2. DISCUSSION OUTLINE
• History of Money in the Philippines
• Timeline of the Philippine Central Bank
• Organizational Structure of the Bangko Sentral ng Pilipinas
• Roles of the BSP under the New Central Bank Act
4. • Piloncitos are tiny
engraved bead-like gold
bits unearthed in the
Philippines. They are the
first recognized coinage in
the Philippines circulated
between the 9th and 12th
centuries. They emerged
when increasing trade
made barter inconvenient.
11. Revolutionary
Period
One peso and five peso
revolutionary notes printed as
Republika Filipina Papel Moneda
de Un Peso and Cinco Pesos were
freely circulated.
These were handsigned by Pedro
Paterno, Mariano Limjap and
Telesforo Chuidian.
With the surrender of General
Aguinaldo to the Americans, the
currencies were withdrawn from
circulation and declared illegal
currency.
12. DID YOU KNOW?
After ruling for 333
years, the Spaniards
finally left in 1898
and were replaced by
the Americans who
stayed for 48 years.
13. American
Colony Series
• Obverse: William A. Jones
and seal of the Philippine
National Bank
Reverse: Seal of the
Philippine National Bank
20 Pesos Banknote
Philippine National Bank Circulating
Note (series of 1937)
14. American
Colony Series
The Americans instituted a
monetary system for the
Philippine based on gold and
pegged the Philippine peso to
the American dollar at the ratio
of 2:1.
The US Congress approved the
Coinage Act for the Philippines
in 1903
20 Pesos Banknote
Philippine National Bank Circulating
Note (series of 1937)
15. 1941 Ten Pesos Banknote
American Period Treasury Certificate
(series of 1941)
Obverse: George Washington and
seal of the Philippine-American
Commonwealth
16. 200 Peso Banknote –
Bank of the Philippine
Islands (1928)
American Regime
This is one of the rarest banknotes
ever issued during the American
Regime. Only 1,700 were printed and
not so many have survived. A more
worn out version of this banknote
was sold at ebay for more than
$1,000.
17. The renaming of El Banco
Espanol Filipino to Bank of the
Philippine Islands in 1912
paved the way for the use of
English from Spanish in all
notes and coins issued up to
1933.
19. The front features Maj. Gen. Henry
W. Lawton. An overprint on top of
the PNB seal reads "Manila, P.H.,
May 2, 1916". The reverse features
the seal of the Philippine National
Bank.
20.
21. DID YOU
KNOW?
In 1907, under the American government, the Philippines experienced a leprosy problem. General
William Taft was tasked to provide a solution to the health crisis by converting the Culion Island in
Palawan as a Leper Colony.
22. DID YOU KNOW?
Due to the colony’s isolation, Culion Island
minted its own coin and issued its own
currency through the Bureau of Health and
was circulated within the island.
23. One Thousand Peso
banknote issued in the
Philippines during the
Japanese occupation
As inflation crept in, the
Japanese printed banknotes
in larger denominations. This
bill is the last of the third
series along with the 100 and
500 peso JIM. It was printed
just before their surrender in
1945.
Japanese
Invasion Money
24. These war notes had no
back up reserves, thus,
Filipinos dubbed it “Mickey
Mouse” money. During the
worst inflation in Philippine
history, Filipinos would go to
the market laden with
bayongs of Mickey Mouse
bills, since one duck egg cost
75 pesos, and a box of
matches more than 100
pesos.
Japanese
Invasion Money
28. • One Peso Emergency
Guerilla Note
Series of 1944
29. Victory
Series
Obverse: Miguel Lopez de
Legazpi, seal of the Philippine-
American Commonwealth
Reverse: "Central Bank of the
Philippines VICTORY"
overprint, seal of the
Philippine-American
Commonwealth
45. WHICH DESIGN OF OUR PREVIOUS AND
PRESENT CURRENCY DID YOU FIND MOST
INTERESTING?
Pres-Spanish Period | Spanish Era |Revolutionary Period | American Colony Series | Japanese Invasion Money | Guerilla
Notes | Victory Series | English Series | Filipino Series | New Design Series | New Generation Series | Enhanced New
Generation Series
46. INDIVIDUAL ACTIVITY
Do you have an old Philippine currency still being kept at your
house? If yes, take a selfie or post a photo of the bill/coin.
49. 1939
1944 • During the Japanese occupation, a
second attempt to pass this law took
place. But the American liberalization
forces aborted its implementation.
50. 1946
• As instructed by newly-elect President
Manuel Roxas, the former Finance
Secretary Miguel Cuaderno Sr. drew the
first charter of the Central Bank.
• A Central Bank will serve as a way for the
Philippines to shift from the dollar
exchange standard to a managed currency
system.
• It was in February 1948 when the charter
draft was submitted to the Congress.
51. 1948
• The Central Bank Act of
1948 was successfully
realized.
• This was a definitive
step of having full
national sovereignty.
53. 1993
• President Fidel Ramos signed into law
Republic Act No. 7653, which is the New
Central Bank Act, on June 14, 1993.
• The name of the Central Bank was
officially changed to Bangko Sentral ng
Pilipinas.
• This new law gave fiscal and
administrative autonomy to BSP.
54. 2021
• On January 13, 2021, The Bangko
Sentral ng Pilipinas (BSP) and the
Bases Conversion and
Development Authority (BCDA)
signed a contract for lease of a
parcel of land at the New Clark
City’s National Government
Administrative Center (NCC-
NGAC) in Capas, Tarlac that will
become the site for the new BSP
Complex.
55.
56.
57.
58. Roles of the
BSP
(New Central
Bank Act)
• Liquidity Management
• Currency Issue
• Lender of Last Resort
• Financial Supervision
• Management of Foreign Currency
Reserves
• Determination of exchange rate policy
• Being the banker, financial advisor
and official depository of the
Government, its political subdivisions
and instrumentalities and GOCCs.
61. Payments and
Settlements
• Operator of the real time
gross settlement system
known as PhilPaSS
• Provider of credit facilities to
banks as a lender of last
resort
• Overseer of the payments
and settlements system
• User of its own RTGS (Real
Time Gross Settlement)
system
• Initiate changes/reforms for
the payments system