Bangko Sentral NG Pilipinas
Bangko Sentral NG Pilipinas
Bangko Sentral NG Pilipinas
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It
was rechartered on July 3, 1993, pursuant to the provisions of the 1987 Philippine Constitution
and the New Central Bank Act of 1993. The BSP was established on January 3, 1949, as the
country’s central monetary authority.
History
In 1900, the First Philippine Commission passed Act No. 52, which placed all banks under the
Bureau of the Treasury and authorizing the Insular Treasurer to supervise and examine banks and
all banking activity. In 1929, the Department of Finance, through the Bureau of Banking, took
over bank supervision.
By 1933, a group of Filipinos had conceptualized a central bank for the Philippines. It came up
with the rudiments of a bill for the establishment of a central bank after a careful study of the
economic provisions of the Hare-Hawes-Cutting Act, which would grant Philippine
independence after 12 years, but reserving military and naval bases for the United States and
imposing tariffs and quotas on Philippine exports. However, the Hare-Hawes-Cutting Act would
be rejected by the Senate of the Philippines at the urging of Manuel L. Quezon. This Senate then
advocated a new bill that won President Franklin D. Roosevelt's support, this would be the
Tydings-McDuffie Act, which would grant Philippine independence on July 4, 1946.
During the Commonwealth period, the discussion about a Philippine central bank that would
promote price stability and economic growth, continued. The country’s monetary system then
was administered by the Department of Finance and the National Treasury. The Philippines was
on the exchange standard using the US dollar, which was backed by 100 percent gold reserve, as
the standard currency.
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; Roosevelt did not give his. A second law was passed in 1944, during the
Japanese occupation, but the arrival of the American liberation forces aborted its
implementation.
Shortly after President Manuel Roxas assumed office in 1946, he instructed Finance Secretary
Miguel Cuaderno, Sr. to draw up a charter for a central bank. 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 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.
Original BSP Seal (1949-1993)
Designed to "walk" the visitor through a number of galleries, individually dedicated to a specific
historical period of the country, the Museo visually narrates the development of the Philippine
economy, parallel to the evolution of its currency. Complementary paintings from the BSP art
collection, together with chosen artifacts, enhance each gallery.
A panoramic memorabilia of 50 years of central banking in the Philippines, showcases the
strides made in bringing about price stability, to sustain economic growth in the country. The
exhibition hall also carries the busts of the governors of the Central Bank/ Bangko Sentral.
On July 31, 2008, the Central bank entered into a tax compromise agreement with the Bureau of
Internal Revenue (BIR) and settled its P 3.6 billion. It represents 40% of the bank's original P 9
billion tax obligation, for unpaid gross receipt taxes (GRT) and final withholding taxes on
government securities sold from 2004 to 2007.[1]
Anti-Money laundering
With money laundering being one of the perennial problems of the Philippines, the BSP has
issued a number of measures to bring the Philippines' regulatory regime on money laundering
closer to international standards. In September 2001, the Anti-Money Laundering Act (AMLA)
signed into law and defined moneya a criminal offense, prescribed penalties for such crimes
committed and formed the foundation of a central monitoring and implementing council called
the Anti-Money Laundering Council (AMLC). The AMLC is composed of the Governor of the
Bangko Sentral as Chairman and the Commissioner of the Insurance Commission and the
Chairman of the Securities and Exchange Commission as members. It acts unanimously in the
discharge of its functions.
Governors
Banknotes
Checks
DIVINE WORD COLLEGE OF LEGAZPI
COLLEGE OF BUSINESS EDUCATION
LEGAZPI CITY
CENTRAL BANK
OF THE
PHILIPPINES
SUBMITTED BY:
MARK ANTHONY HINGCO
Political system
A political system is a system of politics and government. It is usually compared to the
legal system, economic system, cultural system, and other social systems. It is different from
them, and can be generally defined on a spectrum from left, e.g. communism, to the right, e.g.
fascism. However, this is a very simplified view of a much more complex system of categories
involving the views: who should have authority, how religious questions should be handled, and
what the government's influence on its people and economy should be.
