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Chronology of Events

The Philippine central banking system evolved over several decades, beginning in 1929 with the Bureau of Banking supervising banks, and a 1939 bill proposing a central bank that was not approved by the US government. In 1946, a commission recommended reforming the monetary system and establishing a central bank. A law was passed in 1948 establishing the Central Bank of the Philippines, and it opened in 1949. The central bank underwent amendments over the decades to expand its powers and make it more responsive to economic conditions. In 1993, the Bangko Sentral ng Pilipinas replaced the Central Bank of the Philippines as the country's central monetary authority.

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128 views2 pages

Chronology of Events

The Philippine central banking system evolved over several decades, beginning in 1929 with the Bureau of Banking supervising banks, and a 1939 bill proposing a central bank that was not approved by the US government. In 1946, a commission recommended reforming the monetary system and establishing a central bank. A law was passed in 1948 establishing the Central Bank of the Philippines, and it opened in 1949. The central bank underwent amendments over the decades to expand its powers and make it more responsive to economic conditions. In 1993, the Bangko Sentral ng Pilipinas replaced the Central Bank of the Philippines as the country's central monetary authority.

Uploaded by

Jhon Robert N. Saria
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Chronology of Events: Central Banking in the Philippines

February 1929

The Bureau of Banking under the Department of Finance took over the task of banking supervision.

1939

A bill establishing a central bank was drafted by Secretary of Finance Manuel Roxas and approved by the
Philippine Legislature. However, the bill was returned by the US government, without action, to the
Commonwealth Government.

1946

A joint Philippine-American Finance Commission was created to study the Philippine currency and
banking system. The Commission recommended the reform of the monetary system, the formation of a
central bank and the regulation of money and credit.
The charter of the Central Bank of Guatemala was chosen as the model of the proposed central bank
charter.

August 1947

A Central Bank Council was formed to review the Commissions report and prepare the necessary
legislation for implementation.

February 1948

President Manuel Roxas submitted to Congress a bill Establishing the Central Bank of the Philippines,
defining its powers in the administration of the monetary and banking system, amending pertinent
provisions of the Administrative Code with respect to the currency and the Bureau of Banking, and for
other purposes.

15 June 1948

The bill was signed into law as Republic Act No. 265 (The Central Bank Act) by President Elpidio Quirino.

3 January 1949

The Central Bank of the Philippines (CBP) was inaugurated and formally opened with Hon. Miguel
Cuaderno, Sr. as the first governor.
The broad policy objectives contained in RA No. 265 guided the CBP in the implementation of its duties
and responsibilities, particularly in relation to the promotion of economic development in addition to the
maintenance of internal and external monetary stability.

November 1972

RA No. 265 was amended by Presidential Decree No. 72 to make the CBP more responsive to changing
economic conditions.
PD No. 72 emphasized the maintenance of domestic and international monetary stability as the primary
objective of the CBP. Moreover, the CBPs authority was expanded to include not only the supervision of
the banking system but also the regulation of the entire financial system.

January 1981

Further amendments were made with the issuance of PD No. 1771 to improve and strengthen the financial
system, among which was the increase in the capitalization of the CBP from P10 million to P10 billion.

1986

Executive Order No. 16 amended the Monetary Board membership to promote greater harmony and
coordination of government monetary and fiscal policies.

3 July 1993

The Bangko Sentral ng Pilipinas (BSP) was established to replace the CBP as the countrys central
monetary authority.

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