BANGKO SENTRAL NG PILIPINAS

(BSP)

GROUP 1:
Acbo, April Jane
Alabos, Roxette
Balisi, Michael
Dela Cruz, Kimberly
Desabille, Nica Bianca
Gustillo, Rachelle
Leongson, Maria Katrina
Mandac, Nomeldz Mae
Pilar, Floraiza
Vasquez, Sherie May

Bangko Sentral ng Pilipinas

It is establish on 3 of July 1993 pursuant to the provisions of the 1987 Philippines
Constitution and the New Central Bank Act 1993. The BSP took over the Central Bank of
Philippines, which was established on 3 of January 1949, as the countrys central monetary
authority. The BSP enjoys fiscal and administrative autonomy from the National Government in
the pursuit of its mandated responsibilities.

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 provision of the HareHawes Cutting bill, the Philippine independence bill approved by the US
Congress.
During Commonwealth period (1935-1941), the discussion about a Philippine
central bank that would promote price stability and economic growth continued.
The countrys 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% 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 interest. 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 the
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
result of the findings of the Joint Philippine-American Finance Commission
chaired by Mr. Cuaderno. The commission, which studied Philippines 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.
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 February 1948. 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.
On 29 of November 1972, President 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 systems 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.
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 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 another chapter in Philippine central banking.
In accordance with a provision a provision in the 1987 Constitution, President
Fidel V. Ramos signed into law Republic Act No. 7653, the New Central Bank Act,
on 14 of 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 of July 1993, the New Central Bank Act took effect.

The 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 conductive 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.

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 Republics Central Monetary Authority.

Liquidity Management the BSP formulated 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 convertability of
the Philipiines peso.
Determination of exchange rate policy the BSP determines the exchange rate
policy of the Philipines.
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.

Difference between CBP and BSP

Differences
LEGAL BASIS OF EXISTENCE

Bangko Sentral ng Pilipinas

Central Bank of the

Philippines

R.A 7653

R.A 265

PRIMARY OBJECTIVE

STATUS OF OPERATIONS

POLICY-MAKING BODY

CAPITALIZATION

COMPENSATION PACKAGE OF
PERSONAL

MANDATORY REPORTS TO
THE PRESIDENTS AND

Price Stability
Conductive to balance
and sustainable
Economic Growth

Government
corporation with fiscal
and administrative
authority
Monetary Board (7
Members)
Government of BSP
Member of the
cabinet
5 full time
representative from
private sector (all
appointed by the
president)

P50 billion
P10 billions of July 3,
1993 a balance of 40
billion to be paid by
the national
government within 2
yrs.
BSP government-fixed
by the president.
Monetary Board
members-fixed by the
president.
Personnel with 5620
and above are
exempted from the
guidelines of salary
standardization Law
(SSL)
Additional Reports:
Profits and loss

Internal and external

monetary stability
Monetary, credit and
exchange condition
Conductive to balance
and sustainable
Economic growth
Government
corporation

Monetary Board (7
members)
Government of CBP
Secretary of finance
Director general of
NEDA
Secretary of budget
Head of any other
financial or economic
agency or department
(3 part time members
from private sectors)
Initially, P10 million
under R.A 265

CBP government
under the SSL
Monetary Board
members-for every
meeting attended; set
by the president
All other personnel are
under the SSL.

Annual report
Statement of condition

CONGRESS

statement
Semestral review of
the state of financial
system
Laymans version of
annual report

Quarterly analysis of
financial
developments
Reports on abnormal
movement in
monetary aggregated
and general price level
(when necessary)

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
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 impose disciplinary measures upon personnel of the Bangko Sentral;
Renders opinions, decisions, or rulings, which shall be final and executor 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. Entities, public or private, whether domestic, foreign or
international; and
Sign contracts entered into the BSP, notes and securities issued by the
BSP, all reports, balance sheets, profit and loss statements,
correspondence and other documents 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 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 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 cost 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 of duties, unless such members or other officials is found to be
liable for negligence or misconduct.

Qualification and Disqualifications of Monetary Board Members

Qualification of Monetary Board Members
The members of the monetary board must be natural- born citizens of the Philippines,
at least forty-years (40) of age, of good moral character, of unquestionable integrity, of known
probity and patriotism, and with recognized competence in social and economic disciplines.

Disqualifications of Monetary Board Members

in addition to the disqualifications imposed by Republic Act No. 6713, a member of
Monetary Board is disqualified from being director, officer, employee, consultant, lawyer, agent
or stockholder of any bank, quasi bank or any other institution which subject to supervision of
examination by the Bangko Sentral, in which case such members shall resign from, and divest
himself of any and all interest in such institutions before assumption of office as members of
the Monetary Board.
The members of the Monetary Board coming from the private sector shall not hold any
other public employment during their tenure.

