Roles and Responsibilities
As prescribed by the New Central Bank Act, the main functions of the Bangko Sentral are:
- Liquidity Management, by formulating and implementing 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, by extending discounts, loans and advances to banking institutions for liquidity purposes,
- Financial Supervision, by supervising banks and exercising regulatory powers over non-bank institutions performing quasi-banking functions,
- Management of foreign currency reserves, by maintaining 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, by determining the exchange rate policy of the Philippines. Currently, the BSP adheres to a market-oriented foreign exchange rate policy, and
- Being the banker, financial advisor and official depository of the Government, its political subdivisions and instrumentalities and GOCCs.
Read more about this topic: Bangko Sentral Ng Pilipinas
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