Vision

The BSP aims to be recognized globally as the monetary authority and primary financial
system supervisor that supports a strong economy and promotes a high quality of life for all
Filipinos.

Mission
To promote and maintain price stability, a strong financial system, and a safe and
efficient payments and settlements system conducive to a sustainable and inclusive growth of the
economy.

The Bangko Sentral ng Pilipinas (BSP) has introduced a new logo in keeping with the
changing times. In contrast to the stylized eagle profile design of the current logo, the new one
features a full-bodied Philippine eagle rendered in gold, taking inspiration from various wildlife
photographs of actual Philippine eagles. The use of the Philippine eagle in the new logo is
intended to represent the BSP as well as the Filipino people which it serves.

DESIGN ELEMENTS:

GOLDEN PHILIPPINE EAGLE. The logo employs a photorealistic rendering of a Philippine

eagle in flight, signifying the strength of leadership and foresight that the BSP provides in the
financial sector and the economy.
1. The eagle's outstretched wings and tail feathers symbolize the BSP's balanced, inclusive
approach to growth and development, while also conveying the central monetary
authority's mastery over its field.
2. The eagle's head and eyes face east, expressing the BSP's vigilance and readiness to seize
challenges and opportunities that rise over the horizon.
3. The talons represent the strong will, resolve, and the monetary and financial tools that the
central bank uses in discharging its mandates.

SHAPE . The logo is contained within a perfect circle—without sides, a beginning, or an end—
accentuated by a bold border, to convey the singular and integrative nature of the BSP and its
impartial approach to holistic growth and development.

GOLDEN STARS. The three golden stars represent the three pillars of central banking (price
stability, stable banking system, and a safe and efficient payments and settlements system), as
well as the BSP's commitment to promote and sustain a high quality of life for all Filipinos,
across Luzon, Visayas, and Mindanao.
CORPORATE TEXT. The name of the Bangko Sentral ng Pilipinas is rendered in gold, using a
clean sans-serif font, to signify the Bank's operational efficiency, clarity of vision, and single-
mindedness of purpose.

DOMINANT COLORS. Yellow gold and midnight blue dominate the new logo’s color scheme
to evoke the BSP’s stature as a premier government agency.
1. The yellow gold foreground elements represent the BSP's aim to promote economic
growth and prosperity, and the high standards of ethics and performance it holds.
2. The two-tone midnight blue background is evocative of the honor, dignity, and noble
character of the Filipino people, and the BSP's unwavering commitment to serve the
nation.

THREE KEY PILLARS OF BSP

1. Price stability
The BSP's main responsibility is to formulate and implement policy in the areas of
money, banking and credit with the primary objective of preserving price stability. Price stability
refers to a condition of low and stable inflation. By keeping price stable, the BSP helps ensure
strong and sustainable economic growth and better living standards.

2. Financial Stability
Financial systems play a critical role for consumers – both corporates and individuals –
because they bridge the aspirations of today with the economic fortunes of tomorrow.
Historically, financial systems develop through the banking industry because of the nature of fiat
money. In this context, making sure that banks operate in a safe and sound manner is in the
public interest. Banks, after all, manage our savings, offer critical services in the transfer of
funds and the payment of obligations, while providing a venue for entrepreneurs to pursue their
economic plans through credit. Banking authorities nurture this by defining the regulatory
framework that encourages innovation while monitoring that banks operate within prescribed
governance guidelines.

The Global Financial Crisis (GFC), however, highlighted how the financial system is more
than just the sum of its parts. There is a unique sense of “systemic-ness” that arises from the way
each market player interacts with another party, creating a network of interconnected and
sequenced transactions. This leads to risk choices being interlinked within the network and as a
result, societal outcomes that can differ from the intentions of private entities. This provides the
basis for the global initiative to manage the health of the financial system as an explicit and
separate policy objective. Its focus is on managing so-called “systemic risks” and this is done
through macroprudential policy.

