The restoration of the power of the Bangko Sentral ng Pilipinas (BSP) to issue its own debt papers is one of the proposed amendments to the BSP charter being deliberated at the House of Representatives. This will complement the existing policy instruments used in managing the liquidity of the system in the pursuit of BSP’s mandate of maintaining price stability conducive to a balanced and sustainable economic growth of the economy, as provided by Republic Act (RA) 7653 or the New Central Bank Act which was approved on 14 June 1993. This paper aims to aid in the deliberation of the amendments specifically of giving back the power of the BSP to issue its own debt papers. It provides background information on the existing instruments used by the BSP to pursue its mandate. It discusses the justifications as well as the drawbacks of allowing the central bank to issue its own debt papers. It also presents current practices of selected central banks in handling their own debt papers. Finally, it summarizes the main points and draws concluding remarks.