Company Overview of Bangko Sentral Ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. The bank provides liquidity management, currency issue, lender of last resort, financial supervision, management of foreign currency reserves, determination of exchange rate policy, and micro financing services. Additionally, it develops and formulates guidelines and regulations, monetary policies, and inflation targets. BSP was founded in 1993 and is based in Manila, Philippines.
A Mabini St cor P Ocampo Street
Founded in 1993
Key Executives for Bangko Sentral Ng Pilipinas
Compensation as of Fiscal Year 2015.
Bangko Sentral Ng Pilipinas Key Developments
Bangko Sentral Ng Pilipinas Set New Requirements for Quasi-Banks to Appoint Chief Compliance Officers to Oversee Business Risks
Nov 27 15
BANGKO SENTRAL ng Pilipinas (BSP) has required quasi-banks to also appoint chief compliance officers (CCOs) to oversee a program against business risks, years after it set the same requirement for big banks and financial institutions. BSP Circular 893, signed Nov. 16 and published in a newspaper now required entities engaged in quasi-banking functions - such as the sale of debt instruments - to draw up a formal compliance system within the entities. The system will be headed by a duly-assigned CCO, as in the circular. A compliance system shall be designed to specifically identify and mitigate business risks which may erode the franchise value of the quasi- bank, the compliance function shall have a formal status within the organization. It was in February 2012 when the BSP ordered universal and commercial banks to put up their own compliance systems to guard against business risks. Now, following the issuance of this circular, quasi-banks - among them investment houses - will soon be covered by the same rule. As in the new rules, the compliance function must put in place measures that will allow the CCO and relevant officers to access data and conduct investigations during possible breaches of good corporate governance. The designated CCO is likewise tasked to prepare the quasi-banks submissions to the central bank for regulatory compliance-related issues.
Bangko Sentral Ng Pilipinas Reports Earnings Results for the Nine Months Ended September 2015
Nov 17 15
Bangko Sentral Ng Pilipinas reported earnings results for the nine months ended September 2015. For the period, the company recorded a PHP 3 billion net loss for the first nine months of the year, down from the PHP 5.28 billion loss it posted in the same period in 2014. Revenues went up 19.4% to PHP 43.19 billion in the first nine months from PHP 36.18 billion as the central bank's interest income grew to PHP 28.42 billion from PHP 23.83 billion.
Bangko Sentral Ng Pilipinas Approves Amendment to its By-Laws
Oct 23 15
Bangko Sentral Ng Pilipinas approved the amendment to Article I, Section 1 from ‘The head office of the bank shall be in Makati City, Philippines’ to ‘The head office of the bank shall be in Security Bank Centre, 6776 Ayala Avenue, Makati City, Philippines’ of its by-laws.
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