Overview of the BSP

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 the Central Bank
of Philippines, which was established on 3 January 1949, as the country’s central monetary
authority. The BSP enjoys fiscal and administrative autonomy from the National Government in
the pursuit of its mandated responsibilities.

The BSP Seal

The new BSP logo is a perfect round shape in blue that features three gold stars and a
stylized Philippine eagle rendered in white strokes. These main elements are framed on the left
side with the text inscription “Bangko Sentral ng Pilipinas” underscored by a gold line drawn in
half circle. The right side remains open, signifying freedom, openness, and readiness of the BSP,
as represented by the Philippine eagle, to soar and fly toward its goal. Putting all these elements
together is a solid blue background to signify stability.

Principal Elements:
1. The Philippine Eagle, our national bird, is the world’s largest eagle and is a symbol of
strength, clear vision and freedom, the qualities we aspire for as a central bank.
2. The three stars represent the three pillars of central banking: price stability, stable banking
system, and a safe and reliable payments system. It may also be interpreted as a geographical
representation of BSP’s equal concern for the impact of its policies and programs on all
Filipinos, whether they are in Luzon, Visayas or Mindanao. 

Colors:
1. The blue background signifies stability. 
2. The stars are rendered in gold to symbolize wisdom, wealth, idealism, and high quality. 
3. The white color of the eagle and the text for BSP represents purity, neutrality, and mental
clarity.

Font Family:
Non-serif, bold for “BANGKO SENTRAL NG PILIPINAS” to suggest solidity, strength, and
stability. The use of non-serif fonts characterized by clean lines portrays the no-nonsense
professional manner of doing business at the BSP.
Shape:
Round shape to symbolize the continuing and unending quest to become an excellent monetary
authority committed to improve the quality of life of Filipinos. This round shape is also
evocative of our coins, the basic units of our currency.

 Our Institution

A group of Filipinos had conceptualized a central bank for the Philippines as early as
1933. It came up with the rudiments of a bill for the establishment of a central bank for the
country after a careful study of the economic provisions of the Hare-Hawes Cutting bill, the
Philippine independence bill approved by the US Congress.

Subsequent changes sought to enhance the capability of the Central Bank, in the light of a
developing economy, to enforce banking laws and regulations and to respond to emerging central
banking issues. Thus, in the 1973 Constitution, the National Assembly was mandated to establish
an independent central monetary authority. Later, PD 1801 designated the Central Bank of the
Philippines as the central monetary authority (CMA). Years later, the 1987 Constitution adopted
the provisions on the CMA from the 1973 Constitution that were aimed essentially at
establishing an independent monetary authority through increased capitalization and greater
private sector representation in the Monetary Board.

The administration that followed the transition government of President Corazon C.

Aquino saw the turning of another chapter in Philippine central banking. In accordance with a
provision in the 1987 Constitution, President Fidel V. Ramos signed into law Republic Act No.
7653, the New Central Bank Act, on 14 June 1993. The law provides for the establishment of an
independent monetary authority to be known as the Bangko Sentral ng Pilipinas, with the
maintenance of price stability explicitly stated as its primary objective. This objective was only
implied in the old Central Bank charter. The law also gives the Bangko Sentral fiscal and
administrative autonomy which the old Central Bank did not have. On 3 July 1993, the New
Central Bank Act took effect.

BSP History

A group of Filipinos had conceptualized a central bank for the Philippines as early as
1933. It came up with the rudiments of a bill for the establishment of a central bank for the
country after a careful study of the economic provisions of the Hare-Hawes Cutting bill, the
Philippine independence bill approved by the US Congress.

During the Commonwealth period (1935-1941), the discussion about a Philippine central
bank that would promote price stability and economic growth continued. The country’s monetary
system then was administered by the Department of Finance and the National Treasury. The
Philippines was on the exchange standard using the US dollar—which was backed by 100
percent gold reserve—as the standard currency.

  In 1939, as required by the Tydings-McDuffie Act, the Philippine legislature passed a

law establishing a central bank. As it was a monetary law, it required the approval of the United
States president. However, President Franklin D. Roosevelt disapproved it due to strong
opposition from vested interests. A second law was passed in 1944 during the Japanese
occupation, but the arrival of the American liberalization forces aborted its implementation.

Shortly after President Manuel Roxas assumed office in 1946, he instructed then Finance
Secretary Miguel Cuaderno, Sr. to draw up a charter for a central bank. The establishment of a
monetary authority became imperative a year later as a result of the findings of the Joint
Philippine-American Finance Commission chaired by Mr. Cuaderno. The Commission, which
studied Philippine financial, monetary and fiscal problems in 1947, recommended a shift from
the dollar exchange standard to a managed currency system. A central bank was necessary to
implement the proposed shift to the new system.

