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Central Banking in the Philippines: Then, Now and the Future

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Author Info
Lamberte, Mario B.
Abstract

The country’s central bank has a profound impact on the lives of all residents in the country. This paper attempted to put some policy issues on central banking in the country in certain perspectives so that policy debates on these issues can proceed with greater focus. More specifically, it examined central banking in the Philippines from three perspectives – the past, the present and the future. First, it took a fresh look at central banking in the Philippines in the last 25 years. This period, which covers 5 administrations and 6 central bank governors, is the most turbulent period in the history of central banking in the Philippines. Second, the paper examined the way the Bangko Sentral ng Pilipinas (BSP) currently conducts monetary policy, highlighting the BSP’s shift to inflation targeting as its monetary policy framework and the issues it must confront to make it successful. Third, it discussed the future of central banking in the Philippines, taking into account three major trends that are currently sweeping around the world, namely, the separation of bank supervision function from monetary policy function of central banks, increasing regional economic and financial integration, and the revolution in the payments system brought about by rapid changes in information and communications technology. These factors can lead to changes in the fundamental character of the country’s central bank in the future.

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Paper provided by Philippine Institute for Development Studies in its series Discussion Papers with number DP 2002-10.

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Length: 90
Date of creation: 2002
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Handle: RePEc:phd:dpaper:dp_2002-10

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Related research
Keywords: central bank monetary policy Bangko Sentral ng Pilipinas inflation targeting

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Arthur Grimes & Jason Wong, 1992. "The role of the exchange rate in New Zealand monetary policy," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
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  2. Alan S. Blinder, 1996. "Central banking in a democracy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-14. [Downloadable!]
  3. Benjamin M. Friedman, 2002. "The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency," NBER Working Papers 8972, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Joe Peek & Eric S. Rosengren & Geoffrey M. B. Tootell, 1999. "Is bank supervision central to central banking?," Working Papers 99-7, Federal Reserve Bank of Boston. [Downloadable!]
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  5. Marvin Goodfriend, 1997. "Monetary policy comes of age: a 20th century odyssey," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-22. [Downloadable!]
  6. Cororaton, Caesar B., 2002. "Total Factor Productivity in the Philippines," Discussion Papers DP 2002-01, Philippine Institute for Development Studies. [Downloadable!]
  7. Christopher J. Waller, 1995. "Performance contracts for central bankers," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 3-14. [Downloadable!]
  8. Marc Quintyn & Michael Taylor, 2002. "Regulatory and Supervisory Independence and Financial Stability," IMF Working Papers 02/46, International Monetary Fund. [Downloadable!]
  9. Andrea Schaechter, 2001. "Implementation of Monetary Policy and the Central Bank's Balance Sheet," IMF Working Papers 01/149, International Monetary Fund. [Downloadable!]
  10. G. C. Lim & Guy Debelle, 1998. "Preliminary Considerations of an Inflation Targeting Framework for the Philippines," IMF Working Papers 98/39, International Monetary Fund.
  11. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile 101, Central Bank of Chile. [Downloadable!]
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  12. Pierre-Richard Agénor, 2001. "Monetary Policy Under Flexible Exchange Rates: an Introduction to Inflation Targeting," Working Papers Central Bank of Chile 124, Central Bank of Chile. [Downloadable!]
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  13. Woodford, Michael, 2000. "Monetary Policy in a World without Money," International Finance, Blackwell Publishing, vol. 3(2), pages 229-60, July. [Downloadable!] (restricted)
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  14. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
  15. Lars E.O. Svensson, 2002. "Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?," NBER Working Papers 8925, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  16. Dalia Hakura & Ehsan U. Choudhri, 2001. "Exchange Rate Pass-Through to Domestic Prices: Does the Inflationary Environment Matter?," IMF Working Papers 01/194, International Monetary Fund. [Downloadable!]
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  17. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-60, October. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Yap, Josef T., 2004. "Two Essays on Regional Economic Integration in East Asia," Discussion Papers DP 2004-12, Philippine Institute for Development Studies. [Downloadable!]
  2. Arief Ramayandi, 2007. "Approximating Monetary Policy: Case Study for the ASEAN-5," Working Papers in Economics and Development Studies (WoPEDS) 200707, Department of Economics, Padjadjaran University, revised Aug 2007. [Downloadable!]
  3. Assad L. Baunto & Christian Bordes & Samuel Maveyraud-Tricoire & Philippe Rous, 2007. "Money and uncertainty in the Philippines: A Friedmanite Perspective," Working Papers hal-00308663_v1, HAL. [Downloadable!]
  4. Assad L. Baunto & Christian Bordes & Samuel Maveyraud-Tricoire & Philippe Rous, 2007. "Money and uncertainty in the Philippines: A Friedmanite Perspective," Université Paris1 Panthéon-Sorbonne, Working Papers hal-00308663_v1, HAL. [Downloadable!]
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