The Central bank of the Philippines



The Central Bank of the Philippines (BSP) is a central bank of the Republic of the Philippines. Organized again the karta of the banks in the three July, in accordance the provisions of the Constitution of the Philippines and the New Central Bank Act of. Founded the BSP in three January, as the handle of the central finances of the country. considered to be the bank of banks the Central bank of the Philippines because it monitors all of the financial institutions. The following are the main roles of the BSP: Based on the stipulations of the New Law of the Central Bank of, the main task of the Central Bank are: The powers and function of bangko Sentral are exercised by its Monetary Board, whose seven members are appointed by the President of the Philippines. As protest concerning the New Law of the Central Bank, one of the members of the government sector of the Monetary Board must be members of the Cabinet of the President. Prohibits the members of the Board of Finance on the handling of certain positions in any government agency and private institutions that may give rise to conflicts of interest. The members with permanent, recommends that fixed duration of time, except for the cabinet secretary representing the incumbent administration. In, passed by the First Commission of the Philippines an Act No, which organized the all banks under the Bureau of the Treasury and authorizing the Pampulong Careful-since that will oversee and examine banks and all of the work in banking. In, nahalili of the Department of Finance, through the Bureau of Banking, the management of the bank. In, a group of Filipino is made of a central bank for the Philippines. It shall rise with rudimento of bills concerning the establishment of a central bank after a thorough study of the economic stock of the Law Hare-Hawes-Cutting independence bill, which achieved the independence of the Philippines after Twelve years, but still retained the military base and maritime for The United States and the mixed of tariff and quota on export of the Philippines. However, dropped the Senate of the Philippines as due to the promptings of Manuel L. Quezon the Law Hare-Hawes-Cutting. Launched the Senate’s new bill that nagpanalo support of President Franklin D. Roosevelt, called the tydings-mcduffie Act, which achieved the Usa on day four July. During the Commonwealth period, fluid the discussion about central bank of the Philippines magpapaangat in price stability and economic growth. Then, the financial system of the country napangasiwa of the Department of Finance and the National Treasury. The Philippines is on the standard of exchange that uses dollars, behind that hundred per cent of reserves of gold, as standard finance (currency standard). In, that were asked of the tydings-mcduffie Act, passed by the senate of the Philippines an act to establish a central bank. As law finance, required the sanction of the president of The United States not given by Roosevelt. In, during the Japanese occupation, passed the second law, but when they come the American army in the liberation, ipinatigil in its implementation. Without sit Manuel Roxas in, he commanded Miguel Cuaderno, Sr. to develop a charter concerning the central bank. The meaning of eugenio financial markets has become imperative after a year as a result of the decision of the Commission of the Joint Philippine-American Finance pinumunuan’s Cuaderno. The Commission, which studied the finances of the Philippines, and problems monetary in, has suggested moving from the standard exchange rate of the dollar in a napamahalang of the financial system. Need the central bank to carry out the proposed transition to the new system. The next day, created by Roxas the References to the Central Bank to prepare the karta of the measure handle of the finances.

When it comes to June of year also all, signed by the new assumption that President Elpidio Quirino, who adhere to President Roxas, the Republic Act Nos, the Central Bank Act of. In three January, napasinaya without formally the Central Bank of the Philippines and Miguel Cuaderno, Sr.

became the first curator

The main tasks and duties of the Central Bank is to promote economic and maintain internal and external stability of the financial. Pangkalipas of many years, changes were identified to this charter will become more palatugon to the needs of the economy. In twenty nine November, amended by Law Presidential Nos. the Republic Act Nos, emphasizing the maintenance of domestic and international stability of finance as the main goal of the Central Bank. Deploy also the administration of the Bank included the code of the total financial system of the Philippines and not only as managers of the system to banking. In, the nasusog that Republic Act Nos. is quite pinaunlaran to the strengthening of the financial markets, including changes is the increasing amount of investment from P million P daplot. Under the Constitution, appointed the Temporary National assembly to establish an independent governing central of finance. Then, appointed by the Law Presidential Nos. the Central Bank of the Philippines as governing the central of finance (CMA). After a few years, kinandili of the Constitution the provisions of the CMA from the Constitution that basically only focuses on the organization of the independent handle of the finances by increasing the amount of investment, and for other purposes the representation of the sector that individual to the Board of Finance.

In accordance with the order

of the Constitution, signed by President Fidel V. Ramos of the Republic Act Nos, recognized as the New Central Bank Act, as the law on fourteen June. This law provides concerning the founding of an independent handle to the treasury recognized as the Central Bank of the Philippines, his main goal is to keep the stability of prices. This goal is napahiwatig only in the old charter of the Central Bank. Also provide the law on the Central Bank the freedom to monetary and administrate that it is not in the old Central Bank. In three July, there was a void the New Law of the Central Bank