378444467-PART-I-Philippine-Money.pptzxh
JamesAlexanderDeza
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Oct 20, 2025
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About This Presentation
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Slide Content
PART I
Philippine Money
Philippine Money
Concept of Money
Our monetary system developed to meet the changing needs of
the economy.
Primitive economies consisted largely of self-sufficient units or
groups that lived by means of hunting, fishing, and simple
agriculture.
There was a need to exchange goods and services.
the economy.
Primitive economies consisted largely of self-sufficient units or
groups that lived by means of hunting, fishing, and simple
agriculture.
There was a need to exchange goods and services.
As economies became more developed and some men
specialized, to a degree at least, the process of exchange of goods
for goods, or BARTER as it is known, tables of relative values were
developed from past experiences.
specialized, to a degree at least, the process of exchange of goods
for goods, or BARTER as it is known, tables of relative values were
developed from past experiences.
“ She makes a lot of
money…”
He has a lot of
money…”
money…”
He has a lot of
money…”
Money
as anything authorized by law.
generally accepted as medium of exchange.
one form in which we keep our wealth.
As defined by Farlex Dictionary, Money is a Currency and coin that
are guaranteed as legal tender by the government.
generally accepted as medium of exchange.
one form in which we keep our wealth.
As defined by Farlex Dictionary, Money is a Currency and coin that
are guaranteed as legal tender by the government.
Functions of
Money
Money
As a Medium of Exchange
•Money facilitates buying and selling transactions. Its is basically the
tool used to pay or settle obligations.
•By being “generally acceptable for payment for goods and services’’,
it serves as physical means of conducting a business transactions.
•Money facilitates buying and selling transactions. Its is basically the
tool used to pay or settle obligations.
•By being “generally acceptable for payment for goods and services’’,
it serves as physical means of conducting a business transactions.
As a Medium of Exchange
•The use of money allows purchases and sales to be possible. The
introduction of money in turn reduces the time spent for a
transaction.
•As a transaction medium, it is a means of repaying debts, in the
exchange of assets, such as shares of common stock.
•The use of money allows purchases and sales to be possible. The
introduction of money in turn reduces the time spent for a
transaction.
•As a transaction medium, it is a means of repaying debts, in the
exchange of assets, such as shares of common stock.
As a Medium of Exchange
By definition, a Medium of Exchange is
anything that is used to determine value
during the exchange of goods and services.
Money allows us to use systems of trade
beyond the Barter System.
Bartering is directly trading one good or
service for another.
Your money acts as a common ground
for determining value.
By definition, a Medium of Exchange is
anything that is used to determine value
during the exchange of goods and services.
Money allows us to use systems of trade
beyond the Barter System.
Bartering is directly trading one good or
service for another.
Your money acts as a common ground
for determining value.
Unit of Account of Standard Value
•Money serves as a yardstick for measuring prices and values for
comparing items.
•In principle, any commodity can serve as a unit of account.
•We measure the values of items we want to acquire in terms of one
common denominator, our money value.
•Money serves as a yardstick for measuring prices and values for
comparing items.
•In principle, any commodity can serve as a unit of account.
•We measure the values of items we want to acquire in terms of one
common denominator, our money value.
Unit of Account of Standard Value
•Money can be used as a means to compare
the values of goods and services.
•You can use the monetary value assigned
to a specific good or service to compare it
to one offered by a different provider.
•Money allows us to compare similar offers
for goods and services to determine the
best value
•Money can be used as a means to compare
the values of goods and services.
•You can use the monetary value assigned
to a specific good or service to compare it
to one offered by a different provider.
•Money allows us to compare similar offers
for goods and services to determine the
best value
Store of Value
•Money is a reservoir of future purchasing power.
•It is both temporary and a permanent store of
purchasing power.
•A person who saves portion of his income is
storing purchasing power of his money
temporarily.
•A person who holds more money to carry our a
transaction in stocks, bonds, real estate or other
forms is storing purchasing power of money.
•Money is a reservoir of future purchasing power.
•It is both temporary and a permanent store of
purchasing power.
•A person who saves portion of his income is
storing purchasing power of his money
temporarily.
•A person who holds more money to carry our a
transaction in stocks, bonds, real estate or other
forms is storing purchasing power of money.
Store of Value
•Money value can be stored in two forms: SAVINGS and
INVESTMENT.
•Income derived from savings is interest and from
investment is profit.
•If kept for future use, in the form of savings or
investment, it earn income.
•Financial assets serve as a means of storing
wealth. This includes various short-term
securities, bank deposits, stocks and the like
serving as vehicles for storing wealth over
time.
•Money value can be stored in two forms: SAVINGS and
INVESTMENT.
•Income derived from savings is interest and from
investment is profit.
•If kept for future use, in the form of savings or
investment, it earn income.
•Financial assets serve as a means of storing
wealth. This includes various short-term
securities, bank deposits, stocks and the like
serving as vehicles for storing wealth over
time.
Standard of Deferred Payment
•Money is used as a medium for fulfilling obligations of debtors to
creditors on maturity.
•It serves to measure the extent of obligations by debtors and claims
by creditors.
•Money as a standard of deferred payments means that promises to
pay at specified future time, whether verbal or written, is expressed in
money value.
•Money is used as a medium for fulfilling obligations of debtors to
creditors on maturity.
•It serves to measure the extent of obligations by debtors and claims
by creditors.
•Money as a standard of deferred payments means that promises to
pay at specified future time, whether verbal or written, is expressed in
money value.
Characteristics
of Good Money
of Good Money
Section 53 of the New Central Bank Act
Characteristics of the Currency “The Monetary Board,
with the approval of the President of the Philippines, shall prescribe
denominations, dimensions, designs, inscriptions and other
characteristics of notes issued by the Bangko Sentral: Provided,
however, that …..
Characteristics of the Currency “The Monetary Board,
with the approval of the President of the Philippines, shall prescribe
denominations, dimensions, designs, inscriptions and other
characteristics of notes issued by the Bangko Sentral: Provided,
however, that …..
“……said notes shall state that they are liabilities of the Bangko
Sentral and are fully guaranteed by the Government of the Republic
of the Philippines. Said notes shall bear the signatures, in facsimile,
of the President of the Philippines and of the Governor of the
Bangko Sentral”.
Sentral and are fully guaranteed by the Government of the Republic
of the Philippines. Said notes shall bear the signatures, in facsimile,
of the President of the Philippines and of the Governor of the
Bangko Sentral”.
“Similarly, the Monetary Board, with the approval of the President
of the Philippines, shall prescribe the weight, fineness, designs,
denominations and other characteristics of the coins issued by the
Bangko Sentral. In the minting of coins, the Monetary Board shall
give full consideration to the availability of suitable metals and to
their relative prices and cost of minting.”
of the Philippines, shall prescribe the weight, fineness, designs,
denominations and other characteristics of the coins issued by the
Bangko Sentral. In the minting of coins, the Monetary Board shall
give full consideration to the availability of suitable metals and to
their relative prices and cost of minting.”
General Acceptability
•This is the ready acceptance of people in a country for money.
Money must be acceptable as a tool for settlement of obligations
between creditors and debtors, or between buyers and sellers.
•This is the ready acceptance of people in a country for money.
Money must be acceptable as a tool for settlement of obligations
between creditors and debtors, or between buyers and sellers.
Section 52 of the New Central Bank Act
Legal Tender Power states that “All notes and coins issued by
the Bangko Sentral shall be fully guaranteed by the Government of
the Republic of the Philippines and shall be legal tender in the
Philippines for all debts, both public and private: Provided, however,
That, unless fixed by the Monetary Board,
Legal Tender Power states that “All notes and coins issued by
the Bangko Sentral shall be fully guaranteed by the Government of
the Republic of the Philippines and shall be legal tender in the
Philippines for all debts, both public and private: Provided, however,
That, unless fixed by the Monetary Board,
“........Coins shall be legal tender in amounts not exceeding Fifty
Pesos (Php50.00) for denominations of Twenty-five centavos and
above, and in amounts not exceeding Twenty-pesos (Php 20.00) for
denominations of Ten centavos or less.
Pesos (Php50.00) for denominations of Twenty-five centavos and
above, and in amounts not exceeding Twenty-pesos (Php 20.00) for
denominations of Ten centavos or less.
Durability
•A characteristic where money must be able to bear normal wear
and tear when use in any transaction. It must be made of materials
which can last for a reasonable long period of time without losing
its usefulness as a medium of exchange. Designs and inscriptions
there in must be visible and recognizable.
•A characteristic where money must be able to bear normal wear
and tear when use in any transaction. It must be made of materials
which can last for a reasonable long period of time without losing
its usefulness as a medium of exchange. Designs and inscriptions
there in must be visible and recognizable.
Section 57 of the New Central Bank Act
Retirement of Old Notes and Coins “The Bangko Sentral
may call in for replacement notes of any series or denomination
which are more than five (5) years old and coins which are more than
ten (10) years old…….”
Retirement of Old Notes and Coins “The Bangko Sentral
may call in for replacement notes of any series or denomination
which are more than five (5) years old and coins which are more than
ten (10) years old…….”
“…Notes and coins called in for replacement in
accordance with this provision shall remain
legal tender for a period of one (1) year from
the date of call. After this period, they shall
cease to be legal tender but during the
following year, or for such longer period as the
Monetary Board may determine, they may be
exchanged at par without charge in the
Bangko Sentral for this purpose….”
accordance with this provision shall remain
legal tender for a period of one (1) year from
the date of call. After this period, they shall
cease to be legal tender but during the
following year, or for such longer period as the
Monetary Board may determine, they may be
exchanged at par without charge in the
Bangko Sentral for this purpose….”
