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Bangko Sentral ng Pilipinas (BSP) History

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Bangko Sentral ng Pilipinas (BSP) History

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Questions and Answers

When was the Bangko Sentral ng Pilipinas (BSP) established?

1987

July 3, 1993 (correct)

January 3, 1949

June 30, 2022

Who appoints the Governor of the Bangko Sentral ng Pilipinas (BSP)?

The Supreme Court of the Philippines

The President of the Philippines (correct)

The Department of Finance

The Congress of the Philippines

What is the primary responsibility of the Bangko Sentral ng Pilipinas (BSP)?

To supervise all banks in the Philippines

To issue bank notes and coins

To manage the international reserves of the Philippines

All of the above (correct)

What is the purpose of the Bangko Sentral ng Pilipinas (BSP) having fiscal and administrative autonomy from the national government?

<p>To ensure the BSP's independence in pursuing its mandated responsibilities</p> Signup and view all the answers

Which of the following is not a responsibility of the Bangko Sentral ng Pilipinas (BSP)?

<p>Setting the exchange rate policy for the Philippine peso</p> Signup and view all the answers

Study Notes

Bangko Sentral ng Pilipinas (BSP) Overview

Established on July 3, 1993, to serve as the central bank of the Philippines.
The Governor of BSP is appointed by the President of the Philippines.

Primary Responsibilities

The main responsibility includes formulating and implementing monetary policy to ensure price stability conducive to a balanced and sustainable economic growth.

Fiscal and Administrative Autonomy

Fiscal and administrative autonomy allows BSP to effectively pursue monetary policy without political interference, ensuring independent decision-making.

Responsibilities Excluded from BSP

Certain responsibilities, such as managing government funding or directly running government banks, do not fall under the purview of the BSP.

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Description

Learn about the history and establishment of the Bangko Sentral ng Pilipinas (BSP), the central monetary authority of the Philippines. Explore its evolution from the Central Bank of the Philippines to its current form as BSP, including key dates and appointments.