Republic of the Philippines

State Universities and Colleges

GUIMARAS STATE COLLEGE
McLain, Buenavista, Guimaras

MODULE 1 FM4- MONETARY POLICY

FIRST SEM, A.Y. 2020-2021

PREPARED BY: INSTR. JANICE M. CHAVEZ

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State Universities and Colleges
GUIMARAS STATE COLLEGE
McLain, Buenavista, Guimaras

Course Title: Monetary Policy and Central Banking

Module I: Philippine Money
Module Overview: This module introduces the concept of money; functions of money, characteristics
of good money; coinage, types of money, classification of money and monetary system, Philippine
Numismatic History, and Bangko Sentral ng Pilipinas

Module Outcomes:

1. Discuss the functions money.

2. Explain different kinds of coinage
3. Identify diff erent types of money
4. Discuss the classifications of money
5. Illustrate different kinds of monetary standards
6. Understand BSP

Lesson Outcomes:
At the end of the lesson, students are expected to:
 Identify different functions of money
 Characterize good money
 Identify different laws related to the Philippine Monetary System
 Understand the classification of money
 Recall Philippine Numismatic History
 Discuss Bangko Sentral ng Pilipinas

FUNCTIONS OF MONEY

1. Medium of Exchange. Money facilitates buying and selling. It is used to pay for or settle
obligations. Because it is acceptable as payment for goods and services, it serves as a
physical means for conducting business transactions. The use of money makes purchases and
sales possible since it reduces the time spent on a transaction.
2. Unit of Account or Standard of Value. Money serves as a yardstick for measuring prices
and values when comparing items. In principle, any commodity can serve as a unit of
account. Goods and services are expressed in relative values of money.
3. Store of Value. Money is a reservoir of future purchasing power. It is both a temporary and a
permanent store of purchasing power. A person who saves a portion of his income is storing
the purchasing power of his money temporarily.
Money value can be stored in two forms:
a. Savings- income derived from savings is interest.
b. Investment- income derived from investment is profit.
4. Standard of Deferred Payment. Money is used as a medium of fulfilling obligations of
debtors to creditors on maturity. It serves to measure the extent of obligations by debtors
and claims by creditors. Money as the standard of deferred payment means that promises
to pay at are expressed in money value.

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State Universities and Colleges
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McLain, Buenavista, Guimaras

CHARACTERISTICS OF GOOD MONEY

1. General Acceptability. This is the ready acceptance of money by people of a country.

Money must be acceptable as a tool for settlement of obligations between creditors and
debtors or between sellers and buyers.
Section 52 of the New Central Bank Act, Legal Tender Power, states: “All notes
and coins issued by the Bangko Sentral shall be fully guaranteed by the
Government of the Republic of the Philippines and shall be legal tender in the
Philippines for all debts, both public and private. Provided, however, that unless
otherwise fixed by the Monetary Board, coins shall be legal tender in amounts
not exceeding Fifty pesos (Php50.00) for denominations of Twentyfive
centavos and above and in amounts not exceeding Twenty pesos
(Php20.00)for denominations of Ten centavos or less.”

2. Durability. Money must be able to bear normal wear and tear when used in any
transaction. It must be made of materials which can last for a reasonably long period of
time without losing its usefulness as a medium of exchange.
Section 57 of the New Central Bank Act, Retirement of Old Notes and Coins,
states: “the Bangko Sentral may call in for replacement notes of any series or
denomination which are more than five (5) years old and coins which are
more than ten (10) years old. This property enables coins and paper bills to
serve the store of value function effectively. ”

3. Portability. Money must be easy to carry for faster settlement of transactions.

Materials used like metal alloys, must not be heavy. For higher denominations,
paperbased materials are preferable for easy transport.

4. Divisibility. Money, as a unit of account, must lend itself to being divided into smaller
denominations to settle obligations or collections arising from various transactions.
Section 48 of the New Central Bank Act, states: “the monetary unit in the
Philippines is the “peso” which is represented by the sign P. The peso is
divided into one hundred (100) equal parts called “centavos”, which is
represented by the sign c. By its availability in several denominations, coins and
paper bills conveniently allow money to finance transactions of various
magnitudes.”

