BSP implements phased reorganization

The Bangko Sentral ng Pilipinas (BSP) announced that it is implementing a phased reorganization “to enhance its capability to fulfill its mandate in a shifting economic landscape.”

The reorganized BSP will have four major sectors: the Monetary and Economics Sector; Financial Supervision Sector; Currency Management Sector; and the Corporate Services Sector.

The Monetary and Economics Sector, which will be in charge of monetary policy, will be composed mostly of units that were formerly part of the 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 will now be part of the Monetary and Economics Sector.

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

The Currency Management Sector will be 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, as well as 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 under it.

The Corporate Services Sector will 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. /