“….After the expiration of this latter period,
the notes and coins which have not been
exchanged shall cease to be a liability of the
Bangko Sentral and shall be demonetized. The
Bangko Sentral shall also demonetize all notes
and coins which have called in and replaced”.
the notes and coins which have not been
exchanged shall cease to be a liability of the
Bangko Sentral and shall be demonetized. The
Bangko Sentral shall also demonetize all notes
and coins which have called in and replaced”.
Portability
•Money must be easy to carry for faster
settlement of transactions. Materials
used, like metal alloys must not be
bulky. For higher denominations,
paper-based materials are preferable
for easy transport.
•Money must be easy to carry for faster
settlement of transactions. Materials
used, like metal alloys must not be
bulky. For higher denominations,
paper-based materials are preferable
for easy transport.
Divisibility
•Money as a unit of account must be
capable of being subdivided into
smaller denominations to settle
obligations or collections arising from
various transactions.
•Money as a unit of account must be
capable of being subdivided into
smaller denominations to settle
obligations or collections arising from
various transactions.
Section 48 of the New Central Bank Act
Section 48 states that “The monetary
unit in the Philippines is the “PESO”
which is represented by the sign “P”.
The peso is divided into one hundred
(100) equal part called “CENTAVOS”
which are represented by the sign “c”.
Section 48 states that “The monetary
unit in the Philippines is the “PESO”
which is represented by the sign “P”.
The peso is divided into one hundred
(100) equal part called “CENTAVOS”
which are represented by the sign “c”.
Stability of Money Value
•The purchasing power of money must be maintained for a period of
time to maximize economic development thereby increasing
employment level, production and income level.
•The purchasing power of money must be maintained for a period of
time to maximize economic development thereby increasing
employment level, production and income level.
Purchasing Power of Money Defined
The value of a currency expressed in terms of the amount of goods
or services that one unit of money can buy. Purchasing power is
important because, all else being equal, inflation decreases the
amount of goods or services you'd be able to purchase.
Read more:
http://www.investopedia.com/terms/p/purchasingp
ower.asp#ixzz3dYsTxdIg
The value of a currency expressed in terms of the amount of goods
or services that one unit of money can buy. Purchasing power is
important because, all else being equal, inflation decreases the
amount of goods or services you'd be able to purchase.
Read more:
http://www.investopedia.com/terms/p/purchasingp
ower.asp#ixzz3dYsTxdIg
Section 64 of the New Central Bank Act
International Monetary Stabilization states that “The Bangko
Sentral shall exercise its powers under this Act to preserve the
international value of the peso and to maintain its convertability into
other freely convertible currencies primarily for, although not necessarily
limited to, current payments for foreign trade and invisibles.”
International Monetary Stabilization states that “The Bangko
Sentral shall exercise its powers under this Act to preserve the
international value of the peso and to maintain its convertability into
other freely convertible currencies primarily for, although not necessarily
limited to, current payments for foreign trade and invisibles.”
Section 65of the New Central Bank Act
International Reserves states that “In order to maintain the
international stability and convertability of the Philippine Peso, the
Bangko Sentral maintain international reserves adequate to meet any
foreseeable net demands on the Bangko Sentral for foreign
currencies…..
International Reserves states that “In order to maintain the
international stability and convertability of the Philippine Peso, the
Bangko Sentral maintain international reserves adequate to meet any
foreseeable net demands on the Bangko Sentral for foreign
currencies…..
“……. In judging the adequacy of the international
reserves, the Monetary Board shall be guided by
the prospective receipts and payments of foreign
exchange by the Philippines. The Board shall give
special attention to the volume and maturity of the
Bangko Sentral’s own liabilities in foreign
currencies, to the volume and maturity of the
foreign exchange assets and liabilities of other
banks and, in so far as they known can be
estimated, the volume and maturity foreign
exchange assets and liabilities of all other persons
and entities in the Philippines.”
reserves, the Monetary Board shall be guided by
the prospective receipts and payments of foreign
exchange by the Philippines. The Board shall give
special attention to the volume and maturity of the
Bangko Sentral’s own liabilities in foreign
currencies, to the volume and maturity of the
foreign exchange assets and liabilities of other
banks and, in so far as they known can be
estimated, the volume and maturity foreign
exchange assets and liabilities of all other persons
and entities in the Philippines.”
Cognizability
•Good money must be easy to recognize. Each denomination must
be distinct to avoid confusion with other denomination during
exchange transactions. Weight, fineness, designs and other
characteristics of coins and notes, as prescribed by the Monetary
Board, must be unique for a denomination.
•Good money must be easy to recognize. Each denomination must
be distinct to avoid confusion with other denomination during
exchange transactions. Weight, fineness, designs and other
characteristics of coins and notes, as prescribed by the Monetary
Board, must be unique for a denomination.
Homogeneity or Uniformity
•Money belonging to the same denomination must have the same
characteristics in terms of weight, fineness and designs. Coins of
the same denomination, must have uniform weight of metal alloy,
fineness, shape, size and inscriptions. Paper bills, under the same
denomination must possess uniform design, size, color and other
physical characteristics.
•Money belonging to the same denomination must have the same
characteristics in terms of weight, fineness and designs. Coins of
the same denomination, must have uniform weight of metal alloy,
fineness, shape, size and inscriptions. Paper bills, under the same
denomination must possess uniform design, size, color and other
physical characteristics.
Malleability
•Materials for the minting of money must be capable of being
stamped with proper design and durable to maintain its form. The
form and design of coins are a compromise of objectives. The least
wear and tear can be attained by a spherical form and a minimum
of design; but such a form would be awkward to handle, difficult
to recognize, and therefore easy to counterfeit.
•Materials for the minting of money must be capable of being
stamped with proper design and durable to maintain its form. The
form and design of coins are a compromise of objectives. The least
wear and tear can be attained by a spherical form and a minimum
of design; but such a form would be awkward to handle, difficult
to recognize, and therefore easy to counterfeit.
•Design of a coin is a compromise between the artistry of high relief
and the exposure to abrasion. Pure gold and silver are very soft,
and so it is necessary to harden them by adding alloys of copper,
nickel, tin or zinc. The harder the material but malleable, less is the
wear and tear, lesser is the possibility for counterfeits.
and the exposure to abrasion. Pure gold and silver are very soft,
and so it is necessary to harden them by adding alloys of copper,
nickel, tin or zinc. The harder the material but malleable, less is the
wear and tear, lesser is the possibility for counterfeits.
Importance of Money
Money simplifies matters.
Money becomes the medium of exchange.
With money, there is low-uncertainty-high-exchangeability
requirement.
Money also contributes to economic development and growth.
Money is a store of value.
Money becomes the medium of exchange.
With money, there is low-uncertainty-high-exchangeability
requirement.
Money also contributes to economic development and growth.
Money is a store of value.
Related LawsRelated Laws
Philippine Monetary Philippine Monetary
SystemSystem
Philippine Monetary Philippine Monetary
SystemSystem
Philippine Coinage Act of 1903Philippine Coinage Act of 1903
This defines our monetary This defines our monetary
system as follows:system as follows:
That gold coins contain 12.9 That gold coins contain 12.9
grains of gold and .9 finenessgrains of gold and .9 fineness
That silver coins contain 416 That silver coins contain 416
grains of silver and .9 finenessgrains of silver and .9 fineness
““Fineness” is the ratio of weight of Fineness” is the ratio of weight of
pure metal to total weight. pure metal to total weight.
This defines our monetary This defines our monetary
system as follows:system as follows:
That gold coins contain 12.9 That gold coins contain 12.9
grains of gold and .9 finenessgrains of gold and .9 fineness
That silver coins contain 416 That silver coins contain 416
grains of silver and .9 finenessgrains of silver and .9 fineness
““Fineness” is the ratio of weight of Fineness” is the ratio of weight of
pure metal to total weight. pure metal to total weight.
U.S. Coinage Act of 1903U.S. Coinage Act of 1903
Philippine money was Philippine money was
redeemable in drafts or check redeemable in drafts or check
payable in full gold standard payable in full gold standard
currency. currency.
In order to maintain value of In order to maintain value of
peso with gold, a currency peso with gold, a currency
reserve known as “Gold reserve known as “Gold
Standard Fund” was set up.Standard Fund” was set up.
Philippine money was Philippine money was
redeemable in drafts or check redeemable in drafts or check
payable in full gold standard payable in full gold standard
currency. currency.
In order to maintain value of In order to maintain value of
peso with gold, a currency peso with gold, a currency
reserve known as “Gold reserve known as “Gold
Standard Fund” was set up.Standard Fund” was set up.
Gold Reserve Act of 1934Gold Reserve Act of 1934
Under this monetary standard, Under this monetary standard,
the Philippine currency was not the Philippine currency was not
redeemable in gold but in redeemable in gold but in
dollars. Dollars devaluated by dollars. Dollars devaluated by
forty-one percent, and US govt. forty-one percent, and US govt.
was given title to all gold coins, was given title to all gold coins,
bullion, and certificates held by bullion, and certificates held by
Federal Reserve Banks.Federal Reserve Banks.
Under this monetary standard, Under this monetary standard,
the Philippine currency was not the Philippine currency was not
redeemable in gold but in redeemable in gold but in
dollars. Dollars devaluated by dollars. Dollars devaluated by
forty-one percent, and US govt. forty-one percent, and US govt.
was given title to all gold coins, was given title to all gold coins,
bullion, and certificates held by bullion, and certificates held by
Federal Reserve Banks.Federal Reserve Banks.
