BSP reorganizes for better efficiency

 

By Rose de la Cruz

 

The Bangko Sentral ng Pilipinas is implementing its phased reorganization to enhance its capability to fulfill its mandate in a changing economic landscape.

 

The reorganized BSP is expected to have four major sectors: a) the Monetary and Economic Sector in charge of monetary policy formulation, implementation and assessment. It will absorb units formerly under the former 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 are now part of the Monetary and Economics Sector.

 

B. Financial Supervision Sector, formerly the Supervision and Examination Sector, which will regulate banks and other BSP-supervised financial institutions and provide oversight on matters relating to financial technology, payment systems, and consumer protection.

 

C. The 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, and 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.

 

D. The 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 BSP Sectors, the reorganization will also result in reinforced units that promote effective risk management and compliance as well as internal audit.

 

Finally, the reorganization institutionalizes the top- level commitments to pro-active systemic risk management and to a more inclusive and responsive financial system.

Like us in Facebook

Features

Latest News

OFW remittances up by 2.4% in 9 months of 2018

    By Rose de la Cruz   Remittances by overseas Filipino workers from January to September grew by only 2.4 percent year-on-year reaching $23.7... Read More...
Robust imports keep trade strong

  By Rose de la Cruz   A robust imports of capital goods, vital for the long-term growth of the domestic economy, enable the trade sector to grow... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Stupid Name Giver and Other Laughs

Stupid Name Giver Late one night, a burglar broke into a house. While he was sneaking around he heard a voice say, "Jesús is watching you."  He... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...
IMAGE PRICE CONTROL SA BIGAS

MABUTI naman at mukhang natauhan na ang mga responsableng opisyal ng pamahalaan at naisip na nila ang pinakamabisang panlaban para pigilan ang walang... Read More...
IMAGE DISIPLINA SA BORACAY

MARAMI na ang nagaabang sa muling pagbubukas ng Boracay Island sa mga turista ngayong darating na Oktobre 26. Bagamat marami ang umangal noong unang... Read More...

Our Guests

Today694
Yesterday933
This week4259
This month11954
Total1097517

Visitor Info

  • Your IP: 54.221.9.6

Who Is Online

35
Online

Thursday, 15 November 2018
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.