What it does: The Bangko Sentral ng Pilipinas (BSP) regulates and supervises banking, financial, and non-bank financial institutions in the country.
Best known for: As the Philippines’ central monetary authority, BSP holds administrative and fiscal autonomy for exercising mandated responsibilities.
Staff stats: more than 5,000 employees
Financials: US$106.97 billion in gross international reserves as of May 2021
The good bits: BSP pays above-average salaries to entry-level employees. Its compensation structure differs from the government-mandated salary grade table.
The not-so-good bits: Applicants should meet specific standards to qualify for a job at BSP. The hiring process may also take several months.
BSP emerged in 1993 after taking over the responsibilities from its predecessor, the Central Bank of Philippines.
The institution became the country’s independent central monetary authority based on the 1987 Philippine Constitution and Republic Act 7653 (New Central Bank Act of 1993).
In 2019, BSP gained an expanded regulatory power with Republic Act 11211 (An Act