No person shall be a member of Monetary Board if he has been connected directly with
any multilateral banking institution or has a substantial appointment; likewise, no member of
the Monetary Board shall be employed In any such institution within two (2) years after the
expiration of his term except when he serves as an official representative of the Philippines
government to such institution.

BSP LOGO
Principal Elements:
1. The Philppine Eagle, our national bird, is the worlds largest eagle 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 BSPs 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 of 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 EXECUTIVE MANAGEMENT SERVICES

MONETARY BOARD
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 BSPs 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 bank wide 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
Assist the Anti-Money Laundering Council in implementing the provision of the AntiMoney Laundering Law, otherwise known as Republic Act 1960;
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
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.

FUNCTIONAL SECTORS
THE MONETARY STABILITY SECTOR
Deputy Governor 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. Centre for Monetary and Financial Policy
Conducts cutting-edge empirical and theoretical researches in the monetary, financial
and economic fields.
4. Economic and Financial Learning Centre
Serves as the primary and central source of the Bank in providing timely and relevant
information concerning economic and financial matters through collections of books,
and other reference materials, electronic resources, audio-visual materials, other
learning tools, mounting of exhibits, and information kiosks.
Internal Sub-sector
1. International Relations Department
Monitors and analyses regional global economic, financial, and trade development
issues, assesses impact on the Philippine economy, and submits reports, updates, and
recommendations on position and policy stance of the BSP thereon.
Facilitates the Banks 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 promotions 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 Banks 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.
Monetary Operations Sub-sector
1. Asset Management Department
Administers, preserve, 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;
Sales keeps unissued notes and coins
The Supervision and Examination Sector
Deputy Governor Supervision & 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 knowledgeable, 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

2.

3.

4.

5.

1.

2.

3.

requirements; and (2) monitoring progress in the accomplishment of critical supervision

task such as compliance with examination schedules, delivery of Reports of Examination
(ROE) and Institutional Overview (IO), and response to request; and
Assesses the training needs and capacity development requirements of the SES
development interventions in coordination with the BSP Institute and the Human
Resource Development Department.
Central Applications and Licensing Group
Evaluates request of banks and non-banks which require approval of the BSP on matters
such as the establishment of banks, branching, equity investment outsourcing and insourcing, 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.
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 BSPs 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.
Offices 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.
Supervisory Data Centre
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-ofthe-art data warehouse environment.
Supervision and Examination Sub-sector I
Core Information Technology Specialist Group
Conducts information technology (IT) supervision and examination of banks and nonbank financial institutions (FIs), including payments system. 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.
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.
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 examinations 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.
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 contract between the SES main office and the local banks and
their customers in the region. Theirs 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.
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 micro-financeoriented banks.
THE RESOURCE MANAGEMENT SECTOR
Deputy Governor Resource Management
1. Provident Fund Officer
Implementing the rules/regulations governing the administration of the provident and
housing funds 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 Bank wide Master Crisis Plan considering linkages and
inter-operability of all departmental crisis plans.

3. Payments and Settlements Office

Ensures the smooth flow of the countrys 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, and 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 Centre (PICC). It also ensures strict enforcement
and compliance with the provisions in the contractors 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 installation, 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 Banks
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 analyses 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 development, and organizational planning
and staffing;

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 course,
seminars or workshop 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 System 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

Office of the Security Plant Chief Superintendent
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 flow, 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.

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 Banks collection of currencies.

SECURITY PLANT COMPLEX

-is responsible for the production of the Philippine Currency. Its establishment enables the BSP
to have control of the supply, security and quality of the Philippine currency.
The core products of the SPC are the banknotes (paper money), circulation coins, refined gold
and silver, passports, seamens books and other security documents, as well as presidential medals and
state decorations.
The SPC which is located in Quezon City houses a banknote printing plant, a securities printing
plant, a mint and a gold refinery.

Governors of the Central Bank of the Philippines

Name of the Governor

Date started to retirement

Number of years term in the

position

Miguel S. Cuaderno Sr.