5. Stability of Value of Money. The purchasing power of money must be maintained for
a period of time to maximize economic development and increase employment,
production and income levels.
Section 64 of the New Central Bank Act, International Monetary Stabilization,
states: “the Bangko Sentral shall exercise its power under this Act to preserve
the international value of peso and to maintain its convertibility into other
freely convertible currencies primarily for, although not necessarily limited to,
current payments for foreign trade and invisibles.”
Section 65 of the same Act, International Reserves, states: “In order to maintain
the international stability and convertibility of the Philippine peso, the Bangko
Sentral maintains international reserves adequate to meet any foreseeable net
demands on the Bangko Sentral for foreign currencies.”

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State Universities and Colleges
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6. Cognizability. Good money must be easy to recognize. Each denomination must be

distinct to avoid confusion with other denominations during exchange transactions.
Weight, fineness, designs, and other characteristics of coins and notes, as prescribed
by the Monetary Board, must be unique for a denomination.

7. Homogeneity or Uniformity. Money of the same denomination must have the same
characteristics in terms of weight, fineness, and designs. Coins of the same
denomination must have uniform weight of metal alloy, fineness, shape, size and
inscriptions. Paper bills of the same denomination must possess uniform design, size,
color, and other physical characteristics.

8. Malleability. Materials for the minting of money must lend themselves to being
stamped with proper designs and must be durable to maintain its form. The form and
designs of coins are compromise of objectives. The least wear and tear can be attained
by a spherical form and a minimum of design, but such would be awkward to handle,
difficult to organize, and easy to counterfeit.

LAWS RELATED TO THE PHILIPPINE MONETARY SYSTEM

1. Philippine Coinage Act of 1903.

This Act provided the following:
a. Gold coins contain 12.9 grains of gold and .9 fineness
b. Silver coins contains 416 grains of silver and .9 fineness

2. US Coinage Act of 1903. Philippine money was redeemable in draft or checks payable
in full gold standard currency. In order to maintain the value of peso against gold, a
currency reserve fund known as “Gold Standard Fund” was set up.
3. Gold Reserve Act of 1934. Under this monetary standard, the Philippine currency was
not redeemable in gold but in dollars. Dollars devaluated by forty-one percent, and the
US government was given title to all gold coins, bullion and certificates held by Federal
Reserve Banks.
4. Dollar Exchange Standard. Philippine currency was redeemable in dollar instead of
gold. Currency issued was backed up by silver coins and dollars on demand.
5. Mickey Mouse Notes. Are Japanese military government issued paper bills. These
were not legal tender, but Filipinos used them lest authorities penalize them for
noncooperation. From 1946-1949, money supply increased tremendously.
6. Managed Currency System. With the creation of Central Bank, the country’s
monetary system and banking system were reorganized. The Central Bank Act, or
Republic Act No. 265, was enacted. This place banks in a better position to meet the
credit needs of existing business enterprises and new development projects.

COINAGE
 Is the process of manufacturing coins for use as money.

Interference- the process by which money is accumulated in financial institutions, which lend them
out or invests them.

 The manufacture of money is done in a mint, and the process is called minting or coining or
coinage.
 Coin circulation is promoted by molding precious metal into shapes and sizes that are convenient
and inscribing in them an attractive and readily recognizable design.
 The harder the material, the less the wear and tear.

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 Pure gold and silver are very soft, so it is necessary to harden them by adding copper, nickel, tin,
or zinc.
 Coinage should be solely on government account.

Principles of a subsidiary coinage articulated by Dr. Neil Carothers after his intensive study of
“Fractional Coinage”:

The coins should be issued only through sales to the public at their face values in
exchange for standard money.
Total coinage, total issue, and total circulation should be well below the face values.
The coins should be redeemable without charge, delay, and limit at the issue price and in
standard money, regardless of the extent of wear.
The coins should be legal tender in private and public payments.
The legal tender power should be limited to sums representing a proper maximum use of
the coins.
The denominational system should be decimal with intermediate coins in multiples of
five.
The coins should be convenient in size, attractive in appearance, durable in use, and
individual in design.