Dollar Exchange StandardDollar Exchange Standard
Philippine currency was Philippine currency was
redeemable in dollar instead of redeemable in dollar instead of
gold. Currency issued was gold. Currency issued was
backed up by silver coins, and backed up by silver coins, and
dollars, on demand.dollars, on demand.
Philippine currency was Philippine currency was
redeemable in dollar instead of redeemable in dollar instead of
gold. Currency issued was gold. Currency issued was
backed up by silver coins, and backed up by silver coins, and
dollars, on demand.dollars, on demand.
““Mickey Mouse” NotesMickey Mouse” Notes
The Japanese military The Japanese military
government issued paper bills government issued paper bills
called “mickey mouse” notes, called “mickey mouse” notes,
not because they were legal not because they were legal
tender but because of fear from tender but because of fear from
authorities on ground of non-authorities on ground of non-
cooperation. From 1946 to cooperation. From 1946 to
1949, money supply increased 1949, money supply increased
tremendously.tremendously.
The Japanese military The Japanese military
government issued paper bills government issued paper bills
called “mickey mouse” notes, called “mickey mouse” notes,
not because they were legal not because they were legal
tender but because of fear from tender but because of fear from
authorities on ground of non-authorities on ground of non-
cooperation. From 1946 to cooperation. From 1946 to
1949, money supply increased 1949, money supply increased
tremendously.tremendously.
Managed Currency SystemManaged Currency System
With the creation of Central Bank, the With the creation of Central Bank, the
country’s monetary system and banking country’s monetary system and banking
system were reorganized. system were reorganized.
Central Bank Act known as Republic Act Central Bank Act known as Republic Act
No. 265 was enacted.No. 265 was enacted.
This placed bank in better position to This placed bank in better position to
meet the credit needs of existing meet the credit needs of existing
business enterprises and credit business enterprises and credit
requirements for new development requirements for new development
projects. projects.
When Central Bank started business, it When Central Bank started business, it
assumed the liabilities of Exchange assumed the liabilities of Exchange
Standard Fund for all treasury certificates Standard Fund for all treasury certificates
and coins in circulationand coins in circulation..
With the creation of Central Bank, the With the creation of Central Bank, the
country’s monetary system and banking country’s monetary system and banking
system were reorganized. system were reorganized.
Central Bank Act known as Republic Act Central Bank Act known as Republic Act
No. 265 was enacted.No. 265 was enacted.
This placed bank in better position to This placed bank in better position to
meet the credit needs of existing meet the credit needs of existing
business enterprises and credit business enterprises and credit
requirements for new development requirements for new development
projects. projects.
When Central Bank started business, it When Central Bank started business, it
assumed the liabilities of Exchange assumed the liabilities of Exchange
Standard Fund for all treasury certificates Standard Fund for all treasury certificates
and coins in circulationand coins in circulation..
COINAGECOINAGE
The place for manufacture of money is The place for manufacture of money is
called the “mint” and the process is called the “mint” and the process is
called “minting” or “coining” or “coinage”called “minting” or “coining” or “coinage”
If gold or silver coins are to circulate If gold or silver coins are to circulate
freely by count of their face value rather freely by count of their face value rather
than weight, the public must be assured than weight, the public must be assured
that they are of standard weight and that they are of standard weight and
fineness, and their circulation is fineness, and their circulation is
promoted by putting the precious metal promoted by putting the precious metal
into shapes and sizes that are into shapes and sizes that are
convenient, and by giving them an convenient, and by giving them an
attractive and readily recognizable attractive and readily recognizable
designdesign..
The place for manufacture of money is The place for manufacture of money is
called the “mint” and the process is called the “mint” and the process is
called “minting” or “coining” or “coinage”called “minting” or “coining” or “coinage”
If gold or silver coins are to circulate If gold or silver coins are to circulate
freely by count of their face value rather freely by count of their face value rather
than weight, the public must be assured than weight, the public must be assured
that they are of standard weight and that they are of standard weight and
fineness, and their circulation is fineness, and their circulation is
promoted by putting the precious metal promoted by putting the precious metal
into shapes and sizes that are into shapes and sizes that are
convenient, and by giving them an convenient, and by giving them an
attractive and readily recognizable attractive and readily recognizable
designdesign..
COINAGECOINAGE
As the government has pre-As the government has pre-
empted the right of coinage, any empted the right of coinage, any
private coinage is counterfeit; and private coinage is counterfeit; and
if the government is coming freely if the government is coming freely
and gratuitously, it may be and gratuitously, it may be
assumed that counterfeit coins assumed that counterfeit coins
have less than the standard have less than the standard
weight and or fineness.weight and or fineness.
As the government has pre-As the government has pre-
empted the right of coinage, any empted the right of coinage, any
private coinage is counterfeit; and private coinage is counterfeit; and
if the government is coming freely if the government is coming freely
and gratuitously, it may be and gratuitously, it may be
assumed that counterfeit coins assumed that counterfeit coins
have less than the standard have less than the standard
weight and or fineness.weight and or fineness.
PRINCIPLES OF COINAGEPRINCIPLES OF COINAGE
Laid down by Dr. Neil CarothersLaid down by Dr. Neil Carothers
Coinage should be solely on Coinage should be solely on
government accountgovernment account
The coins should be issued only The coins should be issued only
through sales to the public at their through sales to the public at their
face values in exchange for face values in exchange for
standard moneystandard money
Total coinage, total issue, and Total coinage, total issue, and
total circulation should be total circulation should be
unrestrictedunrestricted
Laid down by Dr. Neil CarothersLaid down by Dr. Neil Carothers
Coinage should be solely on Coinage should be solely on
government accountgovernment account
The coins should be issued only The coins should be issued only
through sales to the public at their through sales to the public at their
face values in exchange for face values in exchange for
standard moneystandard money
Total coinage, total issue, and Total coinage, total issue, and
total circulation should be total circulation should be
unrestrictedunrestricted
PRINCIPLES OF COINAGEPRINCIPLES OF COINAGE
The market value of the metal in The market value of the metal in
the coins should be well below the the coins should be well below the
face valuesface values
The coins should be redeemable The coins should be redeemable
without charge, without delay, and without charge, without delay, and
without limit, at the issue price, in without limit, at the issue price, in
standard money, regardless of the standard money, regardless of the
extent of wear.extent of wear.
The coins should be a legal tender The coins should be a legal tender
in private and public payments.in private and public payments.
The market value of the metal in The market value of the metal in
the coins should be well below the the coins should be well below the
face valuesface values
The coins should be redeemable The coins should be redeemable
without charge, without delay, and without charge, without delay, and
without limit, at the issue price, in without limit, at the issue price, in
standard money, regardless of the standard money, regardless of the
extent of wear.extent of wear.
The coins should be a legal tender The coins should be a legal tender
in private and public payments.in private and public payments.
PRINCIPLES OF COINAGEPRINCIPLES OF COINAGE
The legal tender power should be The legal tender power should be
limited to sums representing a limited to sums representing a
proper maximum use of the coins.proper maximum use of the coins.
The denominational system The denominational system
should be decimal with should be decimal with
intermediate coins in multiples of intermediate coins in multiples of
five.five.
The coins should be convenient in The coins should be convenient in
size, attractive in appearance, size, attractive in appearance,
durable in use, and individual in durable in use, and individual in
feature.feature.
The legal tender power should be The legal tender power should be
limited to sums representing a limited to sums representing a
proper maximum use of the coins.proper maximum use of the coins.
The denominational system The denominational system
should be decimal with should be decimal with
intermediate coins in multiples of intermediate coins in multiples of
five.five.
The coins should be convenient in The coins should be convenient in
size, attractive in appearance, size, attractive in appearance,
durable in use, and individual in durable in use, and individual in
feature.feature.
KINDS OF COINAGEKINDS OF COINAGE
Free CoinageFree Coinage
Gratuitous CoinageGratuitous Coinage
Limited CoinageLimited Coinage
Free CoinageFree Coinage
Gratuitous CoinageGratuitous Coinage
Limited CoinageLimited Coinage
FREE COINAGEFREE COINAGE
The government defines sizes, The government defines sizes,
shapes, weight and designs of shapes, weight and designs of
coins but allows people to bring coins but allows people to bring
their precious metal to the mint their precious metal to the mint
to convert such into standard to convert such into standard
coins. People or owners of there coins. People or owners of there
metals are charge with brassage metals are charge with brassage
or seigniorage feeor seigniorage fee
The government defines sizes, The government defines sizes,
shapes, weight and designs of shapes, weight and designs of
coins but allows people to bring coins but allows people to bring
their precious metal to the mint their precious metal to the mint
to convert such into standard to convert such into standard
coins. People or owners of there coins. People or owners of there
metals are charge with brassage metals are charge with brassage
or seigniorage feeor seigniorage fee
GRATUITOUS COINAGEGRATUITOUS COINAGE
Total responsibility for Total responsibility for
minting is borne by the minting is borne by the
government.government.
Total responsibility for Total responsibility for
minting is borne by the minting is borne by the
government.government.
LIMITED COINAGELIMITED COINAGE
Government purchases Government purchases
precious metal in an open precious metal in an open
market and mint them as market and mint them as
a medium of exchange at a medium of exchange at
face values higher than face values higher than
material content to material content to
facilitate trade.facilitate trade.
Government purchases Government purchases
precious metal in an open precious metal in an open
market and mint them as market and mint them as
a medium of exchange at a medium of exchange at
face values higher than face values higher than
material content to material content to
facilitate trade.facilitate trade.
