Bangko Sentral ng Pilipinas (BSP)

Basic Information

The Bangko Sentral ng Pilipinas (BSP), literally translated as “Central Bank of the Philippines,” serves as the country’s central monetary authority and primary financial regulator. Established under Republic Act No. 7653 (The New Central Bank Act of 1993), BSP operates with fiscal and administrative autonomy to maintain price stability and ensure a safe banking system. Its headquarters is located at BSP Complex along Roxas Boulevard in Manila, Philippines.

Historical Background

The BSP traces its origins to the American colonial era when banking supervision began under the Bureau of the Treasury in 1900. The original Central Bank of the Philippines (CBP) was established in 1949 under Republic Act No. 265. After decades of evolution, including financial crises and governance reforms, the current BSP was re-established in 1993 through Republic Act No. 7653, which granted it greater independence and modernized its mandate. This restructuring addressed previous insolvency issues and strengthened its role in monetary policy and financial supervision.

Legal Authority and Regulatory Framework

BSP derives its regulatory powers primarily from:

The New Central Bank Act of 1993 (RA 7653), amended by RA 11211 in 2019
Foreign Exchange Transactions Act
General Banking Law
Anti-Money Laundering Act
Information Technology Risk Management (ITRM) guidelines for financial institutions

As the forex regulator, BSP oversees all foreign exchange transactions, manages international reserves, and determines exchange rate policy while maintaining market-oriented approaches.

Primary Responsibilities and Regulatory Scope

BSP’s core functions include:

Formulating and implementing monetary policy to maintain price stability
Issuing national currency (Philippine peso)
Supervising banks and non-bank financial institutions performing quasi-banking functions
Managing foreign currency reserves (currently over $100 billion)
Regulating foreign exchange transactions and remittances
Promoting financial inclusion and consumer protection
Ensuring payment system stability

Comprehensive Contact Information

Main Office Address:

Bangko Sentral ng Pilipinas
BSP Complex, Roxas Boulevard
Manila, Philippines 1004

Security Plant Complex:
East Avenue, Quezon City

Contact Details:
Telephone: (+632) 8811-1277 (8811-1BSP)
Email: [email protected]

Regional Offices:
La Union, Cebu City, and Davao City

Verification of Regulated Entities

To verify if a financial institution operates under BSP supervision:

Check the official list of BSP-supervised institutions on the BSP website’s Financial Supervision section
Review the latest Banking Laws and BSP Issuances for regulatory updates
Contact BSP’s Financial Supervision Sector through the main contact channels
Verify the institution’s Certificate of Authority to Operate from BSP
Cross-check with the Securities and Exchange Commission for non-bank financial institutions