The New Central Bank Act, Republic Act No. 7653 (Philippines)

The Bangko Sentral ng Pilipinas (BSP) shall provide the policy directions in the areas of money, banking and credit. It shall supervise the operation of banks and shall exercise regulatory powers over finance companies and non-bank financial institutions. Its powers and functions, as defined in the Act, shall be exercised by the Bangko Sentral Monetary Board. 

The Act also provides for the BSP's role as having the sole power and authority to issue currency within the territory of the Philippines. Other provisions of the Act define the mandated roles of BSP concerning loans to banking and other financial institutions, open market operations, bank reserves, as well as its functions as banker and financial advisor of the government.