CLASSIFICATIONS OF MONEYCLASSIFICATIONS OF MONEY
MONEY ACCORDING TO MATERIAL USEDMONEY ACCORDING TO MATERIAL USED
COMMODITY MONEY- COMMODITY MONEY- This can be This can be
metallic in nature. It is used for metallic in nature. It is used for
purposes other than medium of purposes other than medium of
exchange if so desired like rice, salt, exchange if so desired like rice, salt,
sugar, and the like satisfying sugar, and the like satisfying
physiological needs.physiological needs.
PAPER MONEY- PAPER MONEY- High quality paper High quality paper
materials are used to stand long period materials are used to stand long period
of time and to minimize counterfeitingof time and to minimize counterfeiting
BANK MONEY- BANK MONEY- These are checks or These are checks or
other paper notes issued by financial other paper notes issued by financial
intermediaries.intermediaries.
MONEY ACCORDING TO MATERIAL USEDMONEY ACCORDING TO MATERIAL USED
COMMODITY MONEY- COMMODITY MONEY- This can be This can be
metallic in nature. It is used for metallic in nature. It is used for
purposes other than medium of purposes other than medium of
exchange if so desired like rice, salt, exchange if so desired like rice, salt,
sugar, and the like satisfying sugar, and the like satisfying
physiological needs.physiological needs.
PAPER MONEY- PAPER MONEY- High quality paper High quality paper
materials are used to stand long period materials are used to stand long period
of time and to minimize counterfeitingof time and to minimize counterfeiting
BANK MONEY- BANK MONEY- These are checks or These are checks or
other paper notes issued by financial other paper notes issued by financial
intermediaries.intermediaries.
CLASSIFICATIONS OF MONEYCLASSIFICATIONS OF MONEY
MONEY ACCORDING TO CHARACTER OF MONEY ACCORDING TO CHARACTER OF
THE ISSUERTHE ISSUER
TREASURY MONEY- TREASURY MONEY- Those issued by the Those issued by the
National Treasury before 1949. They are National Treasury before 1949. They are
notes and coins of various denominations.notes and coins of various denominations.
CENTRAL BANK MONEY- CENTRAL BANK MONEY- Those issued by Those issued by
the Central Bank after 1949. They are the the Central Bank after 1949. They are the
Central Bank’s notes and coins circulating Central Bank’s notes and coins circulating
in the Philippines.in the Philippines.
COMMERCIAL BANK MONEY- COMMERCIAL BANK MONEY- Those Those
issued by the Philippine National Bank issued by the Philippine National Bank
and other commercial banks serving as and other commercial banks serving as
promises to pay, legal tender, payable on promises to pay, legal tender, payable on
demand or future time to bearer or orderdemand or future time to bearer or order
MONEY ACCORDING TO CHARACTER OF MONEY ACCORDING TO CHARACTER OF
THE ISSUERTHE ISSUER
TREASURY MONEY- TREASURY MONEY- Those issued by the Those issued by the
National Treasury before 1949. They are National Treasury before 1949. They are
notes and coins of various denominations.notes and coins of various denominations.
CENTRAL BANK MONEY- CENTRAL BANK MONEY- Those issued by Those issued by
the Central Bank after 1949. They are the the Central Bank after 1949. They are the
Central Bank’s notes and coins circulating Central Bank’s notes and coins circulating
in the Philippines.in the Philippines.
COMMERCIAL BANK MONEY- COMMERCIAL BANK MONEY- Those Those
issued by the Philippine National Bank issued by the Philippine National Bank
and other commercial banks serving as and other commercial banks serving as
promises to pay, legal tender, payable on promises to pay, legal tender, payable on
demand or future time to bearer or orderdemand or future time to bearer or order
CLASSIFICATIONS OF MONEYCLASSIFICATIONS OF MONEY
MONEY ACCORDING TO POPULARITYMONEY ACCORDING TO POPULARITY
PAPER MONEY- PAPER MONEY- have no commodity have no commodity
valuevalue
FIAT MONEY- FIAT MONEY- They are convertible They are convertible
paper money with no reserve. Face paper money with no reserve. Face
value is higher than value of paper-value is higher than value of paper-
material used.material used.
SUBSIDIARY COINS- SUBSIDIARY COINS- Representative Representative
full-bodied money made of base full-bodied money made of base
metals to settle small transactions. metals to settle small transactions.
Not advisable for use in big Not advisable for use in big
transactions thereby having limited transactions thereby having limited
legal tender power.legal tender power.
MONEY ACCORDING TO POPULARITYMONEY ACCORDING TO POPULARITY
PAPER MONEY- PAPER MONEY- have no commodity have no commodity
valuevalue
FIAT MONEY- FIAT MONEY- They are convertible They are convertible
paper money with no reserve. Face paper money with no reserve. Face
value is higher than value of paper-value is higher than value of paper-
material used.material used.
SUBSIDIARY COINS- SUBSIDIARY COINS- Representative Representative
full-bodied money made of base full-bodied money made of base
metals to settle small transactions. metals to settle small transactions.
Not advisable for use in big Not advisable for use in big
transactions thereby having limited transactions thereby having limited
legal tender power.legal tender power.
CLASSIFICATIONS OF MONEYCLASSIFICATIONS OF MONEY
MONEY ACCORDING TO FACE MONEY ACCORDING TO FACE
VALUEVALUE
STANDARD MONEY- STANDARD MONEY- This full-This full-
bodied money, authorized by law, bodied money, authorized by law,
where the weight, fineness, where the weight, fineness,
denominations, designs are denominations, designs are
prescribed by the government as prescribed by the government as
standardstandard basis for coinage. basis for coinage.
MONEY ACCORDING TO FACE MONEY ACCORDING TO FACE
VALUEVALUE
STANDARD MONEY- STANDARD MONEY- This full-This full-
bodied money, authorized by law, bodied money, authorized by law,
where the weight, fineness, where the weight, fineness,
denominations, designs are denominations, designs are
prescribed by the government as prescribed by the government as
standardstandard basis for coinage. basis for coinage.
Definition of TermsDefinition of Terms
LEGAL TENDERLEGAL TENDER
Any kind of money which Any kind of money which
according to law, must according to law, must
generally accepted when generally accepted when
offered as payment for any offered as payment for any
obligation expressed in obligation expressed in
terms of country’s monetary terms of country’s monetary
unit. In the Philippines, unit. In the Philippines,
“PESO” is the legal tender.“PESO” is the legal tender.
LEGAL TENDERLEGAL TENDER
Any kind of money which Any kind of money which
according to law, must according to law, must
generally accepted when generally accepted when
offered as payment for any offered as payment for any
obligation expressed in obligation expressed in
terms of country’s monetary terms of country’s monetary
unit. In the Philippines, unit. In the Philippines,
“PESO” is the legal tender.“PESO” is the legal tender.
Definition of TermsDefinition of Terms
CURRENCYCURRENCY
Any kind of money which Any kind of money which
has limited acceptability has limited acceptability
expressed in a monetary expressed in a monetary
unit. Money of other unit. Money of other
countries are currencies countries are currencies
because if their limited because if their limited
acceptability in the acceptability in the
Philippines.Philippines.
CURRENCYCURRENCY
Any kind of money which Any kind of money which
has limited acceptability has limited acceptability
expressed in a monetary expressed in a monetary
unit. Money of other unit. Money of other
countries are currencies countries are currencies
because if their limited because if their limited
acceptability in the acceptability in the
Philippines.Philippines.
MONETARY SYSTEMMONETARY SYSTEM
Is determined by LawIs determined by Law
In any country, the monetary In any country, the monetary
system consists of the aggregate of system consists of the aggregate of
money in use, the values of the money in use, the values of the
various types of money being various types of money being
organically related to one another organically related to one another
in both formal and substantive in both formal and substantive
ways.ways.
STABILITY OF MONEY VALUE – STABILITY OF MONEY VALUE –
refers to the stability of purchasing refers to the stability of purchasing
power over a considerable list of power over a considerable list of
commodities or services used as a commodities or services used as a
sample.sample.
Is determined by LawIs determined by Law
In any country, the monetary In any country, the monetary
system consists of the aggregate of system consists of the aggregate of
money in use, the values of the money in use, the values of the
various types of money being various types of money being
organically related to one another organically related to one another
in both formal and substantive in both formal and substantive
ways.ways.
STABILITY OF MONEY VALUE – STABILITY OF MONEY VALUE –
refers to the stability of purchasing refers to the stability of purchasing
power over a considerable list of power over a considerable list of
commodities or services used as a commodities or services used as a
sample.sample.
KINDS OF MONETARY STANDARDKINDS OF MONETARY STANDARD
MONOMETALLIC STANDARDMONOMETALLIC STANDARD
GOLD STANDARD- GOLD STANDARD- a monetary a monetary
system in which the monetary unit system in which the monetary unit
kept at par with a fixed weight or kept at par with a fixed weight or
value of gold. Stability of money value of gold. Stability of money
value and exchange rates were value and exchange rates were
observe under this standard observe under this standard
because of fixed gold value.because of fixed gold value.
MONOMETALLIC STANDARDMONOMETALLIC STANDARD
GOLD STANDARD- GOLD STANDARD- a monetary a monetary
system in which the monetary unit system in which the monetary unit
kept at par with a fixed weight or kept at par with a fixed weight or
value of gold. Stability of money value of gold. Stability of money
value and exchange rates were value and exchange rates were
observe under this standard observe under this standard
because of fixed gold value.because of fixed gold value.
