Republic of the Philippines

North Eastern Mindanao State University

Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

A Written Report on
Monetary Policy and Central Banking (FM 4) – Pre-Finals Coverage

Submitted by:
Agad, Lemuel M.
Ladroma, Gliz L.
Limbing, Regine L.
Malasaga, Karelle Jean S.
Namalata, Brian Ven M.
Ponlaon, Lovely Mae
Serapion, Zaira M.
3FMB

Submitted to:
Dr. Floresito D. Calub

In Partial Fulfillment of the Course FM4/Monetary Policy and Central Banking leading to the
degree
Bachelor of Science in Business Administration major in Financial Management

Aug 29, 2024

 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

TOPIC 1
CENTRAL BANKING: DEVELOPMENT AND GROWTH
INTENDED LEARNING OUTCOMES:
1. Discuss the origin, nature of central banking and its functions,
2. Explain the characteristics of central bank and its objectives.
3. Discuss the brief history of BSP.

CENTRAL BANK

A central bank is a financial institution given privileged control over the production and
distribution of money and credit for a nation or a group of nations. In modern economies, the
central bank is usually responsible for the formulation of monetary policy and the regulation of
member banks.

Nature of Central Banking

1. Not Profit-Oriented: The central bank focuses on national welfare and public interest rather
than generating profits.

2. No Competition with Member Banks: It does not compete with commercial or private banks,
as its role is regulatory rather than commercial.

3. Special Relationship: The central bank maintains a unique relationship with the government
and commercial banks, guiding monetary and banking policies.

4. Free from Political Influence: It operates independently of political pressures to ensure

impartial decision-making for the country’s economic health.

5. Apex Body: As the highest authority in the banking structure, it oversees and coordinates the
operations of all banks within the country.

6. Control Over Financial System: The central bank has overall control and supervision of the
entire financial system to ensure stability and proper regulation.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

Origin of Central Banks

Central banks have developed in two primary ways: by a gradual evolution (ex. Bank of England)
or by direct government creation (ex. Federal Reserve System in the U.S. and the Bangko Sentral
ng Pilipinas). Early central banks in Europe, initially private institutions known as banks of issue
or national banks, evolved over time into central banks. These banks were granted the exclusive
right to issue currency and gradually assumed the functions of central banking, such as acting as
the government's banker.

• Bank of England: Founded in 1694 as a joint-stock company to provide financial support

to the government of William III. In exchange, it gained the privilege of issuing notes. Over
time, it became the sole issuer of legal tender and gradually expanded its role as the banker
and agent of the government, becoming a model for other countries. It was nationalized in
1946.
• Riksbank of Sweden: Established in 1656 as a private bank and reorganized in 1668 as a
state bank. It developed into a central bank, partly inspired by the Bank of England, and
regained exclusive rights to issue notes in 1830. It is considered the oldest central bank still
in operation.
• Bank of France: Created in 1800 by Napoleon Bonaparte, mainly with private capital and
some government funds. It was granted the sole right of note issuance and functioned as
the government’s banker. Its governance structure included government-appointed
officials and private representatives, allowing it to balance public and private interests
while expanding its central banking functions.
• Other Central Banks:
o Bank of the Netherlands: Founded in 1814 with private capital but had significant
government involvement in its management.
o National Bank of Austria: Established in 1817 to restore monetary stability after
financial turmoil, initially funded by private capital but managed with government
oversight.
o Bank of Norway: Established in 1817 with private capital; the king appointed top
officials while others were elected by the legislature, mirroring the structure of
Sweden’s Riksbank.

