Bangko Sentral ng Pilipinas was re-established on July 3, 1993 under Republic Act No. 7653, the New Central Bank Act, signed by President Fidel V. Ramos. Its primary legal objective is maintaining price stability, and it holds sole authority to issue Philippine currency, supervise banks, and regulate non-bank financial institutions.

For fintech founders, BSP is the direct regulator of two of the most consequential licenses in the industry: the digital bank license, formally created by BSP Circular No. 1105 in 2020 with a minimum capital requirement of PHP 1 billion, and the Electronic Money Issuer (EMI) license required to legally operate an e-wallet or similar cashless payment service.

BSP paused approving new digital bank licenses from 2021 to strengthen the sector, then lifted that moratorium on January 1, 2025, capping the market at 10 licensed digital banks. It separately lifted a similar pause on new non-bank EMI licenses on December 16, 2024.

🇵🇭 Philippine Example

BSP's reopening of digital bank licensing on January 1, 2025, after a multi-year moratorium, is a real, recent, and directly consequential regulatory event for any Philippine fintech startup pursuing a full digital banking license rather than an EMI license alone.

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