Which institution is the Philippines’ central bank and sole issuer of Philippine currency?

Bangko Sentral ng Pilipinas is the Philippines’ central bank and sole issuer of Philippine currency.

The institution was created by Republic Act No. 7653, also known as the New Central Bank Act, which took effect in 1993. It replaced the former Central Bank of the Philippines, established in 1949. The modern central bank has a broader mandate and greater institutional autonomy than its predecessor.

Bangko Sentral ng Pilipinas, commonly abbreviated BSP, manages monetary policy, supervises banks, and maintains the stability of the Philippine financial system. It also issues Philippine banknotes and coins through the country’s currency system.

A common mix-up is confusing BSP with the Philippine central bank’s predecessor. The old Central Bank of the Philippines ceased operations when BSP began, but both institutions appear in historical accounts of Philippine monetary policy.