What are the responsibilities of BSP?
The BSP’s main responsibility is to formulate and implement policy in the areas of money, banking and credit with the primary objective of preserving price stability. By keeping price stable, the BSP helps ensure strong and sustainable economic growth and better living standards.
What are the functional sectors in BSP?
The BSP organizational structure is composed of (a) the Executive Management Services (EMS); (b) three functional sectors, namely: the Monetary Stability Sector, the Resource Management Sector, and the Supervision and Examination Sector; and (c) the Security Plant Complex (SPC).
What are the objectives functions and areas of BSP?
The BSP’s main primary objective is maintain price stability conducive to balanced and sustainable economic growth. The BSP also aims to promote and preserve monetary stability and the convertibility of the national currency. The BSP provides policy directions in the areas of money, banking and credit.
What are the 3 pillars of BSP?
This video talks about the role of the BSP in the economy through its three pillars of central banking: price stability, financial stability, and efficient payments and settlements system.
What is the role of BSP in the international flow of funds?
The BSP’s mandate on international operations under the purview of the International Operations Department is to support the promotion and maintenance of price stability, external sustainability, and the integrity and value of the Philippine peso through the effective management of external debt, foreign investments …
Who are the present officers of BSP?
The current members of the Monetary Board are:
- Benjamin Diokno – BSP Governor and Chairman of the Monetary Board. Francisco G. Dakila, Jr. –
- Carlos Dominguez III, Secretary of the Department of Finance.
- Antonio S. Abacan, Jr.
- V. Bruce J. Tolentino.
- Felipe M. Medalla.
- Peter B. Favila.
- Anita Linda Aquino.
What are the powers and duties of the governor of BSP?
The Governor
- Prepare the agenda for the meetings of the Monetary Board and to submit for the consideration of the Board the policies and measures that he believes to be necessary to carry out the purposes and provisions of said Act;
- Execute and administer the policies and measures approved by the Monetary Board;
What are the 7 roles actually played by the BSP?
Mandate, Functions & Responsibilities
- Monetary policy.
- Monetary Operations.
- Systemic Risk Management.
- Financial Supervision.
- Payments and Settlements System Oversight.
- Currency Management.
- Inclusive Finance.
- Loans and Credit Operations.
What is the BSP operating sector that is responsible for the operations activities related to monetary policy formulation implementation and assessment?
Monetary and Economics Sector is mainly responsible for the operations/activities related to monetary policy formulation, implementation, and assessment.
What are the 4 functions of money?
whatever serves society in four functions: as a medium of exchange, a store of value, a unit of account, and a standard of deferred payment.
When was the BSP established in 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 Central Bank of Philippines, which was established on 3 January 1949, as the country’s central monetary authority.
What is the primary objective of the BSP?
The BSP enjoys fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities. The primary objective of BSP’s monetary policy is to promote a low and stable inflation conducive to a balanced and sustainable economic growth.
Who is the chairman of the BSP Board?
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.
When was the Bangko Sentral ng Pilipinas established?
About the Bank. 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 Central Bank of Philippines, which was established on 3 January 1949,