How well do you know the Bangko Sentral ng Pilipinas?

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Questions and Answers

What is the main goal of a central bank?

  • To provide financial services to the public
  • To stabilize the currency, keep unemployment low, and prevent inflation (correct)
  • To regulate commercial banks
  • To generate profits for the government

When was the BSP established?

  • 1993 (correct)
  • 1949
  • 1944
  • 1939

Why was the implementation of the central bank law delayed in 1944?

  • The central bank should have overall control over the financial system
  • The law was disapproved by President Roosevelt
  • The arrival of American forces (correct)
  • The Philippines was on the exchange standard

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Study Notes

  • BSP is the central bank of the Philippines, established in 1993.
  • It took over from the Central Bank of the Philippines, established in 1949.
  • BSP has fiscal and administrative autonomy from the government.
  • Central banking aims at national welfare, not profits, and has a special relationship with the government and commercial banks.
  • Central banking is an independent national authority that conducts monetary policy, regulates banks, and provides financial services.
  • Its goals are to stabilize the currency, keep unemployment low, and prevent inflation.
  • A central bank for the Philippines was conceptualized in 1933, and a law was passed in 1939 but disapproved by President Roosevelt.
  • Another law was passed in 1944 but was not implemented due to the arrival of American forces.
  • The Philippines was on the exchange standard using the US dollar as the standard currency.
  • The central bank should have overall control over the financial system.

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