Immediately, the Central Bank Council, which was created by President Manuel Roxas to
prepare the charter of a proposed monetary authority, produced a draft. It was submitted to
Congress in February1948. By June of the same year, the newly-proclaimed President Elpidio
Quirino, who succeeded President Roxas, affixed his signature on Republic Act No. 265, the
Central Bank Act of 1948. The establishment of the Central Bank of the Philippines was a
definite step toward national sovereignty. Over the years, changes were introduced to make the
charter more responsive to the needs of the economy. On 29 November 1972, Presidential
Decree No. 72 adopted the recommendations of the Joint IMF-CB Banking Survey Commission
which made a study of the Philippine banking system. The Commission proposed a program
designed to ensure the system’s soundness and healthy growth. Its most important
recommendations were related to the objectives of the Central Bank, its policy-making
structures, scope of its authority and procedures for dealing with problem financial institutions.

  Subsequent changes sought to enhance the capability of the Central Bank, in the light of a
developing economy, to enforce banking laws and regulations and to respond to emerging central
banking issues. Thus, in the 1973 Constitution, the National Assembly was mandated to establish
an independent central monetary authority. Later, PD 1801 designated the Central Bank of the
Philippines as the central monetary authority (CMA). Years later, the 1987 Constitution adopted
the provisions on the CMA from the 1973 Constitution that were aimed essentially at
establishing an independent monetary authority through increased capitalization and greater
private sector representation in the Monetary Board.

The administration that followed the transition government of President Corazon C.

Aquino saw the turning of another chapter in Philippine central banking. In accordance with a
provision in the 1987 Constitution, President Fidel V. Ramos signed into law Republic Act No.
7653, the New Central Bank Act, on 14 June 1993. The law provides for the establishment of an
independent monetary authority to be known as the Bangko Sentral ng Pilipinas, with the
maintenance of price stability explicitly stated as its primary objective. This objective was only
implied in the old Central Bank charter. The law also gives the Bangko Sentral fiscal and
administrative autonomy which the old Central Bank did not have. On 3 July 1993, the New
Central Bank Act took effect.

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Chronology of Events: Central Banking in the Philippines

 1900

1900

Act No. 52 was passed by the First Philippine Commission placing all banks under the
Bureau of Treasury. The Insular Treasurer was authorized to supervise and examine
banks and banking activities.

 1929

February 1929

The Bureau of Banking under the Department of Finance took over the task of banking
supervision.

 1939

1939

A bill establishing a central bank was drafted by Secretary of Finance Manuel Roxas and
approved by the Philippine Legislature. However, the bill was returned by the US
government, without action, to the Commonwealth Government.

 1946

1946

A joint Philippine-American Finance Commission was created to study the Philippine

currency and banking system. The Commission recommended the reform of the monetary
system, the formation of a central bank and the regulation of money and credit. The
charter of the Central Bank of Guatemala was chosen as the model of the proposed
central bank charter.

 1947

August 1947

A Central Bank Council was formed to review the Commission’s report and prepare the
necessary legislation for implementation.

 1948

February 1948
 President Manuel Roxas submitted to Congress a bill “Establishing the Central Bank of
the Philippines, defining its powers in the administration of the monetary and banking
system, amending pertinent provisions of the Administrative Code with respect to the
currency and the Bureau of Banking, and for other purposes.

 1948

15 June 1948

The bill was signed into law as Republic Act No. 265 (The Central Bank Act) by
President Elpidio Quirino.

 1949

3 January 1949

The Central Bank of the Philippines (CBP) was inaugurated and formally opened with
Hon. Miguel Cuaderno, Sr. as the first governor. The broad policy objectives contained in
RA No. 265 guided the CBP in the implementation of its duties and responsibilities,
particularly in relation to the promotion of economic development in addition to the
maintenance of internal and external monetary stability.

 1972

November 1972

RA No. 265 was amended by Presidential Decree No. 72 to make the CBP more
responsive to changing economic conditions. PD No. 72 emphasized the maintenance of
domestic and international monetary stability as the primary objective of the CBP.
Moreover, the CBP’s authority was expanded to include not only the supervision of the
banking system but also the regulation of the entire financial system.

 1981

January 1981

Further amendments were made with the issuance of PD No. 1771 to improve and
strengthen the financial system, among which was the increase in the capitalization of the
CBP from P10 million to P10 billion.

 1986

1986

Executive Order No. 16 amended the Monetary Board membership to promote greater
harmony and coordination of government monetary and fiscal policies.
  1993

3 July 1993

The Bangko Sentral ng Pilipinas (BSP) was established to replace the CBP as the
country’s central monetary authority.

BSP Vision & Mission

The BSP Vision

The BSP aims to be recognized globally as the monetary authority and primary financial system
supervisor that supports a strong economy and promotes a high quality of life for all Filipinos.

