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Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (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 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte. 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 conceptualized 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. Under the Commonwealth, discussions continued regarding the idea of a Philippine central bank that would promote price stability and economic growth. The country's monetary system then was administered by the Department of Finance and the National Treasury, and the Philippine piso was on the exchange standard using the United States dollar, which was backed by 100 percent gold reserve, as the standard currency. As required by the Tydings–McDuffie Act, the National Assembly of the Philippines in 1939 passed a law establishing a central bank.

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Related concepts (12)
Filipinos
Filipinos (Mga Pilipino) are citizens or people identified with the country of the Philippines. The majority of Filipinos today come from various Austronesian peoples, all typically speaking Filipino, English or other Philippine languages. Currently, there are more than 185 ethnolinguistic groups in the Philippines each with its own language, identity, culture, and history. Names of the Philippines The name Filipino, as a demonym, was derived from the term las Islas Filipinas , the name given to the archipelago in 1543 by the Spanish explorer and Dominican priest Ruy López de Villalobos, in honor of Philip II of Spain.
Philippine peso
The piso, often called the peso in English (Philippine English: ˈpɛsɔː , ˈpiː- , plural pesos; piso ˈpiso, pɪˈso; sign: ₱; code: PHP), is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos. The peso has the symbol "₱", introduced during American rule in place of the original peso sign "$" used throughout Spanish America. Alternative symbols used are "PHP", "PhP", "Php", or just "P". The monetary policy of the Philippines is conducted by the Bangko Sentral ng Pilipinas (BSP), established on July 3, 1993, as its central bank.
Government of the Philippines
The government of the Philippines (Pamahalaan ng Pilipinas) has three interdependent branches: the legislative, executive, and judicial branches. The Philippines is governed as a unitary state under a presidential representative and democratic constitutional republic in which the president functions as both the head of state and the head of government of the country within a pluriform multi-party system.
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