These legislations were part of the Government’s reform in the financial sector undertaken since 2000, which have given the Central Bank greater independence to perform its roles and objectives. Under the CBA 2000 and BFIA 2000, the Bank is given the tasks of managing monetary policy, supervising the financial system and ensuring an efficient payment system that would contribute towards achieving economic growth.
One of the most serious threats to national security is the destruction of the integrity of our currency. This point was made on 9 June 1993, during the 9th Congressional Bicam-Committee hearing on the BSP’s Charter. In demonetizing the old banknotes series and issuing the new coins, the BSP complies with Section 57 of R.A. No. 7653.