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Hm Marketing Essay

4895 words - 20 pages

CENTRAL BANK MIDTERM REVIEWER
Group 1: Genesis, Nature and Definition of Central Banking
Chronology of Events: Central Banking in the Philippines
1900: Act No. 52 was passed by the First Philippine Commission placing all banks under the Bureau of Treasury. The Insular Treasurer was authorized to supervise and examine banks and banking activities.

February 1929: After 29 years, the Bureau of Banking under the Department of Finance took over the said task of banking supervision.

1939: A bill establishing a central bank was drafted by Secretary of Finance Manuel Roxas and approved by the Philippine Legislature. However, the bill was returned by the US government, without action, to ...view middle of the document...

November 1972: RA No. 265 was amended by Presidential Decree No. 72 to make the CBP more responsive to changing economic conditions. PD No. 72 emphasized the maintenance of domestic and international monetary stability as the primary objective of the CBP. Moreover, the CBP’s authority was expanded to include not only the supervision of the banking system but also the regulation of the entire financial system.

January 1981: Further amendments were made with the issuance of PD No. 1771 to improve and strengthen the financial system, among which was the increase in the capitalization of the CBP from P10 million to P10 billion.

1986: Executive Order No. 16 amended the Monetary Board membership to promote greater harmony and coordination of government monetary and fiscal policies.

July 3, 1993: The Bangko Sentral ng Pilipinas (BSP) was established to replace the CBP as the country’s central monetary authority pursuant to RA 7653, also known as the New Central Bank Act.

Functions & Responsibilities
* Implementation of monetary policies
* Sets the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms
* Controls the nation's entire money supply
* Government's banker and the bankers' bank (lender of last resort)
* Manages the country's foreign exchange and gold reserves and the government's stock register
* Regulates and supervises the banking industry

Primary Duties
* Implements monetary and fiscal policies which ensures sustainable growth and employment.
* Fiscal policy refers to the economic direction a government wishes to pursue regarding taxation, spending, and borrowing.
* Monetary policy is the set of actions a government or Central Bank takes to influence the economy in an attempt to achieve its fiscal policy.
* Sets the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms
* Promotes the stability of the country's financial system

Monetary Tools
1. Qualitative
a. Open Market Operations: involves the buying and selling of government securities from banks and financial institutions in order to expand or contract the supply of money. An open market purchase of securities by the BSP results in an increase in reserves and an increase in the supply of money. Moreover, an open market sale of securities by the BSP results in a decrease in reserves and a decrease in the supply of money
b. Rediscounting: refers to transactions whereby the BSP extends credit to a bank collateralized by its loan papers with customers. This instrument plays a dual role; as a tool to allocate credit to preferred sectors of the economy and as an instrument to influence the supply of money and credit. Rediscounting rate is the interest rate charged by the BSP to the...

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