The BSP Mission

To promote and maintain price stability, a strong financial system, and a safe and efficient
payments and settlements system conducive to a sustainable and inclusive growth of the
economy.

Filipino Version

Ang Bisyon ng BSP

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.

Ang Misyon ng BSP

Itaguyod at panatilihin ang katatagan ng presyo ng mga bilihin at ng sistemang pinansyal, at ng

mahusay, ligtas at maaasahang pamamaraan ng pagbabayad upang makatulong sa patuloy na
paglago ng ekonomiya at pag-angat ng kabuhayan ng lahat ng mga Filipino.

Three Pillars of Central Banking

Price Stability
The first pillar of central banking is price stability.

Financial Stability
The second pillar of central banking is financial stability.

Payments and settlements system

The third pillar of central banking is the payments and settlements system.
BSP Values

Functions & Operations

Objectives

The BSP’s primary objective is to maintain price stability conducive to a balanced and
sustainable economic growth. The BSP also aims to promote and preserve monetary stability and
the convertibility of the national currency.

Responsibilities

The BSP provides policy directions in the areas of money, banking and credit. It supervises
operations of banks and exercises regulatory powers over non-bank financial institutions with
quasi-banking functions.

Under the New Central Bank Act, the BSP performs the following functions, all of which
relate to its status as the Republic’s central monetary authority.

 Liquidity Management. The BSP formulates and implements monetary policy aimed at
influencing money supply consistent with its primary objective to maintain price stability.
 Currency issue. The BSP has the exclusive power to issue the national currency. All notes
and coins issued by the BSP are fully guaranteed by the Government and are considered
legal tender for all private and public debts.
 Lender of last resort. The BSP extends discounts, loans and advances to banking
institutions for liquidity purposes.
 Financial Supervision. The BSP supervises banks and exercises regulatory powers over
non-bank institutions performing quasi-banking functions.
 Management of foreign currency reserves. The BSP seeks to maintain sufficient
international reserves to meet any foreseeable net demands for foreign currencies in order
to preserve the international stability and convertibility of the Philippine peso.
 Determination of exchange rate policy. The BSP determines the exchange rate policy of
the Philippines. Currently, the BSP adheres to a market-oriented foreign exchange rate
 policy such that the role of Bangko Sentral is principally to ensure orderly conditions in
the market.
 Other activities. The BSP functions as the banker, financial advisor and official
depository of the Government, its political subdivisions and instrumentalities and
government-owned and -controlled corporations.
BSP Hymn

HIMNO BANGKO SENTRAL

Tungkulin ng Bangko Sentral
Ang palusugin ang kabuhayan
Ipagtanggol, ipaglaban
Kabutihan ng Inang Bayan
 
Bangko Sentral ng Pilipinas
Ang layunin mo ay sadyang wagas;
Antas ng buhay ay iyong itaas;
Sa kaunlarang ‘di magwawakas.
 
Bangko Sentral ng Pilipinas
Nasa palad mo ang tanging lunas;
Antas ng buhay ay iyong itaas;
Sa kaunlarang ‘di magwawakas.
 
Bangko Sentral ng Pilipinas
Puso at Diwa ay sa Bayan

Our People
 Financial Supervision Sector (FSS) – mainly responsible for the regulation of banks and
other BSP-supervised financial institutions, as well as the oversight and supervision of
financial technology and payment systems
 Monetary and Economics Sector (MES) - mainly responsible for the operations/activities
related to monetary policy formulation, implementation, and assessment
 Currency Management Sector (CMS) – mainly responsible for the forecasting,
production, distribution, and retirement of Philippine currency, as well as security
documents, commemorative medals, and medallions
 Corporate Services Sector (CSS) – mainly responsible for the effective management of
corporate strategy, communications, and risks, as well as the BSP’s human, financial,
technological, and physical resources to support the BSP’s core functions
Monetary Board

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BENJAMIN E. DIOKNO

Governor and Chairman of the Monetary Board

Dr. Diokno is the current Governor of the Bangko Sentral ng Pilipinas (BSP). He finished his
Bachelor’s Degree in Public Administration from the University of the Philippines (1968), and earned his
Master’s Degree in Public Administration (1970) and Economics (1974) from the same university. He also
holds a Master of Arts in Political Economy (1976) from the Johns Hopkins University in Baltimore,
Maryland, USA and a Ph.D. in Economics (1981) from the Maxwell School of Citizenship and Public
Affairs, Syracuse University in Syracuse, New York, USA. 

Prior to his appointment as BSP Governor, he served as Budget Secretary from 2016 to 2019. On
his third tour of duty at the Department of Budget and Management (DBM), he pursued an
expansionary fiscal policy to finance investments in human capital development and public
infrastructure.