Overview
There are several definitions of "political system":
• A political system is a complete set of institutions, interest groups (such as
political parties, trade unions, lobby groups), the relationships between those
institutions and the political norms and rules that govern their functions
(constitution, election law).
• A political system is composed of the members of a social organization
(group) who are in power.
• A political system is a system that necessarily has two properties: a set of
interdependent components and boundaries toward the environment with
which it interacts.
• A political system is a concept in which theoretically regarded as a way of the
government makes a policy and also to make them more organized in their
administration.
• A political system is one that ensures the maintaining of order and sanity in
the society and at the same time makes it possible for some other institutions
to also have their grievances and complaints put across in the course of
social existence.
Commonalities between political systems:
• Interdependent parts
○ Citizens
○ Government
• Boundaries
○ Citizenship
○ Territory
○ Property
Religion
A religion is a system of human thought which usually includes a set of narratives,
symbols, beliefs and practices that give meaning to the practitioner's experiences of life through
reference to a higher power, deity or deities, or ultimate truth.[1] Religion is commonly identified
by the practitioner's prayer, ritual, meditation, music and art, among other things, but more
generally is interwoven with society and politics. It may focus on specific supernatural,
metaphysical, and moral claims about reality (the cosmos and human nature) which may yield a
set of religious laws, ethics, and a particular lifestyle. Religion also encompasses ancestral or
cultural traditions, writings, history, and mythology, as well as personal faith and religious
experience.
The term "religion" refers to both the personal practices related to communal faith and to group
rituals and communication stemming from shared conviction. "Religion" is sometimes used
interchangeably with "faith" or "belief system,"[2] but it is more socially defined than personal
convictions, and it entails specific behaviors, respectively.
The development of religion has taken many forms in various cultures. It considers
psychological and social roots, along with origins and historical development.
In the frame of western religious thought,[3] religions present a common quality, the "hallmark of
patriarchal religious thought": the division of the world in two comprehensive domains, one
sacred, the other profane.[4] Religion is often described as a communal system for the
coherence of belief focusing on a system of thought, unseen being, person, or object, that is
considered to be supernatural, sacred, divine, or of the highest truth. Moral codes, practices,
values, institutions, tradition, rituals, and scriptures are often traditionally associated with the
core belief, and these may have some overlap with concepts in secular philosophy. Religion is
also often described as a "way of life" or a life stance.
Definitions of religion
Religious scholars generally agree that writing a single definition that applies to all
religions is difficult or even impossible, because all people examine religion with some kind of
critical eye, and the term is therefore fraught with ideological consequences for anyone who
might want to construct a universal definition. Talal Asad writes that "there cannot be a universal
definition of religion ... because that definition is itself the historical product of discursive
processes"[5]; Thomas A. Tweed, while defending the idea of religion in general, writes that "it
would be foolish to set up an abstract definition of religion's essence, and then proceed to
defend that definition from all comers."[6]
The earliest definition of religion is from Johnson's Dictionary, which simply calls it "a system of
faith and worship". Friedrich Schleiermacher in the late 18th century defined religion as das
schlechthinnige Abhängigkeitsgefühl, commonly translated as "a feeling of absolute
dependence".[7] His contemporary Hegel disagreed thoroughly, defining religion as "the Divine
Spirit becoming conscious of Himself through the finite spirit."[8] Clifford Geertz's definition of
religion as a "cultural system" was dominant for most of the 20th century and continues to be
widely accepted today.