MONOMETALLIC STANDARDMONOMETALLIC STANDARD
GOLD STANDARDGOLD STANDARD
Gold Coin StandardGold Coin Standard- - monetary monetary
unit is defined in terms of coin unit is defined in terms of coin
containing a certain amount of containing a certain amount of
gold with prescribed purity of gold with prescribed purity of
fineness. Gold coins were an alloy fineness. Gold coins were an alloy
of gold and other base metals. of gold and other base metals.
Such gold are referred to as nine-Such gold are referred to as nine-
tenths fine. It was also legal to tenths fine. It was also legal to
melt at will gold coins at any melt at will gold coins at any
quantity.quantity.
GOLD STANDARDGOLD STANDARD
Gold Coin StandardGold Coin Standard- - monetary monetary
unit is defined in terms of coin unit is defined in terms of coin
containing a certain amount of containing a certain amount of
gold with prescribed purity of gold with prescribed purity of
fineness. Gold coins were an alloy fineness. Gold coins were an alloy
of gold and other base metals. of gold and other base metals.
Such gold are referred to as nine-Such gold are referred to as nine-
tenths fine. It was also legal to tenths fine. It was also legal to
melt at will gold coins at any melt at will gold coins at any
quantity.quantity.
MONOMETALLIC STANDARDMONOMETALLIC STANDARD
GOLD STANDARDGOLD STANDARD
Gold Bullion StandardGold Bullion Standard- - all gold is all gold is
under the control of government under the control of government
which decreased the demand for which decreased the demand for
gold and made it possible to issue gold and made it possible to issue
a larger amount of money on the a larger amount of money on the
same gold base. This gives the same gold base. This gives the
monetary authorities more monetary authorities more
flexibility in regulating the money flexibility in regulating the money
supply and this makes internal supply and this makes internal
monetary management easier.monetary management easier.
GOLD STANDARDGOLD STANDARD
Gold Bullion StandardGold Bullion Standard- - all gold is all gold is
under the control of government under the control of government
which decreased the demand for which decreased the demand for
gold and made it possible to issue gold and made it possible to issue
a larger amount of money on the a larger amount of money on the
same gold base. This gives the same gold base. This gives the
monetary authorities more monetary authorities more
flexibility in regulating the money flexibility in regulating the money
supply and this makes internal supply and this makes internal
monetary management easier.monetary management easier.
MONOMETALLIC STANDARDMONOMETALLIC STANDARD
GOLD STANDARDGOLD STANDARD
Gold Exchange StandardGold Exchange Standard- - under under
this system, the money of a this system, the money of a
country is redeemable not in gold country is redeemable not in gold
but in the currency of a foreign but in the currency of a foreign
country. Philippine money was country. Philippine money was
then redeemable in dollars to then redeemable in dollars to
which the Philippine government which the Philippine government
had a claim because it had had a claim because it had
deposits in American Banks.deposits in American Banks.
GOLD STANDARDGOLD STANDARD
Gold Exchange StandardGold Exchange Standard- - under under
this system, the money of a this system, the money of a
country is redeemable not in gold country is redeemable not in gold
but in the currency of a foreign but in the currency of a foreign
country. Philippine money was country. Philippine money was
then redeemable in dollars to then redeemable in dollars to
which the Philippine government which the Philippine government
had a claim because it had had a claim because it had
deposits in American Banks.deposits in American Banks.
MONOMETALLIC STANDARDMONOMETALLIC STANDARD
SILVER STANDARDSILVER STANDARD
The monetary standard is based The monetary standard is based
upon silver as the standard metal. upon silver as the standard metal.
The set up under silver standard The set up under silver standard
and its operations are same as and its operations are same as
those described for gold those described for gold
standard. Types are standard. Types are Silver coin Silver coin
standardstandard, , Silver bullion standardSilver bullion standard, ,
and and Silver exchange standardSilver exchange standard..
SILVER STANDARDSILVER STANDARD
The monetary standard is based The monetary standard is based
upon silver as the standard metal. upon silver as the standard metal.
The set up under silver standard The set up under silver standard
and its operations are same as and its operations are same as
those described for gold those described for gold
standard. Types are standard. Types are Silver coin Silver coin
standardstandard, , Silver bullion standardSilver bullion standard, ,
and and Silver exchange standardSilver exchange standard..
BIMETALLIC STANDARDBIMETALLIC STANDARD
This uses both gold and silver in This uses both gold and silver in
the coinage.the coinage.
Purchasing power of money is Purchasing power of money is
more stable due to non-more stable due to non-
dependence on single metal dependence on single metal
value.value.
GRESHAM’S LAW – GRESHAM’S LAW – states that states that
when several types of money when several types of money
exist in an economy, the one exist in an economy, the one
which is overvalued as money in which is overvalued as money in
relationship to the others will relationship to the others will
circulate while the others will circulate while the others will
disappear from circulation.disappear from circulation.
This uses both gold and silver in This uses both gold and silver in
the coinage.the coinage.
Purchasing power of money is Purchasing power of money is
more stable due to non-more stable due to non-
dependence on single metal dependence on single metal
value.value.
GRESHAM’S LAW – GRESHAM’S LAW – states that states that
when several types of money when several types of money
exist in an economy, the one exist in an economy, the one
which is overvalued as money in which is overvalued as money in
relationship to the others will relationship to the others will
circulate while the others will circulate while the others will
disappear from circulation.disappear from circulation.
BIMETALLIC STANDARDBIMETALLIC STANDARD
Both gold and silver have the Both gold and silver have the
same nominal value or face same nominal value or face
value in bimettalic standardvalue in bimettalic standard
BIMETTALISM – BIMETTALISM – was based was based
upon the assumption that it was upon the assumption that it was
desirable to use both metals desirable to use both metals
simultaneously as the standard simultaneously as the standard
of value.of value.
Both gold and silver have the Both gold and silver have the
same nominal value or face same nominal value or face
value in bimettalic standardvalue in bimettalic standard
BIMETTALISM – BIMETTALISM – was based was based
upon the assumption that it was upon the assumption that it was
desirable to use both metals desirable to use both metals
simultaneously as the standard simultaneously as the standard
of value.of value.
BIMETALLIC STANDARDBIMETALLIC STANDARD
The bimettalic system of The bimettalic system of
alternate gold or silver contrasts alternate gold or silver contrasts
with the so-called with the so-called “Limping “Limping
Standard” Standard” in which one metal, in which one metal,
the undervalued one, remains the undervalued one, remains
the standard metal while the the standard metal while the
coins of the other metal possess coins of the other metal possess
a fiduciary character.a fiduciary character.
The bimettalic system of The bimettalic system of
alternate gold or silver contrasts alternate gold or silver contrasts
with the so-called with the so-called “Limping “Limping
Standard” Standard” in which one metal, in which one metal,
the undervalued one, remains the undervalued one, remains
the standard metal while the the standard metal while the
coins of the other metal possess coins of the other metal possess
a fiduciary character.a fiduciary character.
FIAT STANDARDFIAT STANDARD
This is a monetary system in This is a monetary system in
which the face value of money is which the face value of money is
higher than the value of higher than the value of
materials used for coinage. materials used for coinage.
Types:Types:
UTOPIAN PAPER STANDARDUTOPIAN PAPER STANDARD
INVOLUNTARY PAPER STANDARDINVOLUNTARY PAPER STANDARD
MANAGED CURRENCY STANDARDMANAGED CURRENCY STANDARD
This is a monetary system in This is a monetary system in
which the face value of money is which the face value of money is
higher than the value of higher than the value of
materials used for coinage. materials used for coinage.
Types:Types:
UTOPIAN PAPER STANDARDUTOPIAN PAPER STANDARD
INVOLUNTARY PAPER STANDARDINVOLUNTARY PAPER STANDARD
MANAGED CURRENCY STANDARDMANAGED CURRENCY STANDARD
FIAT STANDARDFIAT STANDARD
Types:Types:
UTOPIAN PAPER STANDARD- UTOPIAN PAPER STANDARD- the the
seal of the government and mark seal of the government and mark
of legal tender qualify money to be of legal tender qualify money to be
acceptable as payment for goods acceptable as payment for goods
and services.and services.
INVOLUNTARY PAPER STANDARD- INVOLUNTARY PAPER STANDARD-
came to the scene when the came to the scene when the
government was not able to government was not able to
redeem money under gold redeem money under gold
standard thereby accepted paper standard thereby accepted paper
money as other form of legal money as other form of legal
tendertender
Types:Types:
UTOPIAN PAPER STANDARD- UTOPIAN PAPER STANDARD- the the
seal of the government and mark seal of the government and mark
of legal tender qualify money to be of legal tender qualify money to be
acceptable as payment for goods acceptable as payment for goods
and services.and services.
INVOLUNTARY PAPER STANDARD- INVOLUNTARY PAPER STANDARD-
came to the scene when the came to the scene when the
government was not able to government was not able to
redeem money under gold redeem money under gold
standard thereby accepted paper standard thereby accepted paper
money as other form of legal money as other form of legal
tendertender
FIAT STANDARDFIAT STANDARD
Types:Types:
MANAGED CURRENCY MANAGED CURRENCY
STANDARD- STANDARD- makes use of makes use of
inconvertible paper money that inconvertible paper money that
is irredeemable by reason that it is irredeemable by reason that it
is issued against no reserve. In is issued against no reserve. In
1949, the Philippines was on a 1949, the Philippines was on a
managed currency system. This managed currency system. This
was the time that the country’s was the time that the country’s
monetary system begins to be monetary system begins to be
under the administration of the under the administration of the
Central Bank of the Philippines.Central Bank of the Philippines.