His policy expertise and research contribution extend to various areas of public economics, such
as the structure and scope of government, tax policies and reforms, public expenditure management
analysis, fiscal decentralization, national budget and public debt among other topics. He has extensive
experience in implementing reforms at the public sector, having also served as Budget Undersecretary
from 1986 to 1991 and Budget Secretary from 1998 to 2001.

He is Professor Emeritus of the University of the Philippines-Diliman. Over more than 40 years,
he taught the following courses: Public Sector Economics, Microeconomics, Macroeconomics,
Development Economics and Special Topics (e.g., Public Enterprises Investment and Pricing Policies;
Public Sector Reforms; Local Government Finance, etc.). He was also Chairman of the Board of Trustees
of the Pamantasan ng Lungsod ng Maynila (City University of Manila).

He served as Fiscal Adviser to the Philippine Senate.  He also served as Chairman and CEO of the
Philippine National Oil Company (PNOC) and Chairman of the Local Water Utilities Administration. 

Some of the major policy reform contributions of Dr. Diokno include: providing technical
assistance to the 1986 Tax Reform Program to simplify the income tax system and introduce the value-
added tax, helping design the 1991 Local Government Code of the Philippines, initiating a What-You-
See-Is-What-You-Get policy to streamline the release of funds, sponsoring the internationally-lauded
Government Procurement Reform Act to modernize, regulate, and standardize government
procurement activities in the Philippines.

 
 He served as an adviser and consultant to various multilateral agencies like the World Bank,
Asian Development Bank, European Commission, and USAID for work in the Philippines, China and
transitioning economies like Vietnam, Cambodia, and Mongolia.

He has also participated in numerous international conferences hosted by the IMF, ADB, World
Bank, APEC, UN among other international organizations. Beyond this, he has authored numerous
publications and discussion papers regarding his research interests that have been published in
academic journals and policy reports. 

CARLOS G. DOMINGUEZ III

Monetary Board Member

Finance Secretary and Monetary Board Member Carlos “Sonny” Dominguez III has over 40 years
of experience managing various organizations in the public and private sectors. He was a shareholder,
and board chairman or member of over a dozen corporations across various industries such as power,
agriculture, mining, banking, hospitality, real estate, and investment.

Notable positions held by Sec. Dominguez were Cabinet Secretary of the Environment and
Natural Resources and Agriculture during the Presidency of Corazon Aquino, past president of leading
Philippine corporations such as the Philippine Airlines and the Philippine Associate Smelting and Refining
Corporation, and the former Bank of the Philippine Islands Agricultural Bank.

He has a Master’s Degree in Business Administration from Ateneo De Manila University and
attended the Executive Management Program at the Stanford University.

Sec. Dominguez took his oath of office on August 4, 2016 as President Rodrigo Duterte’s
designated Cabinet Member representative to the Monetary Board, completing the seven-member MB.

FELIPE M. MEDALLA

Monetary Board Member

Dr. Felipe Medalla is a noted economist whose career began in the academe but whose
expertise has enabled him to serve in a Cabinet-rank position in the national government and now as
part of the policy-making body of the Bangko Sentral ng Pilipinas.

After graduating cum laude with a degree in Economics-Accounting from De La Salle University
in 1970 and passing the CPA board exam the following year, Dr. Medalla joined the University of the
Philippines School of Economics (UPSE) in 1976 as a Junior Instructor while taking up his master’s degree
in economics at the same school. He went on to earn his doctorate degree in economics at the
Northwestern University, Illinois, USA in 1983. Upon returning, he served as Vice President for Planning
and Finance of the University of the Philippines from 1988-1991.

Dr. Medalla was conferred full Professor status in 1991. He continues to teach at the UPSE
where he also served as Dean from 1994-1998. Some of his formers students who are now BSP officers
include Dir. Zeno Abenoja Department of Economic Research, Dep. Dir. Ma. Teresa Dueñas of
International Relations Department and Deputy Director Dennis Lapid of Department of Economic
Research, among others.

In 1998, Dr. Medalla was named Secretary for Socioeconomic Planning and Director General of
the National Economic and Development Authority (NEDA) until 2001. Prior to that, he was a member of
the Presidential Task Force on Tax and Tariff Reform.

He has provided consultancy services to government agencies and international organizations.

He also sits on the board of the Philippine National Oil Company since 2010 and Metro Pacific Tollways
Corporation and Asia United Bank (as independent director) since 2009.

Dr. Medalla was President of the Philippine Economic Society in 1996 and, since 2002, was
Chairman of the Foundation for Economic Freedom, an advocacy institution primarily engaging in public
diplomacy to promote economic issues.

Dr. Medalla was sworn into office as member of the Monetary Board on July 4, 2011.

JUAN D. DE ZUÑIGA, JR.