KINDS OF COINAGE

1. Free coinage. The government defines sizes, shapes, weight and designs of coins but allow
individuals to bring their precious metals to the mint to convert such into standard coins.
Owners of these metals are charged with brassage or seigniorage fee.
2. Gratuitous coinage. Total responsibility for minting is borne by the government.
3. Limited coinage. Government purchases precious metal in an open market and mints them
as a medium of exchange at face value higher than its material content to facilitate trade.

TYPES OF MONEY

A. Commodity money. The inconvenience of the barter system forced the creation of a
common medium or commodity to facilitate exchange. Money revolved from simple
forms or things with intrinsic value, such as rice, corn, wheat, salt, tobacco, sugar, copper,
wire, gold and silver. Early men used this commodities as money. Factors considered
in the uniformity of commodity money:
i. General acceptability at the place and time ii.
Utility other than as medium of exchange
iii. High demand
iv. Limited supply

B. Metallic money. Due to economic development and an improved standard of living,

people wanted a better medium of exchange. Metals proved to be efficient. Copper, iron,
tin and lead were the earliest metals used as money and were in the form of useful
implements such as knives, forks, pots, spears, bows and arrows.
Following properties favored the use of metallic coins:
i. Scarcity and
stability of
metal supply
ii. Durability iii.
Divisibility
iv. Availability in convenient stores

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C. Paper money. Gold and silver are cumbersome to carry around when large transactions are
to be made. The main purpose of paper money is to minimize this inconvenience.

D. Coins
i. Standard coins (full-bodied money)- are made of metal like gold.
ii. Subsidiary or token coins- its face value is greater than material used.
iii. Fiat, credit or fiduciary money- money whose value as a commodity is less than its value
in exchange for goods or services.

Various types of money:

 Full-bodied money
 Representative full-bodied money
 Credit money
a. Token coins
b. Representative token coins
c. Government promissory notes
d. Commercial bank promissory notes
e. Central bank promissory notes
 Demand deposits subject to transfer by checks

CLASSIFICATIONS OF MONEY

A. Money according to material used

 Commodity money. Can be metallic in nature.
 Paper money. High quality paper materials are used to withstand wear-and-tear over
a long period of time and to minimize counterfeiting.
 Bank money. These are checks or other paper notes issued by financial
intermediaries.
B. Money according to the character of the issuer
 Treasury money. Issued by the National Treasury before 1949. These are notes and
coins of various denominations.
 Central Bank money. They are the Central Bank notes and coins circulating in the
Philippines issued by Central Bank after 1949.
 Commercial Bank money. Issued by Philippine National Bank and other commercial
banks as promises to pay, legal tender, payable on demand at a future time to the
bearer or order.
C. Money according to popularity
 Paper money has no commodity value
 Fiat money. Are convertible paper money with no reserve
 Subsidiary coins are representative full-bodied money made of base metals which
are not advisable for use in big transactions and have limited legal tender power.
D. Money according to face value
 Standard money. Is full-bodied money, authorized by law and having the weight,
fineness, denominations, and designs prescribed by the government as standard basis
for coinage.

Legal tender- any kind of money which, according to law, must be generally accepted when
offered as payment for any obligation expressed in terms of the country’s monetary unit. In the
Philippines “peso” is the legal tender.

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Currency- is any kind of money which has limited acceptability expressed in a monetary unit.
Money of other countries is currencies because of their limited acceptability in the Philippines.

KINDS OF MONETARY STANDARDS

I. Monometallic Standard
A. Gold standard- a monetary system in which the monetary unit is kept at par
with a fixed weight or value of gold.
 Gold coin standard- monetary unit is defined in terms of coins containing a certain
amount of gold which prescribed purity of fineness.
 Gold bullion standard- all gold is under the control of government, which
decreased the demand for gold and made it possible to issue a larger amount of
money on the same gold base.
 Gold exchange standard- the money of a country is redeemable, not in gold, but in
the currency of a foreign country.