3. Safe and efficient payment and settlement system

Payment systems are essential to the effective functioning of financial systems worldwide.
They provide the channels through which funds are transferred among banks and other
institutions to discharge payment obligations arising from economic and financial transactions
across the entire economy. An efficient, secure and reliable payment system reduces the cost of
exchanging goods and services, and it is an essential tool for the effective implementation of
monetary policy, and the smooth functioning of money and capital markets. It is this key role
played by payment and settlement system (PSS) in the smooth functioning of an economy in
general and its financial and monetary system in particular that gives the central bank (CB) a
strong incentive for ensuring that an effective, reliable and secure payment and settlement system
is in place.

In the Philippines, the BSP takes the lead in promoting an efficient payments and settlements
 system by providing:

 a. the necessary infrastructure through the operations of the Peso Real Time Gross Settlement
(RTGS) System or the PhilPaSSplus; and
 b. a policy and regulatory framework, also known as the National Retail Payment System or
NRPS, to establish a safe, efficient and reliable retail payment system in the country.

Organization and Governance

Governance of the Bank

The Monetary Board exercises the powers and functions of the BSP, such as the conduct of
monetary policy and supervision of the financial system. Its chairman is the BSP Governor, with
five full-time members from the private sector and one member from the Cabinet.

The Governor is the chief executive officer of the BSP and is required to direct and supervise the
operations and internal administration of the BSP.

A Deputy Governor heads each of the BSP's operating sectors as follows:

 Monetary and Economics Sector (MES) - mainly responsible for the
operations/activities related to monetary policy formulation, implementation, and
assessment.
 Financial Supervision Sector (FSS) - mainly responsible for the regulation of banks and
other BSP-supervised financial institutions, as well as the oversight and supervision of
financial technology and payment systems.
 Corporate Services Sector (CSS) – mainly responsible for the effective management of
BSP’s human, financial, and physical resources to support the BSP’s core functions,
including oversight of the operations of the New Clark City – Program Management
Office.
 Payments and Currency Management Sector (PCMS) – mainly responsible for
maintaining the safety and integrity of the Philippine currency and ensuring a well-
functioning payments and cash ecosystem that facilitates the economic activity and
supports long-run economic growth.
 Regional Operations and Advocacy Sector (ROAS) - mainly responsible for the
management of activities related to regional operations, consumer empowerment and
advocacy, and communications.

