The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was then Senator Franklin Drilon and it was signed by then President Rodrigo Duterte. BSP has 32 currencies directly convertible with the Philippine peso, which serves as a benchmark for all Philippine banks.