B. Silver standard- this monetary standard uses silver as “the standard metal”.

 Silver coin standard

 Silver bullion standard
 Silver exchange standard

II. Bimetallic standard- using both gold and silver in coinage that provides for a broader
metallic base if there is a shortage of gold.

III. Fiat standard- a monetary system in which the face value of money is higher than the
value of materials used for coinage.
 Utopian paper standard
 Involuntary fiat standard
 Managed currency standard

PHILIPPINE NUMISMATIC HISTORY

I. Early Philippine Coins

 In early times, barter was practiced.
 Piloncito- a coin in the form of a button-shaped gold nugget was developed as a medium of
exchange

II. Currency during the Spanish Occupation

 1521, Spaniards came bringing the first European coin called teston- the first silver
coin ever seen by the native inhabitants.
 Macuquinas- the earliest coins brought to the country from Mexico.
 Dos mundos or columnarias- one of the most beautiful designed coin ever produced.
 Barillas- the first copper coins minted in the Philippines.
 Pesos Fuertes- paper money was introduced and were issued by the newly
established El Banco Espanol Filipino de Isabell II.

III. Currency during the American Occupation

 Silver certificates- the first paper currency issued by the Americans in which the bearer could
redeem in gold or silver coins.
 Philippine Treasury Certificates- replaced the Silver certificates.

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State Universities and Colleges
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McLain, Buenavista, Guimaras

IV. Currency during the Japanese Occupation

 Mickey Mouse Money was established
 Guerilla currency- notes printed by resistance fighters from Kalinga, Apayao, Bohol, Leyte,
Samar,and other provinces.

V. Currency during the Philippine Republic of 1946

FUNCTIONS OF FINANCE

1. Creation of money
2. Transferring of money
3. Accumulations of savings in financial institutions
4. Lending and investing money
5. Marketing of claims and wealth
6. Facilitating the lending and investing process

EXCHANGE RATES
- Is the price of one unit of a currency expressed in units of another currency.

BANGKO SENTRAL NG PILIPINAS

New Logo

The new BSP logo is a perfect round shape in blue that features three gold stars and a
stylized Philippine eagle rendered in white strokes. These main elements are framed on
the left side with the text inscription “Bangko Sentral ng Pilipinas” underscored by a gold
line drawn in half circle. The right side remains open, signifying freedom, openness, and
readiness of BSP as represented by the Philippine eagle (signifying strength, clear vision,
and freedom) to soar and fly toward its goal. Putting all these elements together in a solid
blue background signifies stability. The stars are rendered in gold to symbolize wisdom,
wealth, idealism, and high quality. The white color of the eagle and the text for BSP
represent purity, neutrality, and mental clarity.

Principal Elements:

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1. The Philippine eagle, our national bird, is the world’s largest eagle and a symbol of
strength, clear vision, and freedom, the qualities we aspire for as a central bank.
2. The three stars represent the three pillars of central banking: price stability, stable
banking system, and a safe and reliable payments system. It may also be interpreted as
a geographical representation of BSP’s equal concern for the impact of its policies and
programs on all Filipinos, whether they are in Luzon, Visayas, or Mindanao.
3. Colors
• The blue background signifies stability
• The stars are rendered in gold to symbolize wisdom, wealth, idealism, and high
quality.
• The white color of the eagle and the text for BSP represent purity, neutrality,
and mental clarity.

4. Font or type face. Non-serif, bold for “BANGKO SENTRAL NG PILIPINAS” to

suggest solidity, strength, and stability. The use of Non-serif font characterized by clean
lines portrays the no-nonsense professional manner of doing business at BSP.
5. Round shape to symbolize the continuing and unending quest to become an excellent
monetary authority committed to improve the quality of life of Filipinos. This round
shape is also evocative of our coins, the basic units of our currency.

