The Bangko Sentral ng Pilipinas (BSP) is pleased to announce that it is implementing a phased reorganization to enhance its capability to fulfill its mandate in an ever-shifting economic landscape. In broad terms, the reorganized BSP will have four (4) major Sectors:
- Monetary and Economics Sector, which shall be in-charge of monetary policy formulation, implementation, and assessment. It will be composed mostly of units that were formerly part of the Monetary Stability Sector, specifically the departments and offices for economic research and statistics, monetary and financial policy, international operations and relations, and loans and credit. The Treasury Department, Payments and Settlements Office, and Investor Relations Office will now be part of the Monetary and Economics Sector;
- Financial Supervision Sector, formerly the Supervision and Examination Sector, which will regulate banks and other BSP-supervised financial institutions, as well as provide oversight on matters relating to financial technology, payment systems, and consumer protection;
- Currency Management Sector, which shall be mainly responsible for the forecasting, production, distribution and retirement of Philippine currency. The units in the Security Plant Complex in-charge of banknotes, coins and securities production, mint refining, as well as the currency production support activities, and the departments and offices that formerly belonged to the Monetary Stability Sector, specifically the Cash Department, the Currency Issue and Integrity Office, and the BSP Regional Offices and Branches, will now be organized into the Currency Management Sector; and
- Corporate Services Sector, which shall be 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.
In addition to the four (4) BSP Sectors, the reorganization will also result in reinforced units that promote effective risk management and compliance as well as internal audit. Finally, it will institutionalize the top level commitments to pro-active systemic risk management and to a more inclusive and responsive financial system.
For updates and additional information on the BSP’s reorganization, please visit the BSP website at www.bsp.gov.ph.
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