Monetary Board Member

MBM Juan D. de Zuñiga, Jr.'s long career in central banking spans about three decades. He
retired on May 23, 2013 as Deputy Governor of the Resource Management Sector and Security Plant
Complex, and as concurrent General Counsel of the BSP. MBM de Zuñiga served as consultant of the BSP
on legal, legislative and resource management matters in the interim, until he was appointed to the
Monetary Board on May 9,2014 to to serve the remaining term of former MB Member Ignacio Bunye
who advanced his retirement. MB De Zuñiga was appointed to the Monetary Board by President
Benigno S. Aquino III on July 24, 2014 to a full, six-year term.

  In the course of his tenure as Deputy Governor and General Counsel, MBM de Zuñiga served the
BSP with integrity and distinction. He was actively involved in important legislative measures such as the
Anti-Money Laundering Act and the Special Purpose Vehicle Act. He also spearheaded high profile legal
proceedings which sustained the actions of the Monetary Board against perpetrators of bank
irregularities. MBM de Zuñiga is also a resource person of the Philippine Judicial Academy on banking
laws, and of the Bankers Institute of the Philippines on good corporate governance.

 
 MBM de Zuñiga took up his Bachelor of Arts and Bachelor of Laws at the Far Eastern University.
He placed fifth in the bar examinations. He is married to Atty. Zenaida Peñaflor. They have a son, John,
married to Atty. Raya Avariza V. Saber. He has two grandchildren, Mojo and Yuan.

PETER B. FAVILA

Monetary Board Member

MBM Peter Favila spent most of his professional life in banking and finance.  His expertise is
deeply-rooted coming from four decades of banking experience spanning a breadth of disciplines –
investments and merchant banking, treasury and trading, credit operations, human resources
management and general management.  He capped his career in private banking by leading three (3)
consecutive banks – Security Bank, Philippine National Bank and Allied Banking Corporation.  He was
President and later, Chair, of the Philippine Stock Exchange and the Securities Clearing Corporation.

His career in government started, when in 1995, he was appointed by President Fidel V. Ramos
as President/CEO of the then government-owned Philippine National Bank (PNB).  Thereafter, during the
administration of President Gloria Macapagal-Arroyo, he served as Economic Adviser to the House of
Representative and Presidential Adviser on Infrastructure Finance.  It was at the helm of the Department
of Trade and Industry (DTI) in 2005, when he served as Secretary for more than 5 years, that he made a
strong mark in government service.

As DTI Secretary, he was referred to as the champion of consumers fighting violators of price
regulations, product standards and fair trade laws; as the top salesman for the Philippines in
international roadshows to bring in foreign investments; as a tough trade negotiator fighting for market
access and voice for developing countries; and as a dynamic member of the Philippine Economic Team,
shaping public policy towards sustainable growth and development.

Favila credits his banking and finance background in helping him approach his mandate in DTI
with a more practical mindset – creating wealth.  He shaped the services and programs of DTI on
investment and export promotion and Small and Medium-sized Enterprise (SME) and industry
development towards creating the right institutional support to ensure that access to opportunity and
its conversion into wealth is spread across a greater number of Filipinos all over the country.  Guided by
this, he championed Micro, Small and Medium Enterprises (MSMEs), streamlined business processes,
and looked after the welfare of consumers and employees.  Believing that dignity should be accorded to
each Filipino, he worked along the mantra that growth should emanate from the bottom rather than let
people wait for the rewards of development to trickle down. 

He came full circle in his banking and government careers when he was appointed Member of
the Monetary Board in 2008 as National Government Representative and as full-time member
representing the private sector (2010-2014).  He brought to this role years of experience in the banking
sector, financial markets, real sector, and international trade to contribute to the development of sound
and stable monetary policy.  As MBM, he gained proper grounding on the BSP’s mission in contributing
to global competitiveness and ensuring sustainable economic growth and stability.  He also served as
Chair of the Board Risk Oversight Committee, member of the Corporate Audit Committee and an adviser
to the MSME Committee.  At the Monetary Board, he continued to apply his philosophy of simple no-
nonsense approaches backed by strong political will in pushing for reforms meant to save on resources
and streamline processes.  He also focused on mentoring middle managers in the bank thus ensuring his
years of experience benefit the next generation of banking leaders. 

Favila’s contributions, whether in the private or government sector, have been well recognized. 
Among many accolades, he treasures those coming from his alma maters – Most Outstanding
Thomasian Award (University of Santo Tomas) and Outstanding Bedan (San Beda College).  His most
distinguished awards have come from heads of states.  From former Philippine President Gloria
Macapagal-Arroyo, he received the Order of Lakandula, Rank of Bayani.  From King Juan Carlos I of
Spain, he was honored with the Gran Cruz Orden de Isabel la Catolica and was conferred with the Order
of the Rising Sun, Gold and Silver Star by Emperor Akihito of Japan in December 2015.

