the micro, small and medium enterprises.
6. Examination Departments I, II, and III

 Conduct on-site examination of universal banks and theirsubsidiaries/affiliates, commercial banks and their subsidiaries/affiliates,
foreign banks and their subsidiaries/affiliates, thrift and rural banks.
Supervision and Examination Sub-sector II
1. Integrated Supervision Department I

 Monitors and supervises cooperative banks and non-bank financial institutions, including investment houses with quasi-banking
and/or trust license and non-stock savings and loan associations (NSSLAs).
2. Integrated Supervision Department II

 Conducts supervision and examination of selected banks and non-bank FIs.

Supervision and Examination Sub-sector III
1. Regional Supervisory Services Divisions I and II (Cebu and Davao)

 Serve as the focal point of contact between the SES main office and the local banks and their customers in the region. Their primary
responsibility is to provide more timely frontline services relative to Manila in their operating area relating to various FI supervision
matters and consumer issues. They support and augment on-site examination and verification operations of the Central Point of
Contact.
2. Central Point of Contact Department I (CPCD I)

 Supervises banking groups and large banks that have complex operations and dynamic risk profiles. FIs under CPCD I include large
private universal/commercial banks, government banks, foreign banks, and large thrift banks that operate on a national scale.
3. Central Point of Contact Department II (CPCD II)

 Supervises banks operating on a regional and local level that comprise the overwhelming majority of the players in the banking
system. Banks under CPCD II include region and community-based thrift and rural banks, including microfinance-oriented banks.
The Resource Management Sector
 
1. Provident Fund Office

 Implements the rules/regulations governing the administration of the Provident and Housing Funds and carries out the policies and
directives adopted by the Board of Trustees of the Provident Fund; and
 Manages the Funds’ investment portfolio and the earnings derived from it.
2. Crisis Management Office

• Establishes and maintains a BSP Bankwide Master Crisis Plan considering linkages and inter-operability of all departmental crisis
plans.
3. Payments and Settlements Office

 Ensures the smooth flow of the country’s payments and settlements system through the Philippine Payments and Settlements System.
Management Services Sub-sector
1. Administrative Services Department

 Manages and performs property control, issuance of real and movable properties, warehousing, records management, printing of bank
circulars/internal issuances/forms, mail distribution and telephone switchboard operations.
2. Facilities Management and Engineering Department

 Ensures the general upkeep of the whole BSP Main Building Complex and premises; and
 Manages the operations and maintenance of all mechanical, electrical, electronic and auxiliary/accessory equipment systems of the
Bank.
3. Project Development and Management Office
• Supervises the renovation and construction of all offices and buildings of the BSP and the Philippine International Convention Center (PICC). It
also ensures strict enforcement and compliance with the provisions in the contracts entered into by the BSP and the PICC with architects,
contractors, and other parties.
4. Procurement Office
  Supports the Bids and Awards Committee;
 Assists approving authorities in the implementation of awards; and
 Keeps updated list of registered suppliers.
5. Security, Investigation and Transport Department

 Protects and safeguards installations, property, currency, documents/information and personnel of the BSP main office and the
Security Plant Complex as well as its field offices against loss through robbery, theft and other crimes, fire, natural and manmade
hazards;
 Provides security to currency shipments of the BSP; and
 Provides transport services; maintains the fleet of motor vehicles; operates the Bank’s Motor Pool.
Comptrollership Sub-sector
1. Budget Planning and Special Studies Group

 Serves as technical staff of the BSP Budget Committee in the formulation of budget guidelines, preparation of budget forms and
dissemination of information to different departments/offices/committees of the Bank;
 Reviews and analyzes budgetary estimates of income and expenses and proposals for capital expenditures and asset acquisitions
submitted by the Sector Heads.
2. Financial Accounting Department

 Performs the accounting/bookkeeping, budget administration and disbursement activities of the Bank.
Human Resource Sub-sector
1. Human Resource Development Department

 Implements a competency-based human resource system;

 Manages the development of the organization and its human capital by improving organizational performance through change and
development, and organizational planning and staffing; and
 Facilitates the attainment of individual employees' goals and those of the Bank through career and succession management, talent
development and personnel selection and placement.
2. Human Resource Management Department

 Delivers human resource services such as recruitment, appointment, performance evaluation, compensation and benefits, payroll,
leave and retirement and employee relations.
3. Bangko Sentral ng Pilipinas Institute

 Acts as the training arm of the BSP;

 Assesses the training needs of all Bank personnel; and
 Designs and administers various executive development/values enhancement courses, seminars or workshops for personnel of the BSP
as well as personnel of certain segments of the financial system on a continuing basis
4. Medical and Dental Clinic

 Provides medical and dental services such as consultations and treatments.