History
A group of Filipinos had conceptualized a central bank for the Philippines as early as 1993. It
came up with the rudiments of a bill for the establishment of a central bank for the country after
a careful study of the economic provisions of the Hare-Hawess Cutting Bill, the Philippine
Independence Bill approved by the U.s Congress. According to Fajardo (1994), Miguel
Cuaderno, the first governor of the Central Bank of the Philippines (the former name of now
Bangko Sentral ng Pilipinas) initiated the development of the concept of a central bank in 1993.
(For thirteen years he conducted a research on the various central banks of many countries). In
1939, as required by the Tydings- McDuffie Act, the Philippine legislature passed a law
establishing a central bank. As it was a monetary law, it required the approval of the United
States President. However, President Franklin D. Roosevelt disapproved it due to strong
opposition from vested interests. A second law was passed in 1944 during the Japanese
occupation, but the arrival of American liberation forces aborted its implementation. Shortly
after President Manuel Roxas assumed office in 1946, he instructed the then Finance Secretary
Miguel

Cuaderno, Sr. to draw up a charter for a central bank. As governor, he chose the charter of the Central
Bank of Guatemala as the model for the charter of the Central Bank of the Philippines because of the
similar economic and social conditions of Guatemala and the Philippines.

The establishment of a monetary authority became imperative a year later as a result of the
findings of the Joint Philippine American Finance Commission chaired by Mr. Cuaderno. The
Commission, which studied Philippine financial, monetary, and fiscal problems in 1947,
recommended a shift from the dollar exchange standard to a managed currency system. A central
bank was necessary to implement the proposed shift to the new system.

Immediately, the Central Bank Council, which was created by President Manuel Roxas to
prepare the charter of a proposed monetary authority, produced a draft. It was submitted to
Congress in February 1948. By June of the same year, the newly proclaimed President Elpidio

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Quirino, who succeeded President Roxas, affixed his signature on Republic Act No. 265, the
Central Bank Act of 1948. The establishment of the Central Bank of the Philippines was a
definite step toward national sovereignty.

Over the years, changes were introduced to make the charter more responsive to the needs of the
economy.

Organizational Structure

By organization, the basic structure of the Bangko Sentral ng Pilipinas includes:

• The Monetary Board exercises the powers and functions of BSP, such as the conduct of
monetary policy and supervision of the financial system. Its chairman is the BSP
Governor, with the full-time members from the private sector and one member from the
Cabinet. The Governor is the Chief Executive Officer of BSP and is required to direct and
supervise the operations and internal administration of BSP. A deputy governor heads
each of the BSP’s operating sectors.
• Executive Management Services is the functional grouping of all units directly reporting
to the Monetary Board or to the Governor.

Functional Sectors:
Monetary Stability Sector takes charge of the formulation and implementation of the
BSP’s monetary policy, including serving the banking needs of all banks through
accepting deposits, servicing withdrawals, and extending credit through the rediscounting
facility.
Supervision and Examination Sector enforces and monitors compliance to banking laws
to promote a sound and healthy banking system.
Resource Management Sector serves the human, financial and physical resource needs of
BSP.

- Security Plant Complex is responsible for the production of Philippine currency documents,
and commemorative medals and medallions.

Figure 1: BSP’s Organizational Structure as of November 21, 2019 ([Link] )

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McLain, Buenavista, Guimaras

Figure 2: The Monetary Stability Sector

Figure 3: The Supervision and Examination Sector

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The Monetary Board

The Board that governs the Central Bank is called the Monetary Board. Hence, the powers
and functions of Bangko Sentral are exercised by its Monetary Board, which has seven members
appointed by the President of the Philippines. The Chairman is the Governor of BSP. The New
Central Bank Act took effect on June 14, 1993, during the reign of then President Fidel V.
Ramos. It established an independent Central Monetary Authority, which is now known as the
Bangko Sentral ng Pilipinas (BSP) with a capital of P50 billion. The Monetary Board meets at
least once a week, usually every Thursday.