In his current role as Monetary Board Member, serving his second term, Peter Favila contributes
more than the sum of his experiences.  At his core, he continues his mission to make the opportunity to
create wealth accessible to a greater number of Filipinos.

ANTONIO S. ABACAN, JR.

Monetary Board Member

A 2008 Outstanding Filipino Awardee for Banking by the Philippine Jaycee Senate, Dr. Antonio S.
Abacan, Jr. earned his degrees in Business Administration, major in Banking and Finance at the Mapua
Institute of Technology and in Accounting from the Far Eastern University. He also graduated from the
Executive Program of the Stanford University Graduate School of Business in 1991, and received his
Doctorate in Business Administration from the Philippine Women's University. He is a Communications
and Leadership Awardee by the Toastmasters International in 1999 and a CEO Excel Awardee by the
International Association of Business Communicators in 2006.

Prior to his appointment as Monetary Board Member in July 2017, Dr. Antonio S. Abacan, Jr. was
the Group Vice Chairman of the Metrobank Group of Companies and Senior Adviser for Metropolitan
Bank & Trust Company (Metrobank) and First Metro Investment Corporation. He was also concurrent
Chairman of the Board of Toyota Financial Services, (Phils.) Inc., Sumisho Motor Finance Corporation,
(and Member of the Board of Trustees) Manila Tytana Colleges, Circa 2000 Homes, Inc., and (and
President) Manila Medical Services, Inc. (Manila Doctors Hospital). Dr. Abacan was also the Adviser for
Federal Land, Inc. and Toyota Manila Bay Group; and Director of Vivant Corporation.

Dr. Antonio S. Abacan, Jr. was President Metrobank for 13 years (1993 – 2006) and thereafter
became its Chairman and Senior Adviser. He also served as President of Philippine Savings Bank,
Metrobank Card Corporation and Data Serv Corporation prior to taking the helm at Metrobank.  Dr.
Abacan was also Chairman of the Board of First Metro Investment Corporation, Federal Homes, Inc.,
Baywatch Realty Corporation, Baywatch Project Management Corporation, and Philippine Charter
Insurance Corporation; and President and Adviser of GT Capital Holdings, Inc. He was Honorary
Chairman of Orix Metro Leasing and Finance Corporation, Director of Taal Land, Inc. and Jardine Land,
Inc.; and Adviser for Manila – GT Medical Center.

Having been Vice Chairman for Metrobank Group of Companies, Dr. Abacan’s wealth of
experience knows no boundaries. On top of holding key leadership positions in various industries such
as banking, finance, investment, real estate, health services, and education, Dr. Abacan also led the
Group’s power ventures. He was Vice Chairman (and Executive Director) of Global Business Power
Corporation and Panay Energy Development Corporation. He also served as Director of Cebu Energy
Development Corporation, Panay Power Corporation, Panay Power Holdings, Inc., ARB Power Ventures,
Inc., GBH Power Resources, Inc., Global Formosa Power Holdings, Inc., and Global Energy Supply
Corporation.

Dr. Abacan also served in various capacities in several organizations, associations, committees,
and the like, as part of his own way of doing service to the industry and the community. He was Director
for banking, finance, taxation, and capital markets development of the Philippine Chamber of Commerce
and Industry; Director and Corporate Secretary of the Bankers Association of the Philippines; First Vice
President/Director of the Chamber of Thrift Banks; and President of Savings Bankers Association of the
Philippines. He was President of the Drug Abuse Resistance Education (DARE) Philippines and Governor
of the Makati Commercial Estate Association (MACEA). Dr. Abacan also served as Senior Adviser for
Metrobank Foundation and Chairman of its Donation/Executive Committee. He was Trustee and
Treasurer of the Philippine Business Center and was also Member of the Board of Trustees of GT Metro
Foundation, Piso for Unity, Peace and Progress Foundation, and Evangelion Foundation.

V. BRUCE J. TOLENTINO

Monetary Board Member

Over 36 years of progressively senior-level experience in development agencies, governments,

and NGOs in international development, governance, development finance and banking, analysis and
planning of socio-economic programming, reform, and research-for-development initiatives, projects,
and organizations in Asia, Africa, and Central America. Extensive hands-on, field experience in top
management of international, large-scale, governance/ rural/ agricultural, and agro-enterprise
development programs. Experience under difficult conditions, including civil war and cross-
cultural/religious contexts.

Consistent success in fund-raising and negotiation with private and official bilateral and
multilateral donors and development banks. International-level professional consulting on development
issues for various governments (both executive and legislative branches) and international policy
research agencies - including the various CGIAR institutions and UN Agencies, the World Bank, Asian
Development Bank, and the International Fund for Agricultural Development.

 
Substantial research and publication, and graduate-level teaching experience, both in formal and non-
formal settings. 

