Week 1 Flashcards
What Act was passed by the First Philippine Commission in 1900?
Act No. 52
This act placed all banks under the Bureau of Treasury, authorizing the Insular Treasurer to supervise and examine banks and banking activities.
When was Act No. 52 passed?
1900
Who passed the Act No. 52?
First Philippine Commission
When was the bill establishing a central bank drafted?
1939
The bill was approved by the Philippine Legislature but was returned by the US government without action.
When was the Bureau of Banking established?
February 1929
The Bureau of Banking took over the task of banking supervision under the Department of Finance.
Who drafted the bill establishing a central bank in 1939?
Secretary of Finance Manuel Roxas
The bill was approved by the Philippine Legislature but was returned by the US government without action.
What was the purpose of the joint Philippine-American Finance Commission?
To study the Philippine currency and banking system
The Commission recommended reforms, including the formation of a central bank.
When was the Central Bank Council formed?
August 1947
The Council was tasked with reviewing the Commission’s report and preparing necessary legislation.
What significant bill did President Manuel Roxas submit to Congress in February 1948?
Establishing the Central Bank of the Philippines
This bill defined its powers in the administration of the monetary and banking system.
What law was signed on 15 June 1948?
Republic Act No. 265 (The Central Bank Act)
This act led to the inauguration of the Central Bank of the Philippines.
What is the Republic Act No. 265
This is the Central Bank Act.
When was the Central Bank of the Philippines inaugurated?
3 January 1949
Hon. Miguel Cuaderno, Sr. was the first governor.
Who is the first governor of the Central Bank of the Philippines?
Hon. Miguel Cuaderno, Sr.
What were the broad policy objectives of RA No. 265?
Promotion of economic development and maintenance of internal and external monetary stability
These objectives guided the CBP in its duties and responsibilities.
What amendment was made to RA No. 265 in November 1972?
Presidential Decree No. 72
This amendment made the CBP more responsive to changing economic conditions and expanded its authority.
What was the capital increase for the CBP as per PD No. 1771 in January 1981?
From P10 million to P10 billion
This increase aimed to improve and strengthen the financial system.
What did Executive Order No. 16 in 1986 amend?
Monetary Board membership
The amendment aimed to promote greater harmony and coordination of government monetary and fiscal policies.
What did Republic Act No. 7653, passed on 3 July 1993, establish?
Bangko Sentral ng Pilipinas (BSP)
The BSP replaced the Central Bank of the Philippines as the country’s central monetary authority.
When was the Republic No. 7653 passed?
July 1993
What was the purpose of Republic Act No. 11211 passed on 14 February 2019?
Amend RA No. 7653
The amendments bolster the capability of the BSP to safeguard price stability and financial system stability.
What is the primary objective of BSP’s monetary policy?
To promote a low and stable inflation conducive to a balanced and sustainable economic growth.
When was the Bangko Sentral ng Pilipinas (BSP) established?
3 July 1993.
What framework did the BSP adopt in January 2002 for its monetary policy?
Inflation targeting framework.
What does monetary operations refer to?
Buying/selling of government securities, lending/borrowing against underlying assets as collateral, acceptance of fixed-term deposits, foreign exchange swaps, and the use of other monetary instruments.
