The mention of BSP reminds me of something. This BSP is an offshoot of an entity called Central Bank of the Philippines which was created sometime in 1948. After the war, wala pera ang Pinas dahil literally walang asset. So pinahiram sila or let us say, they booked certain assets in the form of gold na galing sa isang magaling na lalaki. If you check an issue of the Manila Times in about May 1971, there is a picture in the front page where Central Bank was loading gold bars in a plane bound for Switzerland. During the presidency nun magaling na lalaki, some proceeds of the sale of gold bars were kept in the Central Bank. Dahil sa dami ng ginto, kailangan magtayo ng minting plant para tunawin ang ginto at lagyan ng ibang hallmark.
Nun nagpalit ng administrasyon, pinalitan ang pangalan ng Central Bank to Bangko Sentral. Pero note that when you print money like those ABL notes printed during the 70s, they are supposed to be backed up by gold. With the change of name, what happens to the ownership of those gold used as back up for the printing of those ABL notes? Is it now in the name still of CB or in the name of BSP? Based on the document that I last saw and comparing the total reserves that the BSP claims to have, there seems to be a very big discrepancy.
Sa mga pinagbilan ng gold nun panahon nun magaling na lalaki, napunta ba yun sa BSP? Or kailangan nila palitan dahil kinuha na ang mga asset nun nagpalit ng pangalan? Wala na sa bagong statement of financial condition ng bagong instittution?