Director-General, and Secretary to the Board of Trustees, International Rice Research Institute
(IRRI) March 2012-June 2018. The IRRI is the premier global scientific research organization focused on
rice productivity, rice farmer welfare, nutrition and consumer health, and rice-based food security.
Responsible for IRRI’s thrusts in communication, partnerships and fund-raising, legal, and political
affairs. Supported the governance, oversight, and decision-making by the IRRI Board of Trustees.
Managed IRRI’s  engagement with a wide range of international donors, stakeholders, governments, and
inter-governmental organizations.

  Chief Economist, and Director of Economic Reform and Development Programs, and Country
Representative – Afghanistan, Pakistan and Sri Lanka, The Asia Foundation HQ, San Francisco, USA.
March 2007 to March 2012. Led The Asia Foundation’s programs in economic reform and development
across 18 countries. Provided overall technical guidance to economics field staff and projects, public-
private dialogue, regulatory reform, partnership, and the political economy. Overall stewardship over a
multi-year economics projects portfolio averaging US$20M per year, with funds raised from bilateral,
multilateral as well as private donors. Also served as Country Representative - Afghanistan (2010-2012),
Pakistan (2009) and Sri Lanka (2008). Received the Presidential Awardee for Extraordinary Program
Leadership, 2007-2008.

  Assistant Secretary, then Undersecretary - Planning, Policy, and International Trade of the
Department of Agriculture, Philippines. During the term of President Corazon Aquino, 1986-1993.
Helped lead the country’s efforts in trade liberalization and sustainable agricultural development.

Founding Executive Director, Agricultural Credit Policy Council (ACPC), Philippines, 1987-1990.
Helped organize and lead the country’s assessment, analysis, consolidation, and reform of rural and
agricultural finance, including specialized credit programs, rural banks, agricultural credit funds, and
crop insurance.

Earned a PhD in Economics in 1986 at the University of Hawaii and the East West Center, USA,
and a Master’s Degree in Economics at Xavier University in the Philippines. His Ph.D. Dissertation was on
the economics of scope and scale in banking in emerging economies.

Dr. Tolentino was sworn into office as member of the Monetary Board on June 8, 2018. 

Deputy Governors
Senior Assistant Governors

Assistant Governors

Our Commitment

The BSP is deeply involved in various projects and activities aimed towards alleviating poverty,
contributing to the global fight against money laundering, increasing transparency of monetary
policy and improving the financial literacy of the public.

 The BSP has declared microfinance as its flagship program for poverty alleviation in
Year 2000 and has since then played a key role in the development of sustainable
microfinance in the country. The BSP initiatives have focused on the policy and
regulatory environment, training and capacity building as well as on promotion and
advocacy.

 In order to implement its continued commitment and support of the global fight against
money laundering, the BSP worked for the passage of the Anti-Money Laundering Act
and issued a number of measures to bring the Philippines' regulatory regime on money
laundering closer to international standards.
  The BSP has been conducting public information campaigns in line with the effort to
increase public awareness on the role of the BSP in the economy and the financial system
and to further enhance the transparency of monetary policy.

 The BSP has also taken a proactive stance in embarking on a consumer education
program that aims to improve the basic financial literacy of the public.
 
 The BSP undertakes various bank-related initiatives to improve the remittance
environment and to channel remittances to productive undertakings. Through these
initiatives, the BSP intends to maximize the benefits of remittances aimed at: (1) ensuring
the smooth inflow of remittances, and (2) promoting their use for development by
channeling them to the financial sector so that these funds can be mobilized for lending
and other productive activities.

Advocacies

The BSP is deeply involved in various projects and activities aimed towards alleviating poverty,
contributing to the global fight against money laundering, increasing transparency of monetary
policy and improving the financial literacy of the public.

 The BSP has declared microfinance as its flagship program for poverty alleviation in
Year 2000 and has since then played a key role in the development of sustainable
microfinance in the country. The BSP initiatives have focused on the policy and
regulatory environment, training and capacity building as well as on promotion and
advocacy.

 In order to implement its continued commitment and support of the global fight against
money laundering, the BSP worked for the passage of the Anti-Money Laundering Act
and issued a number of measures to bring the Philippines' regulatory regime on money
laundering closer to international standards.

 The BSP has been conducting public information campaigns in line with the effort to
increase public awareness on the role of the BSP in the economy and the financial system
and to further enhance the transparency of monetary policy.

 The BSP has also taken a proactive stance in embarking on a consumer education
program that aims to improve the basic financial literacy of the public.
 
 The BSP undertakes various bank-related initiatives to improve the remittance
environment and to channel remittances to productive undertakings. Through these
initiatives, the BSP intends to maximize the benefits of remittances aimed at: (1) ensuring
the smooth inflow of remittances, and (2) promoting their use for development by
channeling them to the financial sector so that these funds can be mobilized for lending
and other productive activities.

