What is Bangko Sentral ng Pilipinas (BSP)?

The state’s central monetary authority; it is the government agency charged with the responsibility of administering the monetary, banking and credit system of the country and is granted the power of supervision and examination over bank and non-bank financial institutions performing quasi-banking functions, including savings and loan associations. (Busuego vs. CA, G.R. No. L-48955, June 30, 1987)