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Plays a vital role in the development of the economy Its main functions are to implement the monetary policies and to give necessary support to the different financial institutions of the country The manipulation and control of money supply and even credit conditions in the economy This is strictly implemented when financial crisis occurs Are the ones implementing the monetary policy Its function is to have balanced economy which means investments and savings are equal These institutions are responsible for the smooth transfer of money within the economy, stability of money supply and control of inflation – 8.1 financial institutions are classified according to their functions and objectives Is an institution for lending, borrowing, issuing, or managing money It receives the money deposited by people including the government Serves as the middleman between people who have a lot of money and people who need capital for business expansion The largest among the bank in terms of functions Are those that accept all kinds of deposits including savings deposit, time deposits and give out loans for business housing and automobile They also accept letter of credit bill of exchange and other instruments of credit from businessmen This is the unified system of different commercial banks Is used in their transactions Is also known as a saving bank It encourages people to save portion of their income in banks The most common kind of bank Gives loan and accepts deposit from the members -21.2 types of thrift bank accepts deposits that can be used by small and medium – scale businessmen encourages people to save in the bank it accepts pawned items as collateral for loans aims to help farmers to have capital it needs 2 million pesos to be established are banks that take care of the properties and funds of people like minors who have no power to care for their properties they also manage funds and properties of church and other charitable institutions there are also banks that were organized with specific functions and objectives it includes banks that will look after the welfare of the small farmers and businessmen and the Muslims types of special banks (3) became the main bank of the Philippines after the PNB was privatized it accepts other forms of deposits to have more capital it is the only bank in the Philippines that is authorized to offer Islamic banking it is also licensed to do both commercial and investment banking services similar to a universal bank it was signed by Pres. Cory Aquino was established to help the government in improving our economy it gives financial help to promote the different economic projects and programs in agriculture and industry

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it also provides loans to small and medium scale industries with minimal interests types of international banks(3) it aims to provide economic and social support to the developing member countries through loans and technical loans was established to provide loans to the member countries is being borrowed by member countries to pay for their trade deficit also provides short term loans act as central bank they regulate and control the value of the currency or the borrowing country gives long term loans created to safeguard the interest and welfare of all government employees aims to provide support to all members that come from the private sectors it was established to help the members have their own houses it receives contributions from its members from the government, private employees and OFW it was created through RA No. 1992 it was created through Presidential Decree No. 1267 which aims to help individuals to own a house and lot through modes of installment is one of the business ventures that serve as middleman to all individuals who need financial help it accepts anything of value as collateral to their loan is the bank of banks it is a central institution designed to bring about unified control of the financial system of the country it is public institution that operates primarily for service and not for profit it deals only with banking system and not directly with private customers and does not compete with the commercial banks its primary objective is to maintain internal and external monetary stability the CBP was created through the first governor who started the exchanged control program CMA was created through CMA also known as It was signed into law by pres. Fidel Ramos The CMA is called The highest policy making body in the BSP It represents the interest rate charged by BSP to the bank debtor The % of deposits to be kept in the banks as reserves depends on the current policy of the BSP It represents the debt of the government Is the sole power of the BSP to mint money and require it to be honored in any transactions Is to encourage the different banks to control the supply of money in the circulation