Philippine central bank handed new stability powers and mandate
Act removes money supply and credit as determinants for monetary policy
The Central Bank of the Philippines (BSP) has been given greater supervisory powers and a new monetary policy focus as part of an update of its mandate.
On February 16, president Rodrigo Duterte signed the “New Central Bank Act” after amendments to existing legislation were submitted last year.
The governor of the central bank, Nestor Espenilla, said the new law “bolsters” the central bank’s capability to promote price stability.
“The amendments to the BSP charter are both timely and attuned
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