1st Governor of CBP
Andres V. Castillo
nd
2 Governor of CBP
Alfonso S. Calalang
3rd Governor of CBP
Gregorio S. Licaros Jr.
4th Governor of CBP
Jaime C. Laya
th
5 Governor of CBP
Jose Jobo B. Fernandez Jr.
6th Governor of CBP
Jose L. Cuisia Jr.
th
7 Governor of CBP

January 3, 1949
December 31, 1960
January 1, 1961
December 31, 1967
January 10, 1969
January 9, 1970
January 10, 1970
January 15, 1981
January 16, 1981
January 18, 1984
January 19, 1984
February 19, 1990
February 20, 1990
July 02, 1993

11 years
6 years
2 years
11 years
3 years
6 years
3 years

Governors of Bangko Sentral ng Pilipinas

Gabriel C. Singson
July 6, 1993
6 years
1st Governor of BSP
July 5, 1999
Rafael Carlos B. Buenaventura
July 6, 1999
6 years
nd
2 Governor of BSP
July 5, 2005
Amando M. Tetangco Jr.
July 6, 2005
6 years
3rd Governor of BSP
July 5, 2011
The term of the BSP Governor was only six years because the President
appointed them.

Under R.A 265 The Central Bank Act

The Deputy Governor and Members of the Monetary Board
Chairman: Miguel S. Cuaderno Sr.
o Deputy Governors:
1. Alfonso S. Calalang ( January 3, 1949 June 11, 1951)
2. Leonides S. Virata (May 19-31, 1952)
3. Andres V. Castillo (April 6, 1956 December 31, 1961)
o Monetary Board Members
1. Vicente Carmona
2. Delfin Buencamino
3. Jose Yulo
4. Antonio de las Alas
5. Rafael Corpus
6. Pio Pedrosa
Chairman: Andres V. Castillo
o Monetary Board Member:
1. Mariano B. Penaflorida
2. Marcelo S. Balatbat
3. Fernando E.V. Sison
4. Rodrigo Perez Jr.
5. Bienvinido Y. Dizon
6. Rafael S. Recto
Chairman: Alfonso S. Calalang
o Monetary Board Members:
1. Lorenzo Hernandez Jr.
2. Roberto S. Benedicto
3. Ramon Mitra
4. Cesar Zalamea
5. Cesar E.A Virata
6. Belen E. Gutierrez
Chairman: Gregorio S. Licaros
o Monetary Board Members:
1. Vicente G. Cinco
2. Amando M. Dalisay
3. Roberto T. Villanueva
4. Gaudencio E. Antonino
5. Dominador R. Aytona
6. Jaime C. Velasquez
Chairman: Jaime C. Laya
o Monetary Board Members:
1. Eusebio Villatuya
2. Vicente T. Paterno
3. Gerardo P. Sicat

4. Roberto V. Ongpin
5. Pacido L. Mapa Jr.
6. Cesar A. Buenaventura
Chairman: Jose B. Fernandez Jr.
o Monetary Board Members:
1. Jaime V. Ongpin
2. Jose S. Concepcion Jr.
3. Solita C. Monsod
4. Alberto G. Romulo
5. Jesus V. Ayala
6. Vicente R. Jayme
Chairman: Jose L. Cuisia Jr.
o Monetary Board Members:
1. Ramon R. Del Rosario Jr.
2. Luis F. Lorenzo Sr.
3. Filologo L. Pante Jr.
4. Florian A. Alburo
5. Jesus P. Estalisnao
6. Peter D. Garrucho Jr.

Under R.A 7653 The New Cental Bank Act

Chairman: Gabriel C. Singson

o Deputy Governors:
1. Edgardo P. Zialcita (Banking Services Sector)
2. Andre Navato (Resource Management Sector)
3. Alberto V. Reyes (Supervision and Examination Sector)
o Monetary Board Members:
1. Guilermo N. Carague
2. Manuel L. Morales
3. Rizalino Navarro
4. Aurelio Periquet Jr.
5. Inigo B. Regalado Jr.
6. Cayetano W. Paderanga
Chairman: Rafael Carlos B. Buenaventura
o Deputy Governors:
1. Alberto V. Reyes (Supervision and Examination Sector)
2. Armando I. Suratos (Resource Management Sector)
3. Amando M. Tetangco Jr. (Banking Services Sector, Research
and Treasury)
o Monetary Board Members:
1. Fe B. Barin
2. Melito S. Salazar Jr.
3. Vicente V. Valdepenas Jr.

4. Manuel Mar Q. Roxas II

5. Antonio L. Alindogan Jr.
6. Juan Quintos Jr.
Chairman: Amando M. Tetangco Jr.
o Deputy Governors:
1. Diwa C Guinigundo (Monetary Stability)
2. Nestor A. Espinilla Jr. (Supervision and Examination Sector)
3. Armando L. Suratos (Resource Management Sector)
o Monetary Board Members:
1. Juanita D. Amatong former Secretary of
Finance
2. Alfredo C. Antonio former CEO of DBP and
SBMA
3. Romulo L. Neri Director General of NEDA
4. Raul A. Boncan former Usec. Of DTI
5. Nelly F. Villafuerte former Usec. of DTI
6. Vicente B. Valdepenas former head of
NEDA