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The Bank's authority was also expanded to include regulation of the nation's entire financial system just supervision of the banking system. In 1981, RA 265, as amended, was further improved to strengthen the financial system, [10] among the changes was the increase in the capitalization of the Central Bank from ₱10 million to ₱10 billion. [13]
City Savings Bank, commonly known as CitySavings, is a thrift bank subsidiary of Union Bank of the Philippines [6] and established in 1965, founded in Cebu City and also member of the Aboitiz Group of Companies. [7] City Savings is regulated by the Bangko Sentral ng Pilipinas.
In the Philippines, monetary policy is the way the central bank, the Bangko Sentral ng Pilipinas, controls the supply and availability of money, the cost of money, and the rate of interest. With fiscal policy (government spending and taxes), monetary policy allows the government to influence the economy, control inflation, and stabilize currency.
The Bangko Sentral ng Pilipinas (BSP) was established on July 3, 1993, as the Philippines' central bank, succeeding the previous Central Bank of the Philippines which was established in 1949. Its primary monetary policy objective is to promote a low and stable inflation conducive to a balanced and sustainable economic growth.
The Bank of the Philippine Islands (Filipino: Bangko ng Kapuluang Pilipinas; Spanish: Banco de las Islas Filipinas, commonly known as BPI; PSE: BPI) is a universal bank in the Philippines. It is the oldest bank in both the Philippines and Southeast Asia .
In 1912, the bank was renamed Bank of the Philippine Islands (BPI) and henceforth issued the same banknotes in English. In 1918, the Silver Certificates were replaced by the Treasury Certificates issued with government-backing of bonds issued by the United States Government in 1, 2, 5, 10, 20, 50, 100 and 500 Pesos.
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In 2007, Bangko Sentral ng Pilipinas (BSP) began the 12-year demonetization process of the New Design Series when the New Generation Currency (NGC) project was started the formal conceptualization process, which was a meeting of the minds of people with diverse backgrounds and ideas: central bankers, artists, technocrats, historians, communication experts, and currency printers to further ...