On this day in 1993, the Bangko Sentral ng Pilipinas (BSP) was established, in accordance with the 1987 Philippine Constitution and the New Central Bank Act of 1993.

Replacing the Central Bank of the Philippines, which had been the country’s central monetary authority since January 3, 1949, the BSP was created to enhance the management of the nation’s monetary policy, banking supervision, and financial stability.

This transition marked a new era in the Philippines’ economic history, aiming to maintain price stability, ensure the smooth functioning of the financial system, and promote sustainable economic growth. As we commemorate this anniversary, we recognize the BSP’s pivotal role in navigating economic challenges and fostering a stable and prosperous future for all Filipinos.

Source: www.centralbanking.com

Photo: Mark Anthony Maranga