Types:Types:
MANAGED CURRENCY MANAGED CURRENCY
STANDARD- STANDARD- makes use of makes use of
inconvertible paper money that inconvertible paper money that
is irredeemable by reason that it is irredeemable by reason that it
is issued against no reserve. In is issued against no reserve. In
1949, the Philippines was on a 1949, the Philippines was on a
managed currency system. This managed currency system. This
was the time that the country’s was the time that the country’s
monetary system begins to be monetary system begins to be
under the administration of the under the administration of the
Central Bank of the Philippines.Central Bank of the Philippines.
Sources:
• Farlex Dictionary
• Investopedia
• Alminar-Mutya, R. (2002). Introduction to Philippine
Money, Credit, and Banking. Brgy. Ugong, Pasig City:
Capitol Publishing House, Inc.
•
• Farlex Dictionary
• Investopedia
• Alminar-Mutya, R. (2002). Introduction to Philippine
Money, Credit, and Banking. Brgy. Ugong, Pasig City:
Capitol Publishing House, Inc.
•
HISTORY AND
REVOLUTION OF MONEY
Bangko Sentral ng PilipinasBangko Sentral ng Pilipinas
- - nation’s central monetary authoritynation’s central monetary authority
Museo ng Bangko Sentral ng Museo ng Bangko Sentral ng
PilipinasPilipinas
-formerly Central Bank Museumformerly Central Bank Museum
-19741974
-showcases the banks collection of showcases the banks collection of
currenciescurrencies
-collects, studies, preserve coins, collects, studies, preserve coins,
paper notes, monetary itemspaper notes, monetary items
REVOLUTION OF MONEY
Bangko Sentral ng PilipinasBangko Sentral ng Pilipinas
- - nation’s central monetary authoritynation’s central monetary authority
Museo ng Bangko Sentral ng Museo ng Bangko Sentral ng
PilipinasPilipinas
-formerly Central Bank Museumformerly Central Bank Museum
-19741974
-showcases the banks collection of showcases the banks collection of
currenciescurrencies
-collects, studies, preserve coins, collects, studies, preserve coins,
paper notes, monetary itemspaper notes, monetary items
PHILIPPINE NUMISMATIC
HISTORY
EARLY PHILIPPINE COINSEARLY PHILIPPINE COINS
Money, to all civilization is a Money, to all civilization is a
medium of exchange or something medium of exchange or something
to spend.to spend.
Barter was practicedBarter was practiced
Certain objects were used as Certain objects were used as
medium of exchange such as sea medium of exchange such as sea
shells, gold dust, fiber cloth, betel shells, gold dust, fiber cloth, betel
nuts, coconuts, beads and even nuts, coconuts, beads and even
pearls.pearls.
Between the 8Between the 8
thth
to the 14 to the 14
thth
centuries, centuries,
our ancestors began trading in goldour ancestors began trading in gold..
HISTORY
EARLY PHILIPPINE COINSEARLY PHILIPPINE COINS
Money, to all civilization is a Money, to all civilization is a
medium of exchange or something medium of exchange or something
to spend.to spend.
Barter was practicedBarter was practiced
Certain objects were used as Certain objects were used as
medium of exchange such as sea medium of exchange such as sea
shells, gold dust, fiber cloth, betel shells, gold dust, fiber cloth, betel
nuts, coconuts, beads and even nuts, coconuts, beads and even
pearls.pearls.
Between the 8Between the 8
thth
to the 14 to the 14
thth
centuries, centuries,
our ancestors began trading in goldour ancestors began trading in gold..
PRE-HISPANIC ERAPRE-HISPANIC ERA
piloncitos: piloncitos: first first
recognized form recognized form
of coinage in the of coinage in the
country. A coin in country. A coin in
the form of the form of
button-shaped button-shaped
gold nugget. gold nugget.
Named after Named after
sugar receptacles sugar receptacles
they resembled they resembled
called “Pilon”called “Pilon”
The inscription at the The inscription at the
base of the piloncito base of the piloncito
has been interpreted has been interpreted
as representing the as representing the
symbol “ma” stood symbol “ma” stood
MA-I, a name that the MA-I, a name that the
Philippines was Philippines was
called during the pre-called during the pre-
hispanic timeshispanic times..
piloncitos: piloncitos: first first
recognized form recognized form
of coinage in the of coinage in the
country. A coin in country. A coin in
the form of the form of
button-shaped button-shaped
gold nugget. gold nugget.
Named after Named after
sugar receptacles sugar receptacles
they resembled they resembled
called “Pilon”called “Pilon”
The inscription at the The inscription at the
base of the piloncito base of the piloncito
has been interpreted has been interpreted
as representing the as representing the
symbol “ma” stood symbol “ma” stood
MA-I, a name that the MA-I, a name that the
Philippines was Philippines was
called during the pre-called during the pre-
hispanic timeshispanic times..
EARLY PHILIPPINE COINSEARLY PHILIPPINE COINS
Barter rings: Barter rings:
other objects other objects
used as used as
medium of medium of
exchangeexchange
Barter rings: Barter rings:
other objects other objects
used as used as
medium of medium of
exchangeexchange
SPANISH ERASPANISH ERA
When the Spaniards came in 1521, they When the Spaniards came in 1521, they
brought with the the first European coin brought with the the first European coin
called the called the “Teston” “Teston” The first silver coin The first silver coin
seen by the natives.seen by the natives.
Galleon TradeGalleon Trade
- - was responsible for transforming was responsible for transforming
Manila into a trade center for oriented Manila into a trade center for oriented
goods. goods.
Cobs or macuquinas:Cobs or macuquinas: oddly-shaped oddly-shaped
coins stamped with a cross on one side coins stamped with a cross on one side
and royal coat of arms on the other. and royal coat of arms on the other.
These are the earliest coins brought to These are the earliest coins brought to
the countrythe country
When the Spaniards came in 1521, they When the Spaniards came in 1521, they
brought with the the first European coin brought with the the first European coin
called the called the “Teston” “Teston” The first silver coin The first silver coin
seen by the natives.seen by the natives.
Galleon TradeGalleon Trade
- - was responsible for transforming was responsible for transforming
Manila into a trade center for oriented Manila into a trade center for oriented
goods. goods.
Cobs or macuquinas:Cobs or macuquinas: oddly-shaped oddly-shaped
coins stamped with a cross on one side coins stamped with a cross on one side
and royal coat of arms on the other. and royal coat of arms on the other.
These are the earliest coins brought to These are the earliest coins brought to
the countrythe country
SPANISH ERASPANISH ERA
Others coins that Others coins that
followed:followed:
- - dos dos mundos or mundos or
pillar dollarspillar dollars
-counterstamped counterstamped
coinscoins
-Portrait seriesPortrait series
Others coins that Others coins that
followed:followed:
- - dos dos mundos or mundos or
pillar dollarspillar dollars
-counterstamped counterstamped
coinscoins
-Portrait seriesPortrait series
SPANISH ERASPANISH ERA
1818
thth
Century: Century: Royalty of Spain Royalty of Spain
authorized the production of authorized the production of
copper coins by the copper coins by the
Ayuntamiento or Municipality of Ayuntamiento or Municipality of
ManilaManila
Barrillas: Barrillas: copper coinscopper coins
1818
thth
Century: Century: Royalty of Spain Royalty of Spain
authorized the production of authorized the production of
copper coins by the copper coins by the
Ayuntamiento or Municipality of Ayuntamiento or Municipality of
ManilaManila
Barrillas: Barrillas: copper coinscopper coins
SPANISH ERASPANISH ERA
Pesos fuertes: Pesos fuertes: first bank notes that
were issued in 1852
Pesos fuertes: Pesos fuertes: first bank notes that
were issued in 1852
SPANISH ERASPANISH ERA
Casa de Moneda de ManilaCasa de Moneda de Manila
- - minted the first gold coins minted the first gold coins
with the word “Filipinas” inscribed, with the word “Filipinas” inscribed,
which were called Isabelinas and which were called Isabelinas and
AlfonsinosAlfonsinos
Casa de Moneda de ManilaCasa de Moneda de Manila
- - minted the first gold coins minted the first gold coins
with the word “Filipinas” inscribed, with the word “Filipinas” inscribed,
which were called Isabelinas and which were called Isabelinas and
AlfonsinosAlfonsinos
Revolutionary PeriodRevolutionary Period
- Two types of 2- centavo coins - Two types of 2- centavo coins
were struck in the army weapon were struck in the army weapon
store of Malolosstore of Malolos
- rare collection- rare collection
- paper notes were also issued, but - paper notes were also issued, but
the circulation was limitedthe circulation was limited
- Two types of 2- centavo coins - Two types of 2- centavo coins
were struck in the army weapon were struck in the army weapon
store of Malolosstore of Malolos
- rare collection- rare collection
- paper notes were also issued, but - paper notes were also issued, but
the circulation was limitedthe circulation was limited
American RegimeAmerican Regime
- - US Congress US Congress passed the passed the Philippine Philippine
Coinage Act,Coinage Act, which authorized the which authorized the
mintage of silver coins from 1903 mintage of silver coins from 1903
to 1912to 1912
- - US Congress US Congress passed the passed the Philippine Philippine
Coinage Act,Coinage Act, which authorized the which authorized the
mintage of silver coins from 1903 mintage of silver coins from 1903
to 1912to 1912
American RegimeAmerican Regime
Silver Certificate: Silver Certificate: were issued until were issued until
19181918
Silver Certificate: Silver Certificate: were issued until were issued until
19181918
American RegimeAmerican Regime
Treasury Certificate: Treasury Certificate: replaced replaced
Silcer Certificate from 1918 to Silcer Certificate from 1918 to
19351935
Treasury Certificate: Treasury Certificate: replaced replaced
Silcer Certificate from 1918 to Silcer Certificate from 1918 to
19351935
American RegimeAmerican Regime
Manila MintManila Mint
- produced coins until the - produced coins until the
