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48 Cards in this Set
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Commercial Banks Thrift Banks Rural/Regional Banks Specialized Government Banks |
3 types of banking institutions that provide services in varying degrees |
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Commercial banks |
Lend money to individuals, all types pf business firms, other financial intitutions and governments. Deal foreign exchange. Rent out deposit boxes. Administration of estates. Finance and facilitate international trade. Can be investment of house. Aka universal banks |
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Thrift banks |
Are savings and mortgage banks, stock savings and loan associations.. Functions: Grant loans; invest in readily marketable bonds and other debt securities; Cannot engage in international banking operation. |
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Rural banks |
Banks operating primarily to serve the needs of people in rural areas. Grant short-term loans to farmers, merchants and cooperatives to finance their requirements in the pursuit of business. Accepts savings and time deposits to accumulate funds for local development |
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Specialized government banks |
Are those created by the government for specific purposes under specific purposes under special charters |
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Development Bank of the Philippines Land Bank of the Philippines Philippines Amanah Bank |
3 Specialized Government Banks |
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Development Bank of the Philippines |
Was established in 1946 as the rehabilitation finance corporation to attend the requirements of rehab and dev't after WWII. |
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Land Bank of the Philippines |
Was organized in 1963 to provide timely and adequate financial support to the Agrarian Reform Program. |
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Philippine Amanah Bank |
Was established in 1974 to promote and accelerate the socio-eco development of Mindanao, especially in the predominantly Muslim provinces. |
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Demand deposits Time deposits Savings deposits |
Commercial bank several forms of deposits |
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Demand deposits |
Aka current accounts or checking accounts |
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Time deposits |
Are accounts with a maturity date at higher interest rates. |
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Banks |
In most general concept, any institutions that accept short-term deposits from general public are classified as |
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Banko sentral ng Pilipinas |
Responsible for maintaining price stability conductive to a balanced and sustainable growth of the economy. Keeps the prices of goods and services steady and at reasonable levels so the economy can run unhumpered |
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Section 2 of RA 7653 "The New Central Bank Act" |
The BSP was created under what act |
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July 3,1993 |
The BSP began formal operations |
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The Money Manager |
The bsp manages the amount of money available to the public |
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The Supplier of Money |
Only the bsp can legally issue money in paper notes and coins and in amounts consistent with country's economic program. |
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The Banker's Bank |
The bsp grants loan to and accepts deposits only from banks. |
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The Supervisor of all Banks |
The bsp regularly monitors and examines the operations of banks, as well as their compliance with banking rules and regulations. |
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The Main Bank of the Government |
The bsp is the official depository of the government. |
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The BSP Monetary board |
Is the policy-making body of the bsp |
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Governor |
Head of bsp who is concurrently the chairman of the board |
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The Banking Service sector The Supervision and Examination sector The Resource Management sector |
3 major operating sectors of bsp |
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The Banking Services sector |
Serves the banking needs of all banks through combined effort of these bsp depts and offices: BO, DOLC, AMD & IOD |
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The Supervision and Examination sector |
Takes care of enforcing banking laws and monitoring compliance so as to promote a banking system that is safe and sound. |
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The Resource Management sector |
Serves the personnel, security and transport, computerization, building and facilities and other administrative needs of the bsp. |
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The Treasury Department |
Manages the bank's treasury holdings |
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Department of economic research |
Monitors economic statistics to draw-up the proper monetary policies |
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Public Information, Relations and Special Events Office (PIRSEO) |
Services the public relations needs of the bank(bsp) |
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Internal Audit Office |
Checks that each bsp office is doing its job in accordance of its mandate |
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Price stability Financial stability Efficient payments and settlements system |
To carry out its mandate, the bsp focuses on three main pillars |
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Price Stability |
The Bsp mains responsibility is to formulate and implement policy in the areas of money, banking and credit with the primary objective of preserving (blank) |
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Bangko Sentral monetary board |
The powers and functions of the Bangko sentral shall be exercised by? |
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The Governor of the Bangko Sentral |
Who shall be the chairman of monetary board. |
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Deputy governor |
Governor alternative |
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A member of the cabinet |
A monetary board member that may be designated by the president of the Philippines |
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General controls |
Techniques used by the bangko sentral to determine the country's total money supply are called _________ |
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Open market operations Discount rate policy Reserve requirements |
Quantitative instruments used |
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Stock market credit/open market operation Moral suasion |
Qualitaive instrumentof monetary control |
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Term |
Paper |
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Monte de Piedad y Caja de Ahorros |
First mutual savings in the country |
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Banco Espanol-Filipino de Isabel II |
First state bank in the philippines |
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Interconvertability of currency |
The replacement of notes and coins with another denomination for the same value |
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Price stability |
Refers to a condition of low and stable condition |
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Monetary policy |
Refers to the measures or actions taken by the bsp to help keep inflation low and stable. |
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Inflation targeting |
The bsp conducts monetary policy using an approach called _________ |
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Banking |
Is the service performed by that financial institution known as bank. |