Sociologists and anthropologists tend to see religion as an abstract set of ideas, values, or
experiences developed as part of a cultural matrix. For example, in Lindbeck's Nature of
Doctrine, religion does not refer to belief in "God" or a transcendent Absolute. Instead, Lindbeck
defines religion as, "a kind of cultural and/or linguistic framework or medium that shapes the
entirety of life and thought… it is similar to an idiom that makes possible the description of
realities, the formulation of beliefs, and the experiencing of inner attitudes, feelings, and
sentiments.”[9] According to this definition, religion refers to one's primary worldview and how
this dictates one's thoughts and actions. Thus religion is considered by some sources to extend
to causes, principles, or activities believed in with zeal or conscientious devotion concerning
points or matters of ethics or conscience, and not necessarily including belief in the
supernatural.[10]
The English word religion has been in use since the 13th century, loaned from Anglo-French
religiun (11th century), ultimately from the Latin religio, "reverence for God or the gods, careful
pondering of divine things, piety, the res divinae".[11]
The ultimate origins of Latin religiō are obscure. It is usually accepted to derive from ligare
"bind, connect"; probably from a prefixed re-ligare, i.e. re (again) + ligare or "to reconnect." This
interpretation is favoured by modern scholars such as Tom Harpur and Joseph Campbell, but
was made prominent by St. Augustine, following the interpretation of Lactantius. Another
possibility is derivation from a reduplicated *le-ligare. A historical interpretation due to Cicero on
the other hand connects lego "read", i.e. re (again) + lego in the sense of "choose", "go over
again" or "consider carefully".[12]
History
Ideally, a history of religion could include all human religious practices, but archaeological study
of religion is a relatively new and undeveloped field.[19] Therefore, the history of religion is largely
limited to those practices which have been described in writing.
Development of religion
Like the definition of religion, the construction of religious history is a task fraught with
ideological implications. Early studies of religions were often written to imply that the author's
own religion was the most accurate. Even in a secular history, to imply that religion "progresses"
towards better understanding of reality makes a value judgment about past religions; likewise, to
consider religion an essentially social construction with no transcendent meaning denies the
claims of every religious authority.
There is no time or place in human history where religious movements are not being founded,
and religious practice is not merely a matter of founding prophets but also of local traditions and
reforms. There is not even a single era when the Abrahamic religions were developed; the
Jewish prophets lived some centuries before Jesus, Muhammad came six centuries after him,
and Bahá'u'lláh founded the Bahá'í Faith over a millennium later.
Middle Ages
The Middle Ages (800 AD-1500 AD) was a time of philosophical development for
several major religions. As Christianity became the focus of scholarship throughout Europe,
Buddhist missions were sent to East Asia, and Islam was spread throughout the Middle East,
Central Asia, Southeast Asia, North Africa and parts of Europe and India. Meanwhile, the
decline of Buddhism in India led to the flourishing of folk religion there.
Many medieval religious movements emphasized mysticism, such as the Cathars and related
movements in the West, the Bhakti movement in India and Sufism in Islam. Monotheism was
articulated distinctly in Christian Christology and in Islamic Tawhid. Hindu monotheist notions
of Brahman likewise reached their classical form with the teaching of Adi Shankara.
Religion was the dominant ideology behind many conflicts of the Middle Ages. Muslims were in
conflict with Zoroastrians during the Islamic conquest of Persia; Christians were in conflict with
Muslims during the Byzantine-Arab Wars, Crusades, Spanish Reconquista and Ottoman wars in
Europe; Christians were in conflict with Jews during the Crusades, Reconquista and Inquisition;
Shamans were in conflict with Buddhists, Taoists, Muslims and Christians during the Mongol
invasions; and Muslims were in conflict with Hindus during Muslim conquest in the Indian
subcontinent.
Modern period
European colonisation during the 15th to 19th centuries resulted in the spread of
Christianity to Sub-Saharan Africa, the Americas, Australia and the Philippines. The 18th
century saw the beginning of secularisation in Europe, rising to notability in the wake of the
French Revolution. By the 20th century, religion was no longer the dominant ideological force
behind international wars, but had generally been unseated by political ideals such as
democracy and communism.
