Bangko Sentral ng Pilipinas Media and Research

To increase public awareness on various economic and financial issues, as well as promote transparency in its operations, the BSP releases various publications, reports, media releases and other relevant resource materials.

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Publications and Reports

Publications

The BSP publishes reports, research studies, surveys, directories, manuals and learning materials relating to central banking and economic and financial developments. This is to promote transparency in its operations and to foster economic and financial education among the public.

BSP Store

The BSP Store sells BSP corporate products, special publications, and commemorative notes and coins.

Teaching Guides on Financial Education

The Teaching Guides on Financial Education provide school administrators, teachers and pupils with basic concepts and principles which will help them develop economic values focused on saving for economic growth and development.

Publications for Subscription

Description

Publications

A. REPORTS

Within Reach Weekly Newsletter

Latest Issue | Archives

Annual Report

The Annual Report (AR) is submitted annually to the President of the Philippines and the Congress highlighting the major developments in the Philippine economy and the key activities, policies and operations of the BSP during the year.

Annual Report 2021 | Full Report | Archives

Annual Report for the Layman

This version of the Annual Report is published by the BSP in terms understandable to the layman.

Full Report | Archives

Within Reach

Within Reach is an annual report highlighting the BSP’s efforts to bring itself closer to the Filipino people.

Full Report | Archives

Monetary Policy Report

The Monetary Policy Report was launched in February 2022. It replaces the quarterly publication of the Inflation Report and serves as the flagship BSP publication on monetary policy. The MPR provides the public a detailed view of the BSP’s forecasts as well as guidance on the likely direction of monetary policy over the near term.

Full Report | Visual Summary - English | Visual Summary - Filipino | Archives

Inflation Report

The Inflation Report (IR), which has been replaced by the Monetary Policy Report, was published quarterly as part of the BSP's transparency mechanism under inflation targeting. The IR conveyed to the public the overall thinking and analysis behind the BSP's decision on monetary policy.

Press Release | Full Report | Archives | Inflation Report - Infographics

Report on the Philippine Financial System

The Report on the Philippine Financial System is a comprehensive assessment of major developments in the Philippine financial system during the semester.

Press Release | Full Report | Archives

Financial Inclusion in the Philippines

The Financial Inclusion in the Philippines is a quarterly publication aimed to increase public awareness and appreciation of the BSP's initiatives in financial inclusion, the state of financial inclusion in the Philippines, as well as the new developments and emerging issues in both domestic and global contexts.

Full Report | Archives

Financial Inclusion Dashboard

TBD

Full Report | Archives

Year-End Report on BSP Financial Inclusion Initiatives

TBD

Full Report | Archives

Financial Stability Report (FSR)

The FSR provides a thematic approach and an in-depth analysis of recent developments and potential risks that may have financial stability implications to the Philippine financial system. From an annual release, the FSR shifted to a semestral publication to respond to the need of the times.

Full Report | Archives

Balance of Payments Report

The Balance of Payment (BOP) Report contains a comprehensive analysis of the developments in the country’s balance of payments including the current account (i.e., trade-in-goods and services, income, and current transfers) and the capital and financial account (i.e., direct, portfolio and other investments). Also included are brief discussions on the country’s gross international reserves and exchange rate.

Press Release | Full Report | Archives

Philippine Balance Sheet Approach

The Balance Sheet Approach (BSA) is a presentation of the country’s sectoral accounts on a from whom-to-whom (WTW) basis using the aggregate balance sheet data of each sector of the economy.

Press Release | Full Report | Archives

International Investment Position

The International Investment Position (IIP) is a companion framework to the Balance of Payments (BOP) statistics. While the BOP is a statistical statement that records the country’s transactions or flows with the rest of the world for a given period, the IIP summarizes the country’s stock of financial claims on and financial liabilities to the rest of the world as of a specific reporting period.

Press Release | Full Report | Archives

Philippine Flow of Funds

The Philippine Flow of Funds presents the financial transactions of and among the different institutional sectors of the domestic economy, including the rest of the world. The report also shows which institutions are net lenders and net borrowers in the series of transactions.

Press Release | Full Report | Archives

Quarterly Report on Economic and Financial Development

The Quarterly Report on Economic and Financial Development is a quarterly report which outlines the major developments in the real, monetary and fiscal sectors of the Philippine economy.

Full Report | Archives

Report on Regional Economic Developments

The Report on Regional Economic Developments in the Philippines tracks economic activities in the regions, focusing on the demand and supply conditions, price developments and monetary conditions, as well as the emerging outlook. Analysis of regional trends and developments supplements BSP’s analytical tools for monetary policy formulation and financial supervision. Qualitative and quantitative information used in the report are collected from primary and secondary sources and reflect the extensive information gathered by the BSP regional offices and branches.

Full Report | Archives

Investor Relations Office Newsletter

The quarterly newsletter carries articles and information about the Philippine economy, including economic statistics, policy reforms, major infrastructure development projects, credit rating updates, investor relations activities, and outlook on the Philippine economy.