- In subsequent years, Denmark, Belgium, Spain, Russia, Germany, and Japan put up their
respective central banks. At the end of 1800, almost all countries in Europe and other parts have
organized their own central banks.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

Functions of the Central Bank

• Currency regulator or bank of issue: Central banks possess the exclusive right to
manufacture notes in an economy. All the central banks across the world are involved in
issuing notes to the economy. This is one of the most important functions of the central
bank in an economy and due to this the central bank is also known as the bank of issue.
• Bank to the government: One of the important functions of the central bank is to act as
the bank to the government. The central bank accepts deposits and issues funds to the
government. It is also involved in making and receiving payments for the government.
Central banks also offer short term loans to the government in order to recover from bad
phases in the economy. In addition to being the bank to the government, it acts as an advisor
and agent of the government by providing advice to the government in areas of economic
policy, capital market, money market and loans from the government.
• Custodian of Cash reserves: It is a practice of the commercial banks of a country to keep
a part of their cash balances in the form of deposits with the central bank. The commercial
banks can draw that balance when the requirement for cash is high and pay back the same
when there is less requirement of cash. It is for this reason that the central bank is regarded
as the banker’s bank.
• Custodian of International currency: An important function of the central bank is to
maintain a minimum balance of foreign currency. The purpose of maintaining such a
balance is to manage sudden or emergency requirements of foreign reserves and also to
overcome any adverse deficits of balance of payments.
• Lender of last resort: The central bank acts as a lender of last resort by providing money
to its member banks in times of cash crunch. It performs this function by providing loans
against securities, treasury bills and also by rediscounting bills. This is regarded as one of
the most crucial functions of the central bank wherein it helps in protecting the financial
structure of the economy from collapsing.
• Clearing house for transfer and settlement: Central bank acts as a clearing house of the
commercial banks and helps in settling of mutual indebtedness of the commercial banks.
In a clearing house, the representatives of different banks meet and settle the inter bank
payments
• Controller of credit: Central banks also function as the controller of credit in the economy.
It happens that commercial banks create a lot of credit in the economy that increases the
inflation. The central bank controls the way credit creation by commercial banks is done
by engaging in open market operations or bringing about a change in the CRR to control
the process of credit creation by commercial banks.
• Protecting depositors interests: Central bank also needs to keep an eye on the functioning
of the commercial banks in order to protect the interests of depositors.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

CHARACTERISTICS OF CENTRAL BANKS

• Place of the Profit Motive: A central bank’s primary focus is on public service rather than profit.
Unlike commercial banks, which aim to stay fully “loaned up,” a central bank must manage the
nation’s money supply according to economic needs and maintain reserve lending power to act as
a lender of last resort. However, central banks can still generate profits.
• Disposition of Profits: If a central bank is government-owned, profit motives are naturally curbed.
For banks with private stockholders, limits are typically placed on dividends to prevent profit-
seeking behavior.
• Profits of the Federal Reserve System: The Federal Reserve’s stock is owned by member banks,
with a capped return of 6% annual dividend. Surpluses are accumulated up to a set limit, with any
remaining profits paid to the federal government.
• Relationships with National Governments: The relationship between central banks and their
governments is generally close, complex, and varies across countries. These relationships have
often evolved over time, with early central banks being privately owned before governments
gradually assumed more control due to their critical function of money creation.
• Ownership and Control: While early central banks were mostly privately owned, modern central
banks are generally government-owned. Regardless of ownership, governments typically exercise
significant control by appointing governing officials and often claim the residual profits.
• Position in the Governmental Structure: Central banks hold a unique position within the
government. Despite their crucial role in creating money, they are not typically treated as regular
government bureaus like the treasury, to avoid conflicts of interest. This separation is important
because governments manage both fiscal policy (raising funds, often through taxation) and
monetary policy (maintaining a sound money system). Combining these functions could lead to
undesirable financial outcomes.

Central Bank Objectives

Central banks, often referred to as the lender of last resort, operate as a critical government organ,
overseeing major financial operations. Their multifaceted objectives aim to bolster a country’s economic
policy by influencing the behavior of financial institutions.
1. Regulator of Currency: The central bank is exclusively authorized to print currency notes, playing
a pivotal role in managing the nation’s currency supply.
2. Banker and Advisor to the Government: Functioning as a fiscal agent, the central bank manages
government deposits, executes payments on behalf of the government, and provides valuable
advice on monetary policies and economic matters.
3. Custodian of Commercial Banks: Mandated by law, commercial banks maintain reserves, with
the central bank acting as a custodian and lender of cash reserves, facilitating interbank
transactions.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

4. Custodian and Manager of Foreign Exchange Reserves: The central bank manages foreign
exchange rates by buying and selling currencies internationally and serves as the official repository
of foreign currencies and gold.
5. Lender of the Last Resort: In times of financial stress, the central bank extends collateral-based
advances or re-discounts to various financial entities, preventing the collapse of the country’s
financial structure.
6. Controller of Credit: Central banks control how much money banks create using different
methods to avoid inflation.
7. Transfer and Settlements: Acting as a clearinghouse, the central bank provides services for
transferring and settling mutual claims among commercial banks, streamlining the clearing of
cheques and facilitating fund transfers.

