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' Central Bank of the Philippines '; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 [ 2 ] as amended by Republic Act 11211 or the New ...
The BSP Charter The New Central Bank Act (RA11211) Inaugural holder: Miguel Cuaderno Sr. (as Governor of the Central Bank) Gabriel Singson (as Governor of the Bangko Sentral) Formation: January 3, 1949 (Central Bank) July 3, 1993 (Bangko Sentral) Website: bsp.gov.ph
Eli M. Remolona Jr. (born 1952) is a Filipino economist serving as the governor of the Bangko Sentral ng Pilipinas (BSP), the central monetary authority of the Philippines, and the ex officio chairman of the Anti-Money Laundering Council, the central anti-money laundering/counter-terrorism financing authority of the Philippines, under the Bongbong Marcos administration since July 3, 2023.
On the other hand, under the new framework, BSP sets monetary policy so that price level is not just zero in expectation but is also zero regardless of latter shocks. [13] Moreover, the framework was changed because BSP wanted to address the fact that aggregate targeting did not account for the long-run effects of monetary policy on the economy.
The next day the BSP returned the mandate as well. [15] On 30 July, the DPS refused the mandate as well. [ 16 ] Finally, on 6 August, a caretaker government led by Georgi Bliznashki was sworn into office and the Oresharski government was officially dissolved.
The second mandate went to the second largest party PP on 3 January 2023. [47] The third and last mandate was given to BSP which was also unable to form a government thus triggering snap elections, scheduled for 2 April 2023. However, BSP opened up to a potential cooperation with GERB, which had the potential for a breakthrough. [48]
The Anti–Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act No. 9160, also known as the Anti–Money Laundering Act of 2001 (AMLA), as amended, and Republic Act No. 10168, also known as the “Terrorism Financing Prevention and Suppression Act of 2012” (TFPSA).
The implementation of QR Ph has been officially endorsed by Philippine Payments Management, Inc., following guidelines set forth in Circular 1055 by the Bangko Sentral ng Pilipinas (BSP). The move towards digital payments aligns with the central bank's objective of promoting financial inclusion, particularly for small businesses and consumers ...