In the 20th century, the regimes of Communist Eastern Europe and Communist China were
explicitly anti-religious. A great variety of new religious movements originated in the 20th
century, many proposing syncretism of elements of established religions. Adherence to such
new movements is limited, however, remaining below 2% worldwide in the 2000s. Adherents of
the classical world religions account for more than 75% of the world's population, while self-
reported alliegance to indigenous folk religions has fallen to 4%. As of 2005, an estimated 14%
of the world's population identifies as nonreligious.
Religious belief
Religious belief usually relates to the existence, nature and worship of a deity or deities
and divine involvement in the universe and human life. Alternately, it may also relate to values
and practices transmitted by a spiritual leader. Unlike other belief systems, which may be
passed on orally, religious belief tends to be codified in literate societies (religion in non-literate
societies is still largely passed on orally[20]). In some religions, like the Abrahamic religions, it is
held that most of the core beliefs have been divinely revealed.
Religious belief can also involve causes, principles or activities believed in with zeal or
conscientious devotion concerning points or matters of ethics or conscience, not necessarily
limited to organized religions.[21]
Epistemology
Many theories exist as to why religions sometimes seem to conflict with scientific
knowledge. In the case of Christianity, a relevant factor may be that it was among Christians
that science in the modern sense was developed. Unlike other religious groups, as early as the
17th century the Christian churches had to deal directly with this new way to investigate nature
and seek truth.
The perceived conflict between science and Christianity may also be partially explained by a
literal interpretation of the Bible adhered to by many Christians, both currently and historically.
The Catholic Church has always held with Augustine of Hippo who explicitly opposed a literal
interpretation of the Bible whenever the Bible conflicted with Science. The literal way to read the
sacred texts became especially prevalent after the rise of the Protestant reformation, with its
emphasis on the Bible as the only authoritative source concerning the ultimate reality.[26] This
view is often shunned by both religious leaders (who regard literally believing it as petty and
look for greater meaning instead) and scientists who regard it as an impossibility.
Some Christians have disagreed or are still disagreeing with scientists in areas such as the
validity of Keplerian astronomy, the theory of evolution, the method of creation of the universe
and the Earth, and the origins of life. On the other hand, scholars such as Stanley Jaki have
suggested that Christianity and its particular worldview was a crucial factor for the emergence of
modern science. In fact, most of today's historians are moving away from the view of the
relationship between Christianity and science as one of "conflict" — a perspective commonly
called the conflict thesis.[27][28] Gary Ferngren in his historical volume about Science & Religion
states:
While some historians had always regarded the [conflict] thesis as oversimplifying and distorting
a complex relationship, in the late twentieth century it underwent a more systematic
reevaluation. The result is the growing recognition among historians of science that the
relationship of religion and science has been much more positive than is sometimes thought.
Although popular images of controversy continue to exemplify the supposed hostility of
Christianity to new scientific theories, studies have shown that Christianity has often nurtured
and encouraged scientific endeavour, while at other times the two have co-existed without either
tension or attempts at harmonization. If Galileo and the Scopes trial come to mind as examples
of conflict, they were the exceptions rather than the rule.[29]
Eastern religions
In the Bahá'í Faith, the harmony of science and religion is a central tenet.[32] The
principle states that that truth is one, and therefore true science and true religion must be in
harmony, thus rejecting the view that science and religion are in conflict.[32] `Abdu'l-Bahá, the
son of the founder of the religion, asserted that science and religion cannot be opposed
because they are aspects of the same truth; he also affirmed that reasoning powers are
required to understand the truths of religion and that religious teachings which are at variance
with science should not be accepted; he explained that religion has to be reasonable since God
endowed humankind with reason so that they can discover truth.[33] Shoghi Effendi, the
Guardian of the Bahá'í Faith, described science and religion as "the two most potent forces in
human life."[34]
Proponents of Hinduism claim that Hinduism is not afraid of scientific explorations, nor of the
technological progress of mankind. According to them, there is a comprehensive scope and
opportunity for Hinduism to mold itself according to the demands and aspirations of the modern
world; it has the ability to align itself with both science and spiritualism. This religion uses some
modern examples to explain its ancient theories and reinforce its own beliefs. For example,
some Hindu thinkers have used the terminology of quantum physics to explain some basic
concepts of Hinduism such as Maya or the illusory and impermanent nature of our existence.
