Halog, Loremar Ellen D

BSA-3

Banko Sentral ng Pilipinas (BSP)

The Bangko Sentral ng Pilipinas (Central Bank of the Philippines)
commonly abbreviated as BSP in both Filipino and English. It was
established on July 3, 1993, pursuant to the provision of Republic Act 7653
or the New Central Bank Act as amended by RA No. 11211.

We have learned about the history of the BSP and also about the
BSP’s Mandate or the primary objectives of the BSP which they tackled
about the three pillars of Central Banking such as, the price stability
which they discussed the impact of extraordinarily high inflation on the
economy, the types of the inflation or the causes of the inflation, the
monetary policies or how does the BSP’s monetary policy work. The BSP’s
required action about the monetary policy is to slow down inflation by
implementing contractionary monetary policy. Second is the financial
stability, which they discussed about the operations of banks and financial
institutions are sound and stable while remaining supportive of the
country’s economic growth. And last but not the least is the efficient
payment and settlement systems of the BSP.
They also discussed about the responsibilities of the BSP in our
economy, the recent development in the Philippine growth story, the issues
or challenges and risks of the BSP, which we didn’t exactly know the
problems why we have the inflation issues in our economy. They also give
us the solutions for the issues that might happen inside the BSP. They also
give some ideas in how they process the productions in our country.
We should also need to know the other responsibilities of the BSP so
that we are aware about our money, not only how they create our money
but also we need to know how to handle properly our money. Remember
that issuing of money is not the solutions in our problems. We also need to
save money.