Group 2: History of BSP Flashcards
the First Philippine Commission passed Act No. 52, which placed all banks under the Bureau of the Treasury, with the Insular Treasurer supervising and examining banking activities. This marked the first step toward organized financial regulation in the Philippines.
1900
the Department of Finance, through the Bureau of Banking, assumed responsibility for overseeing the banking system. During this period, the idea of establishing a central bank started to gain traction.
February 1929
a group of Filipinos, inspired by the Hare-Hawes-Cutting Act, began conceptualizing a central bank to align with the country’s move toward independence. However, the act was rejected by the Philippine Senate, delaying progress on this front.
1933,
The movement toward central banking saw renewed hope during the administration of President Manuel L. Quezon in _________, when the National Assembly passed a law establishing a central bank. Unfortunately, this law required the approval of US President Franklin D. Roosevelt, which was not granted.
1939
In ________, under the Japanese-occupied Second Republic, another law was passed to create a central bank, but its implementation was aborted with the return of American forces in ________.
1944; 1945
In _______, President Manuel Roxas tasked Finance Secretary Miguel Cuaderno, Sr. with drafting a charter for a central bank.
1946
In _______, President Roxas formed the Central Bank Council, which submitted the charter for the Central Bank of the Philippines (CBP). President Elpidio Quirino, who succeeded Roxas, signed the charter into law as __________.
1948; Republic Act No. 265
On ________________, the Central Bank of the Philippines was formally inaugurated, with Miguel Cuaderno, Sr., serving as its first governor.
January 3, 1949
In order to guarantee the soundness and healthy expansion of the system, Marcos enacted Presidential Decree No. 72 in __________________, amending Republic Act No. 265 and emphasizing the significance of maintaining both domestic and international monetary stability.
November 1972
adoption served as the foundation for the modification. It centered on the goals of the Central Bank, the frameworks applied to create policies, the scope of its authority, and the procedures for handling troubled financialinstitutions.
Joint IMF-CB Banking Survey Commission
As a result, the National Assembly was given the authority to establish an independent central bank in the ________ Constitution. Eventually, the Central Bank of the Philippines was named the central monetary authority (CMA) by Presidential Decree 1801.
1973
In _____________, further amendments were made to improve and strengthen the financial system. The objectives of Presidential Decree No. 1771 were to strengthen the CBP’s regulatory authority, financial instruments, foreign exchange controls, and auditing and supervision of banks. One of the revisions was the rise in the CBP’s capitalization from __________________.
January 1981; P10 million to P10 billion.
under the administration of ____________________, __________________ amended the composition of the Monetary Board of the CBP. This executive order was a response to the post-Marcos era reforms aimed at restoring confidence in government institutions.
1986; President Corazon Aquino; Executive Order No. 16
the provisions of the newly adopted Constitution sought to fortify the Central Bank’s independence, mandating increased capitalization and enhanced private sector representation on the Monetary Board.
1987
under the administration of ___________________. With the passage of ______________, also known as the _____________ the Central Bank of the Philippines was replaced as the Bangko Sentral ng Pilipinas (BSP).
July 3, 1993; President Fidel V. Ramos; Republic Act No. 7653; New Central Bank Act,