The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It
was established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution and
the New Central Bank Act of 1993. The BSP took over from Central Bank of Philippines, which
was established on 3 January 1949, as the country’s central monetary authority. The BSP enjoys
fiscal and administrative autonomy from the National Government in the pursuit of its mandated
responsibilities.

BRIEF HISTORY OF BANGKO SENTRAL NG PILIPINAS (BSP)

• Before BSP, Central Bank of the Philippines (CBP) was the country’s monetary authority.
It was inaugurated and formally opened on January 03, 1949.
• On November 1972 it was amended to make more responsive to changing economic
conditions.
• On January 1981 further amendments were made to CBP to improve and strengthen the
financial systems like increase in the capitalization from 10M to 10B.
• Year 1986 Executive Order No. 16 amended the Monetary Board membership to promote
greater harmony and coordination of government monetary and fiscal policies,
• June 14, 1993 President Fedil V. Ramos signed Republic Act No. 7653, the New Central
Bank Act.
• July 03, 1993 pursuant to the provision of the 1987 Philippine Constitution and New
Central Bank Act of 1993, Bangko Sentral ng Pilipinas was established.
• And took over the Central Bank of Philippines as the country’s central monetary authority.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

Objectives

The BSP’s main primary objective is maintain price stability conducive to balanced and
sustainable economic growth. The BSP also aims to promote and preserve monetary stability and
the convertibility of the national currency.

Responsibilities

The BSP provides policy directions in the areas of money, banking and credit. It supervises
operations of banks and exercises regulatory powers over non-bank financial institutions with
quasi-banking functions.

Functions of the BSP

Under the New Central Bank Act of 1993, the BSP performs the following functions, all of which
relate to its status as the Republic’s central monetary authority.

• Liquidity Management. The BSP formulates and implements 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. The BSP extends discounts, loans and advances to banking
institutions for liquidity purposes.
• Financial Supervision. The BSP supervises banks and exercises regulatory powers over
non-bank institutions performing quasi-banking functions.
• Management of foreign currency reserves. The BSP seeks to maintain 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. The BSP determines the exchange rate policy of
the Philippines. Currently, the BSP adheres to a market-oriented foreign exchange rate
policy such that the role of Bangko Sentral is principally to ensure orderly conditions in
the market.
• Other activities. The BSP functions as the banker, financial advisor and official depository
of the Government, its political subdivisions and instrumentalities and GOCCs.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

TOPIC 2

CENTRAL BANKING AUTHORITY

INTENDED LEARNING OUTCOMES:

1. Describe monetary board and discuss central banking authority.

2. Explain the different powers of the monetary board.
3. Identify the powers and duties of the Governor.
4. Name the present officers pf the BSP.

What is a Central Banking Authority?

A central banking authority, or central bank, is a national institution responsible for managing a
country's monetary policy and financial system. It oversees the money supply, sets interest rates,
issues currency, and regulates banks to ensure economic stability and growth. Central banks also
work to control inflation, manage exchange rates, and serve as a lender of last resort to the banking
sector in times of financial crisis.

MONETARY BOARD

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.