Commonwealth periodCommonwealth period
- first seat of the Central Bank- first seat of the Central Bank
Manila MintManila Mint
- produced coins until the - produced coins until the
Commonwealth periodCommonwealth period
- first seat of the Central Bank- first seat of the Central Bank
JAPANESE OCCUPATION: JAPANESE OCCUPATION:
WORLD WAR IIWORLD WAR II
Japanese Invasion MoneyJapanese Invasion Money
- - Japanese GovernmentJapanese Government
WORLD WAR IIWORLD WAR II
Japanese Invasion MoneyJapanese Invasion Money
- - Japanese GovernmentJapanese Government
JAPANESE OCCUPATION: JAPANESE OCCUPATION:
WORLD WAR IIWORLD WAR II
Guerrilla Notes or Resistance
Currencies
- Filipino Guerrillas
WORLD WAR IIWORLD WAR II
Guerrilla Notes or Resistance
Currencies
- Filipino Guerrillas
Republic PeriodRepublic Period
Central Bank of the PhilippinesCentral Bank of the Philippines
- created by the - created by the Republic Act Republic Act
No. 265, January 3, 1949No. 265, January 3, 1949
Central Bank of the PhilippinesCentral Bank of the Philippines
- created by the - created by the Republic Act Republic Act
No. 265, January 3, 1949No. 265, January 3, 1949
Republic PeriodRepublic Period
Victor notes: issued by CBP with
overprint “Central Bank of the
Philippines”
Victor notes: issued by CBP with
overprint “Central Bank of the
Philippines”
Republic PeriodRepublic Period
English Series
- first bank notes issued by
CBP
English Series
- first bank notes issued by
CBP
Republic PeriodRepublic Period
Ang Bagong Lipunan seriesAng Bagong Lipunan series: 1973: 1973
Ang Bagong Lipunan seriesAng Bagong Lipunan series: 1973: 1973
Republic PeriodRepublic Period
New Design Series: 1985New Design Series: 1985
New Design Series: 1985New Design Series: 1985
Republic PeriodRepublic Period
Central Bank CoinsCentral Bank Coins
English Series: 1959English Series: 1959
Central Bank CoinsCentral Bank Coins
English Series: 1959English Series: 1959
Republic PeriodRepublic Period
Pilipino seriesPilipino series: 1967: 1967
Pilipino seriesPilipino series: 1967: 1967
Republic PeriodRepublic Period
Ang Bagong Lipunan seriesAng Bagong Lipunan series: :
19751975
Ang Bagong Lipunan seriesAng Bagong Lipunan series: :
19751975
Republic PeriodRepublic Period
Flora and Fauna: Flora and Fauna: 1983, 1983,
improved in 1992improved in 1992
Flora and Fauna: Flora and Fauna: 1983, 1983,
improved in 1992improved in 1992
Republic PeriodRepublic Period
Improved Faura anf Fauna Improved Faura anf Fauna
seriesseries
Improved Faura anf Fauna Improved Faura anf Fauna
seriesseries
THE MINTTHE MINT
In 1969, the idea of making money In 1969, the idea of making money
was conceived by Filipino was conceived by Filipino
craftsmen. This was because the craftsmen. This was because the
currency shortages which recurred currency shortages which recurred
not only in the Philippines but also not only in the Philippines but also
in other countries. Thus on May 19, in other countries. Thus on May 19,
1966, Congress passed R.A. 4700 1966, Congress passed R.A. 4700
authorizing the Department of authorizing the Department of
General Services to acquire General Services to acquire
printing equipment for making bank printing equipment for making bank
notes.notes.
In 1969, the idea of making money In 1969, the idea of making money
was conceived by Filipino was conceived by Filipino
craftsmen. This was because the craftsmen. This was because the
currency shortages which recurred currency shortages which recurred
not only in the Philippines but also not only in the Philippines but also
in other countries. Thus on May 19, in other countries. Thus on May 19,
1966, Congress passed R.A. 4700 1966, Congress passed R.A. 4700
authorizing the Department of authorizing the Department of
General Services to acquire General Services to acquire
printing equipment for making bank printing equipment for making bank
notes.notes.
THE MINTTHE MINT
Presidential Decree No. 783 dated Presidential Decree No. 783 dated
August 27, 1975 amending PD No. August 27, 1975 amending PD No.
484 authorized the establishment of 484 authorized the establishment of
the Security Printing Plant, Mint and the Security Printing Plant, Mint and
Gold Refinery of the Central BankGold Refinery of the Central Bank
The “money factory” is responsible The “money factory” is responsible
for printing bank notes and other for printing bank notes and other
security instruments like checks, security instruments like checks,
minting coins and refining gold and minting coins and refining gold and
silver.silver.
Presidential Decree No. 783 dated Presidential Decree No. 783 dated
August 27, 1975 amending PD No. August 27, 1975 amending PD No.
484 authorized the establishment of 484 authorized the establishment of
the Security Printing Plant, Mint and the Security Printing Plant, Mint and
Gold Refinery of the Central BankGold Refinery of the Central Bank
The “money factory” is responsible The “money factory” is responsible
for printing bank notes and other for printing bank notes and other
security instruments like checks, security instruments like checks,
minting coins and refining gold and minting coins and refining gold and
silver.silver.
THE MINTTHE MINT
The mint started producing coins The mint started producing coins
in November 1977 and bank notes in November 1977 and bank notes
in January 1978. This plant is in January 1978. This plant is
capable of producing 384 million capable of producing 384 million
bank notes and 120 million coins a bank notes and 120 million coins a
year. year.
The plant is a concrete symbol of The plant is a concrete symbol of
our efforts towards self-reliance.our efforts towards self-reliance.
The mint started producing coins The mint started producing coins
in November 1977 and bank notes in November 1977 and bank notes
in January 1978. This plant is in January 1978. This plant is
capable of producing 384 million capable of producing 384 million
bank notes and 120 million coins a bank notes and 120 million coins a
year. year.
The plant is a concrete symbol of The plant is a concrete symbol of
our efforts towards self-reliance.our efforts towards self-reliance.
THEORIES ABOUT VALUE THEORIES ABOUT VALUE
OF MONEYOF MONEY
An increase in the quantity of An increase in the quantity of
money in a country still causes money in a country still causes
people to spend morepeople to spend more
This greater spending will cause This greater spending will cause
an increase in nominal national an increase in nominal national
Income or Gross National Product.Income or Gross National Product.
Money velocity is the rate of Money velocity is the rate of
spending and income available, spending and income available,
before the next income is before the next income is
received.received.
OF MONEYOF MONEY
An increase in the quantity of An increase in the quantity of
money in a country still causes money in a country still causes
people to spend morepeople to spend more
This greater spending will cause This greater spending will cause
an increase in nominal national an increase in nominal national
Income or Gross National Product.Income or Gross National Product.
Money velocity is the rate of Money velocity is the rate of
spending and income available, spending and income available,
before the next income is before the next income is
received.received.
THEORIES ABOUT VALUE THEORIES ABOUT VALUE
OF MONEYOF MONEY
TRANSACTION-VELOCITY TRANSACTION-VELOCITY
APPROACH APPROACH – is also known as – is also known as
Classical Theory of Money, Classical Theory of Money,
according to Fisher. This theory according to Fisher. This theory
holds that the more money people holds that the more money people
have, the more they will spend; have, the more they will spend;
and the more they will spend, the and the more they will spend, the
greater nominal national income greater nominal national income
the sale of goods and services.the sale of goods and services.
OF MONEYOF MONEY
TRANSACTION-VELOCITY TRANSACTION-VELOCITY
APPROACH APPROACH – is also known as – is also known as
Classical Theory of Money, Classical Theory of Money,
according to Fisher. This theory according to Fisher. This theory
holds that the more money people holds that the more money people
have, the more they will spend; have, the more they will spend;
and the more they will spend, the and the more they will spend, the
greater nominal national income greater nominal national income
the sale of goods and services.the sale of goods and services.
THEORIES ABOUT VALUE THEORIES ABOUT VALUE
OF MONEYOF MONEY
CASH-BALANCE THEORY - CASH-BALANCE THEORY -
proposes that money value is proposes that money value is
equivalent to the ‘cash balance’ of equivalent to the ‘cash balance’ of
the people during the same the people during the same
period. This refers to the amount period. This refers to the amount
of cash on hand left for spending of cash on hand left for spending
consumption patters, after alloting consumption patters, after alloting
amount for savings or investment amount for savings or investment
out of personal income.out of personal income.
OF MONEYOF MONEY
CASH-BALANCE THEORY - CASH-BALANCE THEORY -
proposes that money value is proposes that money value is
equivalent to the ‘cash balance’ of equivalent to the ‘cash balance’ of
the people during the same the people during the same
period. This refers to the amount period. This refers to the amount
of cash on hand left for spending of cash on hand left for spending
consumption patters, after alloting consumption patters, after alloting
amount for savings or investment amount for savings or investment
out of personal income.out of personal income.
THEORIES ABOUT VALUE THEORIES ABOUT VALUE
OF MONEYOF MONEY
INCOME THEORY – INCOME THEORY – made an made an
assumption that money by people assumption that money by people
in an economy is equivalent to the in an economy is equivalent to the
cost of production for the same cost of production for the same
period. Cost of production is gross period. Cost of production is gross
national product which includes national product which includes
consumer, capital, foreign and consumer, capital, foreign and
government goods.government goods.
