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• Financial system


  Keeps the economy working. The proper circulation of funds in an economy is necessary for the economic development of the country
• Financial system


  Described collectively the financial markets, participants, and the instruments and securities that are traded in the said markets
• The first credit institution in the Philippines, "Obras Pias", started by Father Juan Fernandez de Leon


  1754
• The first Philippine Bank, "Banco Espanol Filipino de Isabela II", was established


  1851
• Banco Español-Filipino de Isabela II is now known as Bank of the Philippine Islands, the oldest standing bank in the Philippines and in the whole of Southeast Asia
• The "First Agricultural Bank of the Philippines" was established


  1906
• All assets and liabilities of the First Agricultural Bank of the Philippines were transferred to the newly organized Philippine National Bank


  1916
• Components of the financial system

  • Banking institution
  • Non-banking Financial Intermediaries
• Bangko Sentral ng Pilipinas (BSP)


  The central bank of the Philippines that maintains regulatory and supervisory control

  
• Money


  A system of value that facilitates the exchange of goods in an economy
• Banking institutions


  Financial institutions licensed to accept deposits of any kind from the public and lend or invest these deposits where they make profit from
• Significance of banks


  • Act as an intermediary
  • Contribute to economic development
  • Enable capital formation
  • Provide services to businesses and individuals
• Financial services provided by banks

  • Short-term and long-term financing
  • Personal and business loans
  • Remittance of money
  • Payment of bills
  • Conversion of currencies
• Banks enable different medium of payments aside from actual cash, such as ATM cards, credit cards, and check issuances
• Banks allow savings to be deposited in different types of accounts such as Savings account, Current account, Time Deposit account, etc. which have different rates and terms
• Universal and commercial banks (U/KBs)


  Offer the widest variety of banking services among other financial institutions. Universal banks are authorized to engage in investment banking and industrial ventures such as real estate development
• Thrift banks (TBs)


  Specialize in gathering deposits from the public and deploying these funds into mortgage lending, consumer loans, and other financial services
• Rural banks and cooperative banks (RBs/Coop Banks)


  Serve as vital financial institutions in rural communities, offering a range of banking services. Cooperative banks operate on cooperative principles, with members as both owners and customers
• Digital bank


  A bank which adopts digitalization of traditional banking services, processes, and activities which allows customers to conveniently access their accounts through their smart devices without the need to physically visit a bank
• Digital banking is often mistaken as online banking, but they differ in terms of accessibility and scope of services
• Maya Bank


  A digital bank that provides individuals with financial services including savings, deposits, and credit via technological medium. It is regulated and supervised by Bangko Sentral ng Pilipinas (BSP) and ensures up to 500,000 pesos per depositor by compliance to Philippine Deposit Insurance Corporation (PDIC)
• Services and features of Maya Bank


  • Deposit and Save
  • Borrow
  • Grow
  • Load
  • Sell
  • Shop
  • March 2024 Promos
• Target customers of Maya Bank


  • Retail Customers - without bank accounts and underserved consumers
  • MSMEs - Micro, Small, and Medium Enterprises
  • Corporate Clients
  • Investors
• The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines, established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993

  
• Mission of BSP


  Committed to promote and maintain price stability, with a financial system that is firm enough to have a safe, effective and efficient payments and settlements system that is conducive to a sustainable and inclusive growth of the economy
• Vision of BSP


  Aims to be recognized globally as the monetary authority and primary financial system supervisor that supports a strong economy and promotes a high quality of life
• The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines

  
• BSP was established pursuant to the 1987 Philippine Constitution and the New Central Bank Act


  3 July 1993

  
• BSP took over from Central Bank of Philippines, which was established on 3 January 1949, as the country's central monetary authority
• BSP enjoys fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities
• BSP's mission


  Promote and maintain price stability, with a financial system that is firm enough to have a safe, effective and efficient payments and settlements system that is conducive to a sustainable and inclusive growth of the economy
• BSP's vision


  To be recognized globally as the monetary authority and primary financial system supervisor that supports a strong economy and promotes a high quality of life for all Filipinos

  
• Monetary Board


  Exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system. Its chairman is the BSP Governor, with five full-time members from the private sector and one member from the Cabinet
• Monetary Board members


  • Eli M. Remolona, Jr. (Chairman)
  • Ralph G. Recto
  • Benjamin E. Diokno
  • V. Bruce J. Tolentino
  • Anita Linda R. Aquino
  • Romeo L. Bernardo
  • Rosalia V. De Leon
• Powers and duties of the Monetary Board

  1. Issue rules and regulations

  2. Direct the management, operations, and administration of the BSP

  3. Establish a human resource management system

  4. Adopt an annual budget and authorize expenditures

  5. Indemnify its members and other officials
• Governor


  Chief executive officer of the BSP, required to direct and supervise the operations and internal administration of the BSP
• Powers and duties of the Governor

  1. Prepare the agenda for Monetary Board meetings

  2. Execute and administer the policies and measures approved by the Monetary Board

  3. Direct and supervise the operations and internal administration of the BSP

  4. Appoint and fix the remunerations of personnel below the rank of a department head

  5. Render opinions, decisions, or rulings

  6. Exercise other powers vested by the Monetary Board
• Deputy Governors and their responsibilities

  • Monetary and Economics Sector (MES)
  • Financial Supervision Sector (FSS)
  • Corporate Services Sector (CSS)
  • Payments and Currency Management Sector (PCMS)
  • Regional Operations and Advocacy Sector (ROAS)
• Anti-money laundering regulation


  Money laundering is committed by any person who, knowing that any monetary instrument or property represents, involves, or relates to the proceeds of any unlawful activity. Unlawful activity refers to any act that is illegal or against the law (e.g. kidnapping for ransom, bribery, corruption of of Public Officers, financing terrorism)
• Financial consumer protection


  Establishes the guidelines and expectations from Bangko Sentral supervised financial institutions (BSFIs) to institutionalize consumer protection as an integral component of corporate governance and culture as well as risk management