The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on July 3, 1993, pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP took over from the Central Bank of Philippines, which was established on January 3, 1949, as the country’s central monetary authority. The BSP enjoys fiscal and administrative autonomy from the national government in the pursuit of its mandated responsibilities.