Information Technology Sub-sector
1. Policy Standards and Planning Group

 Establishes, monitors, and updates specific standards in the acquisition, development and implementation of application systems.
2. Enterprise Systems and Project Development Staff

 Provides enterprise IT solutions and close support to critical, technical and program management projects, from design, operations,
and system evolution.
3. IT Infrastructure and Operations Department

 Manages the computer environment of the Bank and ensures the efficient operation of all communication and technology
infrastructure.
4. Information Systems Support and Development Department

 Develops and maintains appropriate business or application software that enhances the effectiveness and efficiency of operations of
various departments/offices in the Bank.
The Security Plant Complex
 
1. Research and Development Group

 Conducts research and development studies on various aspects of the operations of the Security Plant Complex (SPC), especially on
banknote printing and coin minting operations.
2. SPC Financial Services and Data Management Group

 Prepares financial statements and consolidates cash flows, income statements and balance sheets for SPC;
 Records financial receipts and disbursements and processes bills for payment; and
 Coordinates data collection activities and provides technical support on software applications.
3. Banknotes Securities and Printing Department

 Manages and performs the printing of banknotes and other security documents (i.e. passports and land titles).
4. Mint and Refinery Operations Department

 Manages and performs the minting of coins, commemorative medals, and refines gold purchased from local panners/miners.
5. Department of General Services

 Manages the procurement of supplies, equipment, and services for the SPC and the general maintenance and upkeep of its facilities.
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 heads each of the BSP's operating sector as follows:

 Monetary Stability Sector takes charge of the formulation and implementation of the BSP’s monetary policy, including serving the
banking needs of all banks through accepting deposits, servicing withdrawals and extending credit through the rediscounting
facility.

 Supervision and Examination Sector enforces and monitors compliance to banking laws to promote a sound and healthy banking
system.

 Resource Management Sector serves the human, financial and physical resource needs of the BSP

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.
The major functions of the Monetary Board include the power to:
1.          Issue rules and regulations it considers necessary for the effective discharge of the responsibilities and exercise of the powers
vested in it;
2.         Direct the management, operations, and administration of Bangko Sentral, organize its personnel and issue such rules and
regulations as it may deem necessary or desirable for this purpose;
3.         Establish a human resource management system which governs the selection, hiring, appointment, transfer, promotion, or
dismissal of all personnel;
 4.         Adopt an annual budget for and authorize such expenditures by Bangko Sentral as are in the interest of the effective
administration and operations of Bangko Sentral in accordance with applicable laws and regulations; and
5.         Indemnify its members and other officials of 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 proceeding, to which any of them may be made a party by reason of the performance of his functions or
duties, unless such members or other officials is found to be liable for negligence or misconduct.
The BSP Monetary Board

 
Chairman
Amando M. Tetangco, Jr.
 
Members
Cesar V. Purisima
Juanita D. Amatong
Nelly Favis-Villafuerte
Alfredo C. Antonio
Ignacio R. Bunye
Peter B. Favila
The Governor
The Governor is the chief executive officer of BSP and is required to direct and supervise the operations and internal administration of BSP.
Specifically, the Governor:

 prepares the agenda for the meetings of the Monetary Board and submits policy recommendations for consideration of the Board;

 executes and administers policies and measures approved by the Monetary Board;

 appoints and fixes the remunerations and other emoluments of personnel, as well as imposes disciplinary measures upon personnel of
the Bangko Sentral;

 renders 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 BSP and laws pertaining to quasi-
banks, as well as regulations, policies or instructions issued by the Monetary Board, and the implementation thereof; and

 exercises such other powers as may be vested in him by the Monetary Board.
The Governor is the principal representative of the Monetary Board and of the BSP. As such, the Governor is empowered to:

 represent the Monetary Board and the BSP 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; and

 sign contracts entered into by the BSP, notes and securities issued by the BSP, all reports, balance sheets, profit and loss statements,
correspondence and other documents of the BSP.
Governor Amando M. Tetangco, Jr.
Past Governors