Bangko Sentral ng Pilipinas
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| Headquarters | Manila, Philippines | ||
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| Coordinates | 14°33′39″N 120°59′18″E / 14.56083°N 120.98833°ECoordinates: 14°33′39″N 120°59′18″E / 14.56083°N 120.98833°E | ||
| Established | January 3, 1949 (original) July 3, 1993 (re-established due to the New Central Bank Act) |
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| Governor | Amando M. Tetangco, Jr. | ||
| Central bank of | Philippines | ||
| Currency |
Philippine peso PHP (ISO 4217) |
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| Reserves | US$81 billion | ||
| Bank rate | 3.50% | ||
| Website | www |
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The Bangko Sentral ng Pilipinas (lit. Central Bank of the Philippines; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993.
In 1900, the First Philippine Commission passed Act No. 52, which placed all banks under the Bureau of the Treasury and authorizing the Insular Treasurer to supervise and examine banks and all banking activity. In 1929, the Department of Finance, through the Bureau of Banking, took over bank supervision.
By 1933, a group of Filipinos had conceptualised a central bank for the Philippine Islands. It came up with the rudiments of a bill for the establishment of a central bank after a careful study of the economic provisions of the Hare–Hawes–Cutting Act, which would grant Philippine independence after 12 years, but reserving military and naval bases for the United States and imposing tariffs and quotas on Philippine exports. However, the Hare–Hawes–Cutting Act would be rejected by the Senate of the Philippines at the urging of Commonwealth President Manuel L. Quezon. This Senate then advocated a new bill that won United States President Franklin D. Roosevelt's support, this would be the Tydings–McDuffie Act, which would grant Philippine independence on July 4, 1946.
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