A Senior Assistant Governor/Assistant Governor assists the Governor and/or the Deputy
Governor in formulating and implementing programs and policies, and manages the overall
operations of his/her Sub-Sector/Office.
Responsibility and Primary Objectives of the BSP
It shall be the responsibility of the BSP:
1. To provide policy direction in the areas of money, banking, and credit;
2. To supervise the operations of the banks and to exercise such regulatory and examination
powers as provided under Republic Act No. 7653 (The New Central Bank Act), as amended by
Republic Act 11211, and other pertinent laws over the quasi-banking operations of non-bank
financial institutions; and
3. To exercise regulatory and examination powers over money service businesses, credit
granting businesses, and payment system operators. Its primary objective is to maintain price
stability conducive to a balanced and sustainable growth of the economy and employment.
It shall also:
1. Promote and maintain monetary stability and the convertibility of the peso;
2. Promote financial stability and closely work with the National Government, including, but not
limited to, the Department of Finance, the Securities and Exchange Commission, the Insurance
Commission, and the Philippine Deposit Insurance Corporation;
3. Oversee the payments and settlement systems in the Philippines, including critical financial
market infrastructures, in order to promote sound and prudent practices consistent with the
maintenance of financial stability; and
4. Promote broad and convenient access to high quality financial services and consider the
interest of the general public.
The Monetary Board
In the exercise of its authority, the Monetary Board (MB) shall:
1. Issue rules and regulations it considers necessary for the effective discharge of the
responsibilities and exercise of the powers vested upon the MB and the BSP. The rules and
regulations issued shall be reported to the President and Congress within fifteen (15) days from
the date of the issuance;
2. Direct the management, operations, and administration of the BSP, reorganize its personnel,
and issue such rules and regulations as it may deem necessary or convenient for this purpose.
The legal units of the BSP shall be under the exclusive supervision and control of the MB.
3. Establish a human resource management system which shall govern the selection, hiring,
appointment, transfer, promotion, or dismissal of all personnel. Such system shall aim to
establish professionalism and excellence of the BSP in accordance with sound principles of
management. A compensation structure, based on job evaluation studies and wage surveys
subject to the Board's approval, shall be instituted as an integral component of the BSP’s
human resource development program. On the recommendation of the Governor, appoint, fix
the remunerations and other emoluments, and remove personnel of the BSP, subject to
pertinent civil service laws: Provided, that the MB shall have exclusive and final authority to
promote, transfer, assign, or reassign personnel of the BSP and these personnel actions are
deemed made in the interest of the service and not disciplinary: Provided, further, that the MB
may delegate such authority to the Governor under such guidelines as it may determine;
4. Adopt an annual budget for and authorize such expenditures by the BSP as are all in the
interest of the effective administration and operations of the BSP in accordance with applicable
laws and regulations; and
5. Indemnify its members and other officials of the BSP, including personnel of the departments
performing supervision and examination functions against all costs and expenses reasonably
incurred by such persons in connection with any civil or criminal action, suit or proceedings to
which he may be, or is, made a party by reason of the performance of his functions or duties,
unless he is finally adjudged in such action or proceeding to be liable for willful violation of
Republic Act 11211, performed in evident bad faith or with gross negligence. In the event of a
settlement or compromise, indemnification shall be provided only in connection with such
matters covered by the settlement as to which the BSP is advised by external counsel that the
person to be indemnified did not commit willful violation of this Act, performed in evident bad
faith or with gross negligence.
The costs and expenses incurred in defending the aforementioned action, suit or
proceeding may be paid by the BSP in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of the member, officer, or employee
to repay the amount advanced should it ultimately be determined by the MB that he is not
entitled to be indemnified as provided in this subsection.
Powers and Duties of the Governor
Pursuant to Republic Act No. 7653 (The New Central Bank Act), as amended by Republic Act
11211, the Governor shall be the Chief Executive Officer of the BSP. His powers and duties shall
be to:
1. Prepare the agenda for the meetings of the MB and to submit for the consideration of the
Board the policies and measures which he believes to be necessary to carry out the purposes
and provisions of said Act;
2. Execute and administer the policies and measures approved by the MB;
3. Direct and supervise the operations and internal administration of the BSP. The Governor
may delegate certain of his administrative responsibilities to other officers or may assign
specific tasks or responsibilities to any full-time member of the MB without additional
remuneration or allowance whenever he may deem fit or subject to such rules and regulations
as the MB may prescribe;
4. Appoint and fix the remunerations and other emoluments of personnel below the rank of a
department head in accordance with the position and compensation plans approved by the
MB, as well as to impose disciplinary measures upon personnel of the BSP, subject to the
provisions of Section 15(c) of said Act: Provided, That removal of personnel shall be with the
approval of the MB;
5. Render opinions, decisions, or rulings, which shall be final and executory until reversed or
modified by the MB, on matters regarding application or enforcement of laws pertaining to
institutions supervised by the BSP and laws pertaining to quasi-banks, as well as regulations,
policies or instructions issued by the MB, and the implementation thereof; and
6. Exercise such other powers as may be vested in him by the MB.

The Governor of the BSP shall be the principal representative of the MB and of the BSP and, in
such capacity and in accordance with the instructions of the MB, he shall be empowered to:
1. Represent the MB and the BSP in all dealings with other offices, agencies and
instrumentalities of the Government, and all other persons or entities, public or private,
whether domestic, foreign or international;
2. Sign contracts entered into by the BSP, notes and securities issued by the BSP, all reports,
balance sheets, profit and loss statements, correspondence, and other documents of the BSP;
3. Represent the BSP, either personally or through counsel, including private counsel, as may be
authorized by the MB, in any legal proceedings, action or specialized legal studies; and 2022
Bangko Sentral ng Pilipinas Organization Primer Classification: GENERAL 11
4. Delegate his power to represent the BSP, to other officers upon his own responsibility:
Provided, however, That in order to preserve the integrity and the prestige of his office, the
Governor of the BSP may choose not to participate in preliminary discussions with any
multilateral banking or financial institution on any negotiations for the Government within or
outside the Philippines. During the negotiations, he may instead be represented by a
permanent negotiator.