BSP Advocacies
  Microfinance and Financial Inclusion
o FAQ
o Committee
 Anti-Money Laundering
 Financial Literacy
 Economic Information
 Overseas Filipino Workers

Pledges as Public Servant

PANUNUMPA NG LINGKOD BAYAN

 
 Ako ay isang lingkod bayan.
Katungkulan ko ang maglingkod ng buong katapatan at kahusayan
At makatulong sa katatagan at kaunlaran ng aking bayan.
Sisikapin kong patuloy na maragdagan ang aking kaalaman.
Magiging bahagi ako ng kaayusan at kapayapaan sa pamahalaan.
Susunod at tutulong ako sa pagpapatupad ng mga umiiral na batas
At alituntunin nang walang kinikilingan.
Isaalang-alang ko ang interes ng nakakarami bago ang pansarili kong kapakanan.
Isusulong ko ang mga programang mag-aangat sa antas ng kabuhayan ng mamamayan.
Aktibo akong makikibahagi sa mga dakilang layunin sa lipunan.
Hindi ako magiging bahagi, at isisiwalat ko ang anumang katiwaliang maka-aabot sa aking
kaalaman.
Gagawin kong kapaki-pakinabang ang bawat sandali.
Sa lahat ng panahon, sisikapin kong makatugon sa mga hamon sa lingkod bayan.
Ang lahat ng ito para sa ating Dakilang Lumikha, at sa ating bayan.
Kasihan nawa ako ng Maykapal.

BSP Employees' Pledge of Commitment

We, BSP'ers, commit to do our best for this beloved nation by adhering to the BSP vision and
mission and committing ourselves to provide world class public service.

Towards this end, we shall remain one in fulfilling the BSP's goals of maintaining price stability,
ensuring a stable banking system and developing a safe and reliable payments system. In
pursuing these goals, we shall be guided by our core values of Patriotism, Integrity, Dynamism,
Excellence and Solidarity.

We shall continue to uphold good governance by strengthening our individual roles with
responsibility and a strong sense of accountability. In pursuing this, we shall initiate and
implement measures to improve the quality and productivity of our work while nurturing our
partnership with both internal and external stakeholders in the spirit of transparency and mutual
trust. It is only when we keep our ears on the ground that we get to improve on our performance
and prepare ourselves for the challenges ahead.
We shall also help keep the BSP as an organization that delivers on its mandate, maintains a fair
and competitive working environment and propagates excellence in public service.

Recognizing that the BSP is also concerned with the broader objective of promoting a high
quality of life for all Filipinos, we shall also be deeply involved in advancing the BSP's various
advocacies. We shall continue to innovate our initiatives in financial inclusion particularly in the
areas of financial education and literacy, credit innovation and financial consumer protection.

We shall be guided in this task by our faith in and the guidance of the Lord Our God.

ASEAN Anthem

THE ASEAN WAY

 
Raise our flag high, sky high
Embrace the pride in our heart
ASEAN we are bonded as one
Look-in out to the world.
For peace, our goal from the very start
And prosperity to last.
We dare to dream we care to share.
Together for ASEAN
we dare to dream,
we care to share for it's the way of ASEAN.

Our Facilities

Within the complex of the BSP resides a numismatist's haven - the Museo ng Bangko
Sentral ng Pilipinas. Inaugurated on January 3, 1999, as part of the celebration of the 50 years of
central banking in the Philippines, the Museo showcases the Bank's collection of currencies.

Also located at the BSP Complex is the BSP Library which serves the research needs of
the Bank officers and staff. As a public service, however, its collection of BSP publications are
made available to the public.
The BSP Main Complex

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The BSP Main Complex in Manila houses the offices of the

Governor, the Monetary Board and the different operating
departments/ offices. The Complex has several buildings, namely: 5-
Storey building, Multi-storey building, the EDPC building and the
BSP Money Museum, which showcases the Bank's collection of
currencies.
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The BSP Security Plant Complex

The Security Plant Complex which is located in Quezon City houses

a banknote printing plant, a securities printing plant, a mint and a
gold refinery. The banknote printing plant and the mint take care of
producing currency notes and coins, respectively.

Executive Business Center (EBC)

 

 
Executive Business Center

The Center is a world-class hub inaugurated on 30 May 2002. It features a fusion of the
old and the new – a tasteful display of select period pieces from the BSP Artwork and
Numismatic Collections balanced with contemporary conference technology and furniture. All
rooms are equipped with specialized air condition units in addition to the building’s centralized
air condition system. Each acoustically-treated room is furnished with projector screen,
concealed ceiling speakers and adjustable lighting system controls to achieve brightness
requirement of meetings and events.

Main kitchen, pantries and bar are also available for use of the catering services providers.