Abstract:
The Philippine economy is still suffering from an economic slump. Due to high
budget deficit and devaluation of the peso, more and more Filipinos are unemployed and
living in poverty. To combat such dilemma, the Central Bank of the Philippines is vested
to supervise the Philippine Financial System. Through sound policies and effective
implementation that aims to deliver a high quality of life for all Filipinos and a balanced
and sustainable growth to the economy they could greatly improve the country's plight.
However, with its 54 years and still continuing service, a lot of policies were made that
purports to serve the interest of the rich local and foreign capitalists. Through in depth
assessment and research of their policies and programs, the Central Bank failed to meet
its mission in serving the national interest of the Filipino people.