Congress of the Philippines - Republic Act No. 7563 - The New Central Bank Act


The Congress of the Philippines' Republic Act No. 7563 creates the Central Bank of the Philippines (Bangko Sentral ng Pilpinas) which is to provide policy directions in the areas of money, banking, and credit. The Bank shall have supervision over the operations of banks and exercise such regulatory powers as  operations of finance companies and non-bank financial institutions performing quasi-banking functions, and institutions performing similar functions.The primary objective of the Bank is to maintain price stability conducive to a balanced and sustainable growth of the economy. It shall also promote and maintain monetary stability and the convertibility of the peso. The law is divided into several chapters, and sets forth provisions on the following topics:

1. Establishment and Organization of the Central Bank of the Philippines
2. The Central Bank and the Means of Payment
3. Guiding Principles of Monetary Administration by the Central Bank
4. Instruments of Central Bank Action
5. Central Bank's Functions as Banker and Financial Advisor of the Government
6. Privileges and Prohibitions

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Monday, June 14, 1993
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Congress of the Philippines
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