Full Report | Archives

Macroprudential Policy Strategy Framework: The Case of the Philippines

The Macroprudential Policy Strategy Framework reflects the thinking of financial authorities, the institutional arrangements as well as the tools that will be used to sustain and enhance the health of the financial system. This health is specifically defined in terms of system's resilience against systemic risks.

Full Report | Archives

Systemic Risk Crisis Management Framework

June 2022

Full Report

Recent Trends in the Philippine Financial System

Report on Recent Trends in the Philippine Financial System, as of end-September 2022.

Full Report | Archives

Philippine Financial Social Accounting Matrix

2017 Philippine Financial Social Accounting Matrix (PFSAM)

Press Release | Full Report

B. STATISTICAL REPORTS AND PUBLICATIONS

Daily Key Statistical Indicators Report

The daily key statistical indicators report contains data on selected domestic and foreign interest rates, commodity prices of sugar, coconut oil, gold and silver, and Peso-Dollar exchange rates.

Latest Data

Reference Exchange Rate Bulletin

The Reference Exchange Rate Bulletin contains the weighted average rates of selected currencies.

Latest Data

Selected Economic and Financial Indicators

The Selected Economic and Financial Indicators (SEFI) is a weekly compilation of various indicators on output, employment and wages, prices, money and interest rates, external indicators and public finance.

Latest Data

Monthly Selected Philippine Economic Indicators

The Monthly Selected Philippine Economic Indicators (SPEI) is a monthly compilation of various statistical tables on external accounts, financial system, fiscal, prices, and other real sector accounts.

Latest Release | Archives

Factbook: The Philippine Banking System

A two-volume compilation of various information and statistical data of the BSP Supervised Financial Institutions such as Physical Network and Directory, Aggregated Balance Sheet and Income Statement, Regional Distribution of Selected Accounts, individual Published Balance Sheet of Universal/Commercial/Thrift Banks and Summary Report on Compliance with Agri-Agra and MSME.

2021 Full Report Vol. 1 | Archives

Annual Report Volume II - Statistical Bulletin

This publication contains statistical data relating to economic areas covering money, banking, credit and investment, public finance, foreign exchange transactions; balance of payments and external debt; production, construction and public utilities; and prices. The series presented in this report may be used as indicators of the impact of policies and measures adopted by the Monetary Board and in support of the analysis of the economic and financial developments discussed in the Annual Report text.

Full Report | Archives

Residential Real Estate Price Index (RREPI)

The RREPI is a measure of the average price change of the different types of residential properties in the country over time.

Press Release | Archives

Commercial Property Price Index (CPPI)

The CPPI is a measure of the average price change of the different uses of commercial properties in the country over time.

Press Release | Archives

C. SURVEYS

Business Expectations Survey

The Business Expectations Survey (BES) reports the overall sentiments and prospects/outlook of the businesses during the reference period.

Press Release | Full Report | Archives

Questionnaire

Consumer Expectations Survey Report

The Consumer Expectations Survey (CES)captures the economic outlook of consumers as an indication of the country's future economic conditions.

Press Release | Full Report | Archives

Questionnaire

Consumer Finance Survey

The Consumer Finance Survey (CFS) is a nationwide triennial survey of the Bangko Sentral ng Pilipinas (BSP) on the financial condition of Filipino households, considering their assets, liabilities, income, and expenditure.

Full Report | Archives

Questionnaire

Senior Bank Loan Officers' Survey

Report on the results of the quarterly Senior Bank Loan Officers' Survey conducted by the BSP to enhance its understanding of banks’ lending behavior, which is an important indicator of the strength of credit activity in the country.

Press Release | Archives

Survey of IT-BPO Services Report

The report on the Survey of IT-BPO Services, formerly known as the Survey of IT and IT-Enabled Services, provides information on the economic contribution of IT and IT-Enabled services based on a survey conducted by the BSP. The survey covers member-firms of the different information and communication technology (ICT) associations and firms registered with attached agencies of the Department of Trade and Industry, namely, the Philippine Economic Zone Authority and the Board of Investments.

Full Report | Archives

Coordinated Portfolio Investment Survey

The Coordinated Portfolio Investment Survey (CPIS) is a tool used to collect data on residents’ holdings of foreign-issued equities and long- and short-term debt securities semi-annually. The CPIS is a global undertaking spearheaded by the International Monetary Fund (IMF) in coordination with participating countries worldwide to improve statistics on holdings of external portfolio investment assets and promote international data comparability.

Full Report | Archives

Questionnaire

Philippine Banking Sector Outlook Survey

The Banking Sector Outlook Survey (BSOS) serves as a complementary tool in validating the assessments of banking supervisors.

Full Report | Archives

D. RESEARCH AND STUDIES

BSP Working Paper Series

The BSP Working Paper Series constitutes studies relevant to central banks, which are conducted by BSP researchers and occasionally, in collaboration with external contributors. The working papers are reviewed by the Editorial Committee, led by the Deputy Governor of the Monetary and Economics Sector.

