The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. The BSP was established as an independent central monetary authority pursuant to the Philippine Constitution and the New Central Bank Act of 1993 as part of the restructuring of the old Central Bank of the Philippines (CBP), which was originally established in 1949. The need for such restructuring arose as a result of substantial deficits in the CBP’s operations prior to 1993 that were incurred in connection with (i) certain quasi-fiscal activities conducted by the CBP consistent with policies of the National Government at the time (i.e., foreign exchange forward cover contracts and swaps entered into by the CBP with certain banks and government-owned and -controlled corporations or GOCCs) and the CBP’s assumption of foreign exchange liabilities of certain GOCCs and private sector companies during the Philippines’ foreign exchange crisis in 1980s; (ii) development banking and financing by the CBP; and (iii) the CBP’s conduct of open market operations and incurrence of high interest expenses on the CBP’s domestic securities issued in connection with such operations.

Under the New Central Bank Act, the BSP was granted increased fiscal and administrative autonomy from other sectors of the Government. As such, the BSP no longer undertakes the quasi-fiscal activities described above. In addition, pursuant to the New Central Bank Act, the BSP is not permitted to engage in development banking or financing.

The Bureau of the Treasury (BTr) assists the Department of Finance (DOF) in the formulation of policies on borrowing, investments, and capital market development. It is responsible for the formulation of adequate operational guidelines for fiscal and financial policies and assists in the preparation by government agencies concerned of an annual program for revenue and expenditure targets, borrowing levels, and cash balances of the National Government (NG). It also maintains books of accounts of the NG cash transactions.

Also included in the mandate of the BTr are the management of the cash resources of the NG, collection advances made by the latter, as well as guaranteeing and forwarding cover fees due NG.

It controls and services the public debt of the NG, both foreign and domestic, and issues, services, and redeems government securities for the account of NG as may be authorized by the President pursuant to law. It also administers the Securities Stabilization Fund and manages contributions to the Bond Sinking Fund and the fund itself, among others.

Under Executive Orders 127, 127-A and 292, the Department of Finance is responsible for the following:

• Formulation, institutionalization and administration of fiscal policies in coordination with other concerned subdivisions, agencies and instrumentalities of the government;
• General and management of the financial resources of government;
• Supervision of the revenue operations of all local government units;
• Review, approval and management of all public sector debt, domestic or foreign; and
• Rationalization, privatization and public accountability of corporations and assets owned, controlled or acquired by the government.

Powers and Functions:

• Formulate goals, action plans and strategies for the Government's resource mobilization effort;
• Formulate, institutionalize and administer fiscal and tax policies;
• Supervise, direct and control the collection of government revenues;
• Act as custodian of, and manage all financial resources of Government;
• Manage public debt;
• Review and coordinate policies, plans and programs of GOCCs;
• Monitor and support the implementation of policies and measures on local revenue administration;
• Coordinate with other government agencies on matters concerning fiscal, monetary, trade and other economic policies;
• Investigate and arrest illegal activities such as smuggling, dumping, illegal logging, etc. affecting national economic interest.

The Philippine Department of Trade Industry (DTI) is the lead government agency which champions consumers and business.

As consumer champion, it promotes consumer choice and best value for money through competition and a level playing field for business and enforcement of trade laws. It also forges alliances with consumer groups to strengthen consumer power.

As business champion, it creates a climate where business can grow, compete and succeed in local and global settings. It promotes the country as an investment location and an export base for products and services. It facilitates major investment projects and provides a wide range of services to international and domestic companies seeking to establish or invest in projects in the Philippines.

The Securities and Exchange Commission (SEC) was established on October 26, 1936 by virtue of Commonwealth Act 83, otherwise known as the Securities Act, to curb fraud and manipulation and to prevent the exploitation of the investing public. Since then, and cognizant of the key role of the SEC in the economy of the Philippines, it was continuously vested with additional powers and functions and greater responsibility.

Changes in the economic and business environment brought about the reorganization of SEC into a collegial body. It was implemented on September 29, 1975 by then President Ferdinand E. Marcos. The SEC acquired additional powers under Presidential Decree 902-A by making it a quasi-judicial body whose orders or decisions when made en banc are appealable only to the Supreme Court for review.

On July 19, 2000, the Securities Regulation Code was approved repealing the Revised Securities Act and Sections 2, 4 and 8 of PD 902-A, as amended. With its approval, the Commission underwent another reorganization on December 1, 2000. The Commission identified four (4) core functions, namely: capital markets, company registration, enforcement, and support services, which fundamentally enable the SEC to accomplish the policy objectives set by the SRC. Thus, the new organizational structure consists of the Commission, headed by the Chairperson, assisted by two Special Offices – that of the General Counsel and General Accountant; the 8 Departments which are the operations units distributed among four (4) core functions; and the seven (7) extension offices.

The Philippine-SEC Institute Foundation, Inc. (PhilSEC) was incorporated on May 25, 1992 and was inaugurated on July 27, 1992. Its primary purpose is to establish and provide an institutional medium that will initiate, sponsor, promote, develop, assist or conduct seminars, programs and projects geared towards research and development in the various disciplines of securities development and regulation, and other related fields of endeavor.

The PhilSEC shall engage in activities involving any or all, but not limited to, the following:

• To organize training programs to enhance the skills and qualifications of the PhilSEC staff regarding the SEC’s administrative, regulatory, and supervisory functions;
• To develop professional standards among securities market participants and organize training sessions in preparation for certification exams on various aspects of the Philippines securities industry;
• To enhance the working knowledge of the PhilSEC staff and practitioners in the Philippines securities markets on key aspects of financial markets in the Philippines and their regional and global linkages.