Which bank became the first central bank of the Philippines when it opened in 1949?

The Central Bank of the Philippines became the country’s first central bank when it opened in 1949.

It was created through Republic Act No. 265, signed in 1948, and began operations on 3 January 1949. The institution was designed to manage monetary policy, supervise banks, and maintain stability in the newly independent Philippine economy.

The Central Bank of the Philippines was later replaced by the Bangko Sentral ng Pilipinas in 1993. The new central bank was created under Republic Act No. 7653, which restructured the monetary authority and strengthened its independence.

The older institution is therefore a historical predecessor, not the current name of the Philippines’ central bank. Philippine National Bank and Development Bank of the Philippines are separate state-linked commercial or development institutions.