Completed working papers are published annually for the purpose of soliciting comments and discussion for further refinements. The views and opinions expressed are those of the author(s) and do not necessarily reflect those of the Bangko Sentral ng Pilipinas. Authors keep the copyright and hence, improved versions of working papers may be submitted to peer-reviewed journals at any time.

BSP International Research Conference Volume

The BSP International Research Conference Volume is the compendium of all research papers presented during the BSP International Research Conference.

BS Review

The BS Review serves primarily as a forum for presenting the research findings of BSP staff; includes analytical and policy-oriented research articles on various economic, financial and statistical issues of interest to the BSP.

Full Report | Archives

BSP Economic Newsletter

The BSP Economic Newsletter aims to provide to the BSP community and the public a readily accessible, up-to-date, concise and reader-friendly compendium of studies on current economic and financial issues.

Full Report | Archives

Special Publications

The Story of Philippine Central Banking: Strength and Stability at Seventy

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Special Publications

BSP Unbound: Central Banking and the COVID-19 Pandemic in the Philippines

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Special Publications

RISE The Women Leaders of the Bangko Sentral ng Pilipinas

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Special Publications

No One Left Behind: The Philippine Financial Inclusion Journey

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Occasional Papers

Foreign exchange markets in Asia-Pacific prepared by the Study Group on FX Markets in Asia Pacific established by the Asian Consultative Council of the Bank for International Settlements (BIS), which was participated by the Department of Economic Research and Financial Markets

Full Report

Occasional Papers

Capital flows, exchange rates and policy frameworks in emerging Asia: A report by a Working Group established by the Asian Consultative Council of the Bank for International Settlements 27 November 2020

Full Report

Occasional Papers

Central Bank Digital Currency for the BSP
Fundamentals and Strategies

Full Report

BSP-UP Professorial Chair Lectures

The BSP-UP Professorial Chair Lecture Series is an annual event hosted by the Bangko Sentral ng Pilipinas (BSP) in cooperation with the University of the Philippines (UP). UP Professorial Chairholders are invited to give a lecture on their written research output at the BSP.

Archives

BSP International Research Fair

BSP's first International Research Fair featuring top-caliber and rigorous research papers relevant to central banking in the Philippines and other emerging countries.

Disclaimer: No reproduction of the materials herewith are to be made without the consent and permission of the authors and speakers. Please kindly contact them personally for permission to quote, and make sure that any mention of the results and discussions in their study or presentation is credited to the author and his/ her research paper by making use of the publication web links, if available in the case of published research, or the link to the BSP International Research Fair 2021 folder and/or the author’s own webpage, in the case of research still in the pipeline for publication, where applicable.

BSP Discussion Papers

The papers present draft research output and are being disseminated for discussion purposes.

BSP International Research Conference

The BSP International Research Conference is a biennial event that engages central banks and leading experts from academia in the discussion of emerging and pressing policy issues. The 2021 conference marks the first time that the Bangko Sentral ng Pilipinas (BSP) is joined by the Reinventing Bretton Woods Committee (RBWC). The partnership could not have been more timely. The breadth and depth of the COVID-19 crisis have profound social, health, economic, and geopolitical ramifications. Central banks are confronted with multiple policy issues that may persist in the years to come and can, potentially, serve as fodder to future crises. .

Philippine Review of Economics

Full Issue

Strategies and Initiatives on Digital Financial Inclusion: Lessons from Experiences of APEC Economies

The Asia-Pacific Economic Cooperation (APEC) has recently released the report “Strategies and Initiatives on Digital Financial Inclusion: Lessons from Experiences of APEC Economies” based on discussions from the same-titled webinar jointly hosted by the BSP and APEC on 25-27 July 2022.

The report was prepared and drafted by the BSP Research Academy with valuable inputs from the Financial Inclusion Office, Payment System Oversight Department and Department of Economic Research, and with support from the Communication Office and the Corporate Affairs Office.

E. MANUAL OF REGULATIONS

Manual of Regulations for Banks

The Manual of Regulations for Banks (MORB) is the primary source of regulations governing entities supervised by the Bangko Sentral ng Pilipinas. It provides the rules and policy issuances that implement the broader provisions of Republic Act No. 8791, also known as the General Banking Law of 2000, as wella s other pertinent banking laws.

Manual of Regulations for Non-Bank Financial Institutions

The Manual of Regulations for Non-Banks Financial Institutions (MORNBFI) consolidates Philippine rules and policy issuances governing quasi-banks, investment houses, non-stock savings and loan associations and pawnshops in the country.

Manual of Regulations on Foreign Exchange Transactions

The Manual of Regulations on Foreign Exchange Transactions is a consolidation of all regulations governing foreign exchange transactions. This Manual replaces Circular No. 1389 dated 13 April 1993, as amended, which was the first consolidation of foreign exchange regulations. This is an enhanced and complete version of Circular No. 1389, as amended, as it incorporates all amendments made since 1993 and consolidates all regulations on foreign exchange and related transactions.

F. DIRECTORIES

Directory of Philippine Exporters

A ready reference and easy guide to foreign buyers of Philippine products, local suppliers of exporters, foreign investors, government agencies, commercial banks and the interested public in general.