Choose a country
Philippines
Select a city
Select a city
Additional Information
English (PH)
Select country
Choose a country
Philippines
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Banks
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

BSP

Advertiser Disclosure

About bank

Bangko Sentral ng Pilipinas is the Central Bank of the Philippines, commonly abbreviated to BSP. Its headquarters is at the BSP Complex, Roxas Boulevard, Manila, Philippines. The BSP was incorporated on 3 July 1993, according to Republic Act 7653 or the New Central Bank Act of 1993 (as amended by Republic Act 11211 or the New Central Bank Act).

Features

Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on 3 July 1993 under the Philippine Constitution of 1987 and the New Central Bank Act of 1993. The BSP took over the functions of the Central Bank of the Philippines, which was established on 3 January 1949 as the country's central monetary authority.

BSPs enjoy financial and administrative autonomy from the central government in performing their mandated functions such as liquidity management, issuing the national currency, supervision of other financial institutions, managing and maintaining all foreign currency reserves, determining exchange rate policies, and more.

The bank actively promotes financial inclusion policies and is a senior Alliance for Financial Inclusion member. It was also one of the first 17 regulatory bodies to make specific national commitments on financial inclusion under the Maya Declaration at the 2011 Global Policy Forum in Mexico.

Pros and cons

The BSP offers several services to its users across the nation. Here are a few pros and cons of this institution.

Pros

  • They offer 24/7 customer service with the use of their BSP online buddy.

  • They maintain a healthy level of international reserves to support liquidity during periods of exchange rate and balance of payments volatility.

  • They provide an enabling policy and regulatory environment.

Cons

  • They are more focused on the business sector.

  • They are only trying to encourage and defend the development of sustainable microfinance businesses.

Products

Below are some of the products and services issued by the BSP.

Liquidity management

BSP manages liquidity through the formulation and implementation of monetary policy to influence the money supply, in line with the primary objective of maintaining price stability.

Issuing of currency

BSP has the exclusive authority to issue its currency. All banknotes and coins issued by BSP are fully insured by the government and are considered legal tender for all private and public debt.

Lenders of last resort

BSP provides discounts, credits, and loans to banking institutions for liquidity. BSP is also tasked with supervising banks and exercising regulatory powers over non-banking institutions that perform bank-like functions.

Managing foreign exchange reserves

BSP manages all foreign exchange reserves in the Philippines. They do this by maintaining international reserves sufficient to meet all foreseeable net foreign exchange needs to maintain global stability and convertibility of the Philippine peso.

Exchange rate policy decision making

BSP makes all currency policy decisions in the Philippines. BSP is currently pursuing a market-oriented exchange rate policy.

Governmental duties

BSP functions as a banker, financial advisor, and official depositary of the government, its political departments, government agencies, and the GOCC.

Bangko Sentral ng Pilipinas

FAQ

What is Bangkok Sentral ng Pilipinas?

Bangko Sentral ng Pilipinas is the Central Bank of the Philippines, which was incorporated on 3 July 1993, with its headquarters at the BSP Complex, Roxas Boulevard, Manila, Philippines. 

Who owns Bangko Sentral ng Pilipinas?

The Bangko Sentral ng Pilipinas is owned independently of the government, with Felipe Medalla as its current governor.

Is Bangko Sentral ng Pilipinas a legitimate company?

Bangko Sentral ng Pilipinas is the Central Bank of the Philippines that controls all its banking operations. The Philippine government governs the organization.

What role does the Bangko Sentral ng Pilipinas play in establishing the bank?

The Bangko Sentral should monitor the payment and settlement systems in the Philippines, including crucial financial market infrastructures. This promotes sound and responsible behavior commensurate with maintaining financial stability.

Is the Bangko Sentral ng Pilipinas a bank?

The BSP is a bank for other banks. BSP extends loans, discounts, and advances to banking establishments to steer the extent of credit score constant with the goal of rate balance and protection of economic equilibrium.

Who approved the establishment of the BSP in the Philippines?

Ramos endorsed Republic Act No. 7653, the New National Bank Act, on 14 June 1993. The law accommodates the foundation of autonomous money-related power to be known as the Bangko Sentral ng Pilipinas, with the support of cost dependability unequivocally expressed as its essential goal.

Company documents

Terms of use
Privacy Policy

Naghahangad ang BSP na makilala sa buong mundo bilang pangunahing tagapamahala ng sistema at kaayusan ng pananalapi at ekonomiya upang maitaguyod ang mataas na antas ng kabuhayan para sa lahat ng Filipino.​

© BANGKO SENTRAL NG PILIPINAS
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All BSP’s reviews by december 2022
Leave feedback

Similar companies

OFBank
Liwasang Bonifacio 1000 Manila
(+632) 8-405-7000
Rural Bank of Angeles
Corner Miranda Street Sto. Entierro Street Barangay Sto. Rosario Angeles City, Pampanga
+639189679452
1st Valley Bank
1VB Business Center, Vamenta Blvd. Cor. Lirio St. Carmen, Cagayan De Oro City, Misamis Oriental, Philippines 9000
0917 820 8542
MSCB
IDC Centre, Kalayaan Avenue, Cor. Zapote St.,Brgy. Sta. Cruz Makati City
897-9046 local 202 to 203
WealthBank
Taft Financial Center, Cardinal Rosales Ave, Cebu City, 6000 Cebu
091732-WBANK (92265)