This Senate then advocated a new bill that won United States President Franklin D. Roosevelt's support, this would be the Tydings–McDuffie Act, which would grant Philippine independence on July 4, 1946.

A second law was passed in 1944 under the Japanese-controlled Second Republic during the Second World War, but the 1945 arrival of American liberation forces, aided by Philippine Commonwealth troops and recognised guerrillas, aborted its implementation.

Shortly after President Manuel Roxas assumed office in 1946, he instructed then-Finance Secretary Miguel Cuaderno, Sr. to draw up a charter for a central bank.

[8] The establishment of a monetary authority became imperative a year later as a result of the findings of the Joint Philippine-American Finance Commission chaired by Cuaderno.

The commission, which studied Philippine financial, monetary, and fiscal problems in 1947, recommended a shift from the dollar exchange standard to a managed currency system.

[11] The main duties and responsibilities of the Central Bank were to promote economic development and maintain internal and external monetary stability.

In 1981, RA 265, as amended, was further improved to strengthen the financial system,[10] among the changes was the increase in the capitalization of the Central Bank from ₱10 million to ₱10 billion.

[14] According to a confidential October 19, 1984 Monetary Board report, the Central bank overstated the country's dollar reserves at $600 million.

[16][17] Taking on the reins of the then bankrupted entity[18][19], this new law provides for the establishment of an independent monetary authority to be known as the "Bangko Sentral ng Pilipinas", its primary objective being the maintenance of price stability.

[2] On the evening of September 26, 2012, a Wednesday, the BSP website was hacked by a group named Anonymous Philippines in a protest against the recently passed Cybercrime Prevention Act of 2012.

Members of the Monetary Board are prohibited from holding certain positions in other government agencies and private institutions that may give rise to conflicts of interest.

[35] It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration[36] during the 2011 Global Policy Forum held in Mexico.

Inaugurated on January 3, 1999, as part of the golden jubilee of central banking in the country, the Museo showcases the BSP's collection of currencies.

[46] As repository and custodian of the country's numismatic heritage, the Museo collects, studies and preserves coins, paper notes, medals, artifacts and monetary items found in the Philippines during its different historical periods.

Designed to "walk" the visitor through a number of galleries dedicated to a specific historical period of the country, the Museo visually narrates the development of the Philippine economy, parallel to the evolution of its currency.

A panoramic memorabilia of central banking in the Philippines, it showcases the strides made in bringing about price stability to sustain economic growth in the country.

The Security Plant Complex, or SPC, was formally established on September 7, 1978, to safeguard the printing, minting, refining, issuance, distribution and durability of coins, banknotes, gold bars, government official receipts, lottery tickets, internal revenue stamps, passports, seaman identification record books, strip stamps, official documents, registration certificates, Torrens titles, treasury warrants, stocks and bonds, government contracts, ration coupons, official ballots, election return forms, checks and other security printing or minting jobs of the Philippine government.

The new currency production facility will be located on a 29-hectare (72-acre) plot near the access road connecting New Clark City in Pampanga to the Subic–Clark–Tarlac Expressway and it is expected to be completed within two years.