The 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.
The Governor is the chief executive officer of the BSP and is required to direct and supervise the operations and internal administration of the BSP. A deputy governor (or a Senior Assistant Governor in the case of the Currency Management Sector) heads each of the BSP's operating sector as follows:
- Monetary and Economics Sector is mainly responsible for the operations/activities related to monetary policy formulation, implementation, and assessment
- Financial Supervision Sector is mainly responsible for the regulation of banks and other BSP-supervised financial institutions, as well as the oversight and supervision of financial technology and payment systems
- Currency Management Sector is mainly responsible for the forecasting, production, distribution, and retirement of Philippine currency, as well as security documents, commemorative medals, and medallions
- Corporate Services Sector is mainly responsible for the effective management of corporate strategy, communications, and risks, as well as the BSP's human, financial, technological, and physical resources to support the BSP's core functions