The Bangko Sentral ng Pilipinas is the independent control monetary authority envisaged in the 1987 Philippine Constitution. Its job is to provide policy direction on money, banking, and credit, as well as supervise banks and similar financial institutions operating throughout the Philippines. The Bangko Sentral was legislated into existence on 10 June 1993 by Republic Act No. 7652, nearly a year after the Ramos Administration began