The major functions of the Monetary Board include the power to:
Issue rules and regulations it considers necessary for the effective discharge of the
responsibilities and exercise of the powers vested in it.

Direct the management, operations, and administration of Bangko Sentral, organize

its personnel, and issue such rules and regulations as it may deem necessary or desirable for
this purpose.

Establish a human resource management system which governs the selection, hiring,
appointment, transfer, promotion, or dismissal of all personnel. Such system shall aim
to establish professionalism and excellence at all levels of the Bangko Sentral ng
Pilipinas in accordance with sound principles of management.

Adopt an annual budget for and authorize such expenditures by Bangko Sentral in the
interest of the effective administration and operations of Bangko Sentral in accordance
with applicable laws and regulations.

Indemnify its members and other officials of Bangko Sentral, including personnel of the
departments performing supervision and examination functions, against all costs and
expenses reasonably incurred by such persons in connection with any civil or criminal
action, suit, or proceeding, to which any of them may be made a party by reason of the
performance of his functions or duties, unless such members or other officials are found
to be liable for negligence or misconduct.

Table 1: The BSP Monetary Board

Chairman Benjamin E. Diokno

Members Carlos G. Dominguez III
Felipe M. Medalla
Juan De Zuniga, Jr.
Peter B. Favila
Antonio S. Abacan, Jr.
V. Bruce J. Tolentino

Objectives of BSP

 Maintain monetary policies conducive to a balanced and sustainable growth of the economy;

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 Maintain price stability in the country;

 Promote and maintain monetary stability and the convertibility of the peso;
 Maintain stability of the financial system;
 Provide payment and other financial services to the government, the public, financial institutions,
and foreign financial institutions; and
 Supervise and regulate depository institutions.

BSP Vision and Mission

Functions of BSP

 Bank of issue
BSP has the monopoly of printing money bills and minting money coins. This
monopoly is designed to:

• Ensure the uniformity of design and content of money;

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• Effect government supervision over money supply; Give prestige and honor to the
central bank; and
• Become a good source of income for the government.
 Government’s banker, agent and adviser
 Custodian of the cash reserves of banks
 Custodian of the nation’s reserves of international currency
 Bank of rediscount and lender of last resort
 Bank of central clearance and settlement
 Controller of credit
BSP can control credit by:

• Increasing or decreasing interest rates;

• Increasing or decreasing the legal reserve requirement of banks;
• Regulating the margin requirements of stock exchange securities;
• Open market operations (buying or selling government securities);
• Imposing ceilings on total amounts bank can lend;
• Rationing central bank credit;
• Restricting imports;
• Selecting projects for funding;
• Moral suasion (i.e., encouraging people and businesses to support and cooperate
with central bank policies and regulations).

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ACTIVITIES

I. Group yourselves into 4 and have a research for the money used during
a. Spanish Era
b. American Era
c. Japanese Era
d. Philippine Republic of 1946
II. Group yourselves into 3 and have a research for our latest currency and be able to
explain the details from front and back of all paper bills and coins. Include the picture
of money. You may take a picture of the money and write the details on a piece of
bondpaper.
a. Group 1- 1 cent and 25 cent
b. Group 2- 1 peso and 5 peso
c. Group 3- 10 peso
d. Group 4- 20 peso
e. Group 5- 50 peso
f. Group 6- 100 peso
g. Group 7- 200 peso
h. Group 8- 500 peso
i. Group 9- 1000 peso

III. In 100 words, write in an essay form. 20 points

Question: What is money to you? Are you in favour of the saying that “money is
the root of all evil”? If yes, explain. If no, explain.

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REFERENCES:

 Mutya, Ruby, “Introduction to Philippine Money, Credit and Banking”, Anvil Publishing Inc.,
2017
 [Link]
d=2ahUKEwixuLPJvODrAhWQGaYKHXyHCxsQ_AUoAXoECA0QAw&biw=135
0&bih=591
 [Link]
HVmAWNv6WoCQ&q=new%20bsp%20governor&ved=2ahUKEwi784uhveDrAh

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