OF MONEYOF MONEY
INCOME THEORY – INCOME THEORY – made an made an
assumption that money by people assumption that money by people
in an economy is equivalent to the in an economy is equivalent to the
cost of production for the same cost of production for the same
period. Cost of production is gross period. Cost of production is gross
national product which includes national product which includes
consumer, capital, foreign and consumer, capital, foreign and
government goods.government goods.
FUNCTIONS OF MONEYFUNCTIONS OF MONEY
Creation of MoneyCreation of Money
Transferring of MoneyTransferring of Money
Accumulations of Savings in Accumulations of Savings in
Financial InstitutionsFinancial Institutions
Lending and Investing of MoneyLending and Investing of Money
Marketing of Claims and WealthMarketing of Claims and Wealth
Facilitating the Lending and Facilitating the Lending and
Investing ProcessInvesting Process
Creation of MoneyCreation of Money
Transferring of MoneyTransferring of Money
Accumulations of Savings in Accumulations of Savings in
Financial InstitutionsFinancial Institutions
Lending and Investing of MoneyLending and Investing of Money
Marketing of Claims and WealthMarketing of Claims and Wealth
Facilitating the Lending and Facilitating the Lending and
Investing ProcessInvesting Process
EXCHANGE RATESEXCHANGE RATES
When residents of one country trade When residents of one country trade
with residents of another country, they with residents of another country, they
must generally convert funds between must generally convert funds between
the currencies of the two countries to the currencies of the two countries to
facilitate payments. Currency facilitate payments. Currency
conversion requires a rate to define the conversion requires a rate to define the
value of one currency in terms of value of one currency in terms of
another currency.another currency.
Exchange Rate - Exchange Rate - is the price of one is the price of one
unit of a currency expressed in units of unit of a currency expressed in units of
another currency.another currency.
When residents of one country trade When residents of one country trade
with residents of another country, they with residents of another country, they
must generally convert funds between must generally convert funds between
the currencies of the two countries to the currencies of the two countries to
facilitate payments. Currency facilitate payments. Currency
conversion requires a rate to define the conversion requires a rate to define the
value of one currency in terms of value of one currency in terms of
another currency.another currency.
Exchange Rate - Exchange Rate - is the price of one is the price of one
unit of a currency expressed in units of unit of a currency expressed in units of
another currency.another currency.
FOREIGN EXCHANGE FOREIGN EXCHANGE
MARKET (FOREX)MARKET (FOREX)
Is an institutional and Is an institutional and
communications network like any communications network like any
other financial market.other financial market.
Functions:Functions:
Facilitation of trading in currenciesFacilitation of trading in currencies
Determination of exchange rates Determination of exchange rates
between currencies by the interaction of between currencies by the interaction of
demand and supply forces.demand and supply forces.
Facilitation of interaction of fund Facilitation of interaction of fund
transferstransfers
Facilitation of trading functions for Facilitation of trading functions for
hedging currency risk.hedging currency risk.
MARKET (FOREX)MARKET (FOREX)
Is an institutional and Is an institutional and
communications network like any communications network like any
other financial market.other financial market.
Functions:Functions:
Facilitation of trading in currenciesFacilitation of trading in currencies
Determination of exchange rates Determination of exchange rates
between currencies by the interaction of between currencies by the interaction of
demand and supply forces.demand and supply forces.
Facilitation of interaction of fund Facilitation of interaction of fund
transferstransfers
Facilitation of trading functions for Facilitation of trading functions for
hedging currency risk.hedging currency risk.
GOVERNMENT DEBTGOVERNMENT DEBT
GOVERNMENT SECURITIES GOVERNMENT SECURITIES – are an – are an
obligation of the Philippine government. All obligation of the Philippine government. All
participants – the household sector, the participants – the household sector, the
banking sector and BSP, hold them.banking sector and BSP, hold them.
TREASURY BONDS OR T-BONDS TREASURY BONDS OR T-BONDS – long-– long-
term treasury certificates, with a maturity of term treasury certificates, with a maturity of
more than 10 years.more than 10 years.
TREASURY NOTES OR T-NOTES TREASURY NOTES OR T-NOTES – –
intermediate term treasury certificates with intermediate term treasury certificates with
maturity of 1 to 10 years.maturity of 1 to 10 years.
TREASURY BILLS OR T-BILLS TREASURY BILLS OR T-BILLS – have – have
maturity of less than 1 year.maturity of less than 1 year.
GOVERNMENT SECURITIES GOVERNMENT SECURITIES – are an – are an
obligation of the Philippine government. All obligation of the Philippine government. All
participants – the household sector, the participants – the household sector, the
banking sector and BSP, hold them.banking sector and BSP, hold them.
TREASURY BONDS OR T-BONDS TREASURY BONDS OR T-BONDS – long-– long-
term treasury certificates, with a maturity of term treasury certificates, with a maturity of
more than 10 years.more than 10 years.
TREASURY NOTES OR T-NOTES TREASURY NOTES OR T-NOTES – –
intermediate term treasury certificates with intermediate term treasury certificates with
maturity of 1 to 10 years.maturity of 1 to 10 years.
TREASURY BILLS OR T-BILLS TREASURY BILLS OR T-BILLS – have – have
maturity of less than 1 year.maturity of less than 1 year.
THE CENTRAL BANK OF THE CENTRAL BANK OF
THE PHILIPPINESTHE PHILIPPINES
The Central Bank is the monetary The Central Bank is the monetary
authority of the Philippines charged with authority of the Philippines charged with
regulating the banking and financial regulating the banking and financial
system.system.
Was organized on January 3, 1949 by Was organized on January 3, 1949 by
the virtue of R.A. 265the virtue of R.A. 265
Its principal function is to control of the Its principal function is to control of the
country’s supply of money and credit.country’s supply of money and credit.
It has the sole right to issue currencyIt has the sole right to issue currency
Referred as the “bank of banks”Referred as the “bank of banks”
It is the depositary of “cash reserves” of It is the depositary of “cash reserves” of
the banks.the banks.
THE PHILIPPINESTHE PHILIPPINES
The Central Bank is the monetary The Central Bank is the monetary
authority of the Philippines charged with authority of the Philippines charged with
regulating the banking and financial regulating the banking and financial
system.system.
Was organized on January 3, 1949 by Was organized on January 3, 1949 by
the virtue of R.A. 265the virtue of R.A. 265
Its principal function is to control of the Its principal function is to control of the
country’s supply of money and credit.country’s supply of money and credit.
It has the sole right to issue currencyIt has the sole right to issue currency
Referred as the “bank of banks”Referred as the “bank of banks”
It is the depositary of “cash reserves” of It is the depositary of “cash reserves” of
the banks.the banks.
THE BANGKO SENTRAL NG THE BANGKO SENTRAL NG
PILIPINASPILIPINAS
Created under Section 2 of RA 7653, Created under Section 2 of RA 7653,
better know as “The New Central better know as “The New Central
Bank Act”.Bank Act”.
Began Operations in July 3, 1993Began Operations in July 3, 1993
Is responsible for maintaining price Is responsible for maintaining price
stability conducive to a balanced and stability conducive to a balanced and
sustainable growth of the company.sustainable growth of the company.
Keeps the prices of goods and Keeps the prices of goods and
services steady and at reasonable services steady and at reasonable
levels so the economy can run levels so the economy can run
unhampered.unhampered.
PILIPINASPILIPINAS
Created under Section 2 of RA 7653, Created under Section 2 of RA 7653,
better know as “The New Central better know as “The New Central
Bank Act”.Bank Act”.
Began Operations in July 3, 1993Began Operations in July 3, 1993
Is responsible for maintaining price Is responsible for maintaining price
stability conducive to a balanced and stability conducive to a balanced and
sustainable growth of the company.sustainable growth of the company.
Keeps the prices of goods and Keeps the prices of goods and
services steady and at reasonable services steady and at reasonable
levels so the economy can run levels so the economy can run
unhampered.unhampered.
FUNCTIONS OF BSPFUNCTIONS OF BSP
The Money ChangerThe Money Changer
The Supplier of MoneyThe Supplier of Money
The Banker’s BankThe Banker’s Bank
The Supervisor of all BanksThe Supervisor of all Banks
The Main Bank of the The Main Bank of the
GovernmentGovernment
The Money ChangerThe Money Changer
The Supplier of MoneyThe Supplier of Money
The Banker’s BankThe Banker’s Bank
The Supervisor of all BanksThe Supervisor of all Banks
The Main Bank of the The Main Bank of the
GovernmentGovernment
BANGKO SENTRAL NG PILIPINAS BANGKO SENTRAL NG PILIPINAS
MONETARY BOARDMONETARY BOARD
The BSP Monetary Board is the policy-The BSP Monetary Board is the policy-
making body of the Bank. It is headed by making body of the Bank. It is headed by
the BSP Governor who is concurrently the the BSP Governor who is concurrently the
chairman of the Board, with full-time chairman of the Board, with full-time
member from the private sector and one member from the private sector and one
member from the Cabinet.member from the Cabinet.
MONETARY BOARDMONETARY BOARD
The BSP Monetary Board is the policy-The BSP Monetary Board is the policy-
making body of the Bank. It is headed by making body of the Bank. It is headed by
the BSP Governor who is concurrently the the BSP Governor who is concurrently the
chairman of the Board, with full-time chairman of the Board, with full-time
member from the private sector and one member from the private sector and one
member from the Cabinet.member from the Cabinet.
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