Different Powers of the Monetary Board

The Monetary Board, which governs the Bangko Sentral ng Pilipinas (BSP), is vested with a range of
powers to fulfill its mandate of maintaining price stability and promoting financial stability in the country.
These powers include:

1. Issuing Rules and Regulations: The Board has the authority to formulate and implement rules,
regulations, and guidelines necessary to effectively carry out its functions. This power enables
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

the Board to adapt to changing economic conditions and ensure the stability of the financial
system.
2. Directing Operations and Administration: It oversees and manages the overall operations
and administration of the BSP. This includes directing its day-to-day activities, reorganization
of its personnel, and ensuring the efficient execution of its functions. The Board has the
authority to make decisions on the internal structure and management practices of the BSP.
3. Establishing a Human Resource Management System: The Board is responsible for creating
and maintaining a human resource management system that governs the hiring, promotion,
transfer, and dismissal of personnel. This system is designed to foster professionalism and
excellence at all levels of the organization, ensuring that the BSP is staffed by qualified and
competent individuals.
4. Adopting an Annual Budget: The Monetary Board has the power to adopt the BSP’s annual
budget, authorizing expenditures necessary for its operations. This includes allocating
resources efficiently to ensure that the BSP can fulfill its mandate and responsibilities
effectively.
5. Indemnifying Members and Officials: The Board has the authority to indemnify its members,
officers, and personnel against any costs or expenses incurred in civil or criminal actions related
to the performance of their duties, provided they are not found liable for negligence or
misconduct. This power protects those who serve the BSP, ensuring that they can perform their
functions without fear of personal liability.

The Monetary Board

The powers and function of Bangko Sentral are exercised by its Monetary Board, which hasseven members
appointed by the President of The Philippines. Under the New Central BankAct, one of the government
sector members of the Monetary Board must also be a member of the Cabinet designated by the President.

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.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

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.

• Office of the general counsel and legal services

• Office of the secretary monetary board
• Monetary policy sub-sector
• Internal Audit office

Powers & Functions of Governor

• The Governor of the Bangko Sentral, who shall be the Chairman of the Monetary Board.
• The Governor of the Bangko Sentral shall be head of a department and his appointment
shall be subject to confirmation by the Commission on Appointments.
• He shall be BSP Chief Executive Officer;
• He shall be the principal representative of the Monetary Board and of the BSP.

The Governor of Bangko Sentral is vested the responsibility of executing and administering the policies
and measures approved by the board and empowered to:

• Represent the Monetary Board and the BSP in all dealings;

• sign contracts entered into by the BSP, notes and securities issued by the BSP all reports and
statements, and other reports of the BSP; rl
• Represents the BSP either personally or through counsel, as may be authorized by the Monetary
Board; and
• delegate his power to represent the BSP, to other officers upon his own responsibility.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

Domestic Monetary Policy

refers to the actions taken by a country’s central bank to manage the nation’s money supply and interest
rates in order to achieve specific economic objectives. In the Philippines, the Bangko Sentral ng Pilipinas
(BSP) is responsible for implementing the country’s domestic monetary policy. The primary goals of
domestic monetary policy include promoting price stability, controlling inflation, fostering economic
growth, and managing unemployment levels.

Objectives of Domestic Monetary Policy

• Price Stability: Ensuring stable prices is a key objective, as high or volatile inflation can erode
purchasing power, discourage investment, and disrupt economic planning. The BSP sets an
inflation target to guide its policy decisions, aiming to keep inflation within a manageable range
that supports economic growth.
• Full Employment: The policy aims to maintain low levels of unemployment by creating favorable
conditions for business investment and economic activity. This is often achieved by adjusting
interest rates to influence borrowing, spending, and investment.
• Economic Growth: The policy supports sustainable economic growth by managing liquidity in
the economy. By adjusting the money supply, the BSP can influence the overall economic activity,
promoting growth during slowdowns and tempering overheating during periods of rapid expansion.
• Financial Stability: It aims to ensure the stability of the financial system by overseeing and
regulating financial institutions, managing systemic risks, and maintaining public confidence in the
financial system.

Types of Domestic Monetary Policy

1. Expansionary Monetary Policy: This policy aims to increase the money supply and lower
interest rates to stimulate economic activity. It is typically used during periods of economic
recession or low growth to encourage borrowing, spending, and investment, which can help
reduce unemployment and promote growth. However, if used excessively, it can lead to
inflation.
2. Contractionary Monetary Policy: This policy seeks to reduce the money supply and raise
interest rates to slow down economic activity. It is often implemented to control high inflation,
stabilize the currency, or prevent an overheated economy from causing asset bubbles. While
effective in controlling inflation, it can also slow down economic growth and increase
unemployment if not carefully managed.
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

International Monetary Stability

International monetary stability is a crucial component of the global financial ecosystem. It refers
to the predictability, reliability, and resilience of the international monetary system, which
encompasses exchange rates, capital flows, and the functioning of financial markets. In an
increasingly interconnected world, the stability of international monetary systems impacts
economic growth, trade relations, and global development.

