BFI: BSP-Banking Inst.

When was the Central Bank of the Philippines established?

Jan 3, 1949

When was the Central Bank of the Ph Ammended as the "Bangko Sentral ng Pilipinas"?

1999

True or False: BSP is an Independent but also a Government Agency

True

What is the officers of central banks called?

Monetary Board

How Many people in the Monetary Board?

7

What is the head of the Monetary Board called?

Governor

Who was the first governor of BSP?

Miguel Cuaderno

What is the second member of the Monetary Board?

Cabinet Member

Apart from having a Governor and Cabinet member, what is the rest of members of the Monetary Board?

Private Citizens

Who Appoints the members of the Monetary Board?

President of the PH & Commission on Appointments

Who is the Current Governor of the Monetary Board?

Eli Remolona Jr.

What are the Roles of the Monetary Board in BSP?

- Carry out the Mission/Vision/Functions of the BSP
- Financial Stability and Inclusivity
- Curtails inflation
- Supervise and regulate financial institutions
- Currency Management (Monopolizes creation of money)

2 Forms of Currency?

Paper Bills and Coins

Types of Paper Money

- Bills
- Notes
- Paper

Types of Minting

- Coins
-Coinage

Where is the money Created?

Security Plant Complex (QC )

Types of Money(5):

1. Circulating (Current)
2. Counterfeit(Fake)
3. Demonitized (Used to be circulating)
4. Commemorative (Collecting)
5. Unfit (Luma/Sira)

Money possesses the power to ___________

Purchase

- It is a form of corporation
- They are not established without BSP

Banking Institutions / Banks

Where do Banks get their Permits?

Securities & Exchange Commission(SEC) and BSP

Types of Banking Institutions

1. Location / Place of Incorporation
2. Ownership
3. Functions

Types of Banking Institutions that are categorized with Location / Place of Incorporation

- Local / Domestic
- Foreign /International

Types of Banking Institutions that are categorized with Ownership

- Privately Owned
- Government State Owned

Types of Banking Institutions that are categorized with Functions

- Savings / Thrift: Ordinary People for savings
- Commercial / Universal: Business People are priority (banking transactions by cheque), and ord peeps
- Rural - Provinces, for farmers, fishers, cottage industry

T or F: Functions are specified in the bank's names as ordered by BSP

Truevability Imnida

Who instructed that Countries creat their own central banks?

World Bank & International Monetary Fund (IMF)