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.
In April 2001, it was reported that 27 boxes of important documents mysteriously re-appeared at the vaults of the Bangko Sentral ng Pilipinas. After being considered "lost" for nearly a decade, these documents provided documentary evidence that former Marcos crony Eduardo "Danding" Cojuangco Jr., illegally used funds collected from coconut farmers to acquire a controlling stake--47%--in San Miguel Corporation, Southeast Asia's largest food conglomerate. Some of the funds were also used to put up the United Coconut Planters Bank.
Former first lady Imelda Marcos worked as a central bank clerk
Imelda Romualdez Marcos worked as a clerk at the central bank, months before she became an assistant of her congressman uncle, then House speaker Daniel Romualdez, where she would later meet her future husband, former Philippine president Ferdinand Marcos, who was at that time a congressional representative of Ilocos.
Initially proposed in April 1998 by the Bankers Association of the Philippines (BAP), the privately-run Cash Management Center (CMC) was envisioned to accept, store, and distribute cash reserves of all Metro Manila-based banks, which is estimated at P40 billion ($800 million). Unfortunately, since all these functions are among the core regulatory duties of the Bangko Sentral ng Pilipinas (BSP), the CMC was declared “illegal, irregular, extravagant, and unconscionable,” by the Philippines’ Commission on Audit (COA) in April 2005.