The Importance of International Monetary Stability

1.Facilitating Trade and Investment:

A stable international monetary system fosters an environment conducive to international trade

and investment. When exchange rates are stable, businesses and investors can make long-term
plans without the additional risk of currency fluctuations. This predictability leads to increased
investment flows, innovation, and job creation globally.
2.Mitigating Financial Crises:

Financial instability can have catastrophic effects on economies, leading to recessions,

unemployment, and social unrest. International monetary stability acts as a buffer against
speculative attacks and capital flight, reducing the chances of financial crises. Strong international
cooperation can enhance risk management and maintain stability in turbulent times.
3.Supporting Sustainable Development:
International monetary stability supports sustainable development goals by promoting stable
economic growth, reducing poverty, and encouraging equitable resource distribution. Access to
stable currencies enables poorer nations to borrow and invest in essential infrastructure and
services, contributing to better living standards.

Present officer of the BSP

President Ferdinand R. Marcos Jr. Appoints Eli M. Remolona as the next BSP Governor

June 23, 2023

 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

The current members of the Monetary Board are:

Eli M. Remolona, Jr. – BSP Governor and Chairman of the Monetary Board

Francisco G. Dakila, Jr. – Deputy Governor for Monetary and Economics Sector

Chuchi G. Fonacier – Deputy Governor for Financial Supervision Sector

Mamerto E. Tangonan – Deputy Governor for Payments and Currency Management Sector

Eduardo G. Bobier – Deputy Governor for Corporate Services Sector

Bernadette Romulo-Puyat – Deputy Governor for Regional Operations and Advocacy Sector

Ralph Recto - Secretary of the Department of Finance

Benjamin Diokno - Monetary Board Member

Rosalia V. De Leon - Monetary Board Member, former National Treasurer

Romeo L. Bernardo - Monetary Board Member, former undersecretary of the Department of Finance

Walter C. Wassmer - Monetary Board Member

REFERENCES

https://www.investopedia.com/terms/c/centralbank.asp

https://www.studocu.com/ph/document/laguna-university/monetary-policy/module-31-central-
banking-development-and-growth/36199283

https://www.scribd.com/document/706370479/Central-Banking-Development-and-Growth

https://byjus.com/commerce/functions-of-the-central-bank/
 Republic of the Philippines
North Eastern Mindanao State University
Formerly Surigao del Sur State University
Rosario, Tandag City, Surigao del Sur 8300
Telefax No. 086-214-4221
Website: www.sdssu.edu.ph
______________________________________________________________________________

https://www.pw.live/exams/bank-jobs/central-bank-
functions/?fbclid=IwZXh0bgNhZW0CMTEAAR2ecc7eLzHpGdy4M__OpCtvNT0pVlUXRCL
Wd5CLqAndrBXINHD9JJ40iVY_aem_Qc0y8YV9mQHffXr2ByaHEA

https://fraser.stlouisfed.org/files/docs/publications/frbrichreview/pages/65381_1960-1964.pdf

https://www.bsp.gov.ph/SitePages/AboutTheBank/AboutTheBank.aspx#:~:text=The%20Bangko
%20Sentral%20ng%20Pilipinas,Central%20Bank%20Act%20of%201993.

https://www.coursehero.com/file/106728441/Brief-History-of-BSPpptx/

https://lawphil.net/administ/bsp/bsp.html

https://www.bsp.gov.ph/Pages/AboutTheBank/WhoWeAre/OrganizationAndGovernance/Gover
nanceOfTheBank.aspx

https://www.slideshare.net/slideshow/bsp-bankinglaw/51771501

https://en.m.wikipedia.org/wiki/Bangko_Sentral_ng_Pilipinas