The philosophical approach known as pragmatism, as propounded by the American philosopher
and psychologist William James, has been used to reconcile scientific with religious knowledge.
Pragmatism, simplistically, holds that the truth of a set of beliefs can be indicated by its
usefulness in helping people cope with a particular context of life. Thus, the fact that scientific
beliefs are useful in predicting observations in the physical world can indicate a certain truth for
scientific theories; the fact that religious beliefs can be useful in helping people cope with
difficult emotions or moral decisions can indicate a certain truth for those beliefs. (For a similar
postmodern view, see grand narrative).
Spirituality
Members of an organized religion may not see any significant difference between
religion and spirituality. Or they may see a distinction between the mundane, earthly aspects of
their religion and its spiritual dimension.
Some individuals draw a strong distinction between religion and spirituality. They may see
spirituality as a belief in ideas of religious significance (such as God, the Soul, or Heaven), but
not feel bound to the bureaucratic structure and creeds of a particular organized religion. They
choose the term spirituality rather than religion to describe their form of belief, perhaps reflecting
a disillusionment with organized religion (see Major religious groups), and a movement towards
a more "modern" — more tolerant, and more intuitive — form of religion. These individuals may
reject organized religion because of historical acts by religious organizations, such as Christian
Crusades and Islamic Jihad, the marginalisation and persecution of various minorities or the
Spanish Inquisition. The basic precept of the ancient spiritual tradition of India, the Vedas, is the
inner reality of existence, which is essentially a spiritual approach to being.
Myth
The word myth has several meanings.
1. A traditional story of ostensibly historical events that serves to unfold part of the world
view of a people or explain a practice, belief, or natural phenomenon;
2. A person or thing having only an imaginary or unverifiable existence; or
3. A metaphor for the spiritual potentiality in the human being.[35]
Ancient polytheistic religions, such as those of Greece, Rome, and Scandinavia, are usually
categorized under the heading of mythology. Religions of pre-industrial peoples, or cultures in
development, are similarly called "myths" in the anthropology of religion. The term "myth" can
be used pejoratively by both religious and non-religious people. By defining another person's
religious stories and beliefs as mythology, one implies that they are less real or true than one's
own religious stories and beliefs. Joseph Campbell remarked, "Mythology is often thought of as
other people's religions, and religion can be defined as mis-interpreted mythology."[36]
In sociology, however, the term myth has a non-pejorative meaning. There, myth is defined as a
story that is important for the group whether or not it is objectively or provably true. Examples
include the death and resurrection of Jesus, which, to Christians, explains the means by which
they are freed from sin and is also ostensibly a historical event. But from a mythological outlook,
whether or not the event actually occurred is unimportant. Instead, the symbolism of the death
of an old "life" and the start of a new "life" is what is most significant. Religious believers may or
may not accept such symbolic interpretations.
Cosmology
Humans have many different methods which attempt to answer fundamental questions
about the nature of the universe and our place in it (cosmology). Religion is only one of the
methods for trying to answer one or more of these questions. Other methods include
philosophy, metaphysics, astrology, esotericism, mysticism, and forms of shamanism, such as
the sacred consumption of ayahuasca among Peruvian Amazonia's Urarina.[37] The Urarina
have an elaborate animistic cosmological system,[38] which informs their mythology, religious
orientation and daily existence. In many cases, the distinction between these means are not
clear. For example, Buddhism and Taoism have been regarded as schools of philosophies as
well as religions.
Given the generalized discontents with modernity, consumerism, over-consumption, violence
and anomie, many people in the so-called industrial or post-industrial West rely on a number of
distinctive religious worldviews. This in turn has given rise to increased religious pluralism, as
well as to what are commonly known in the academic literature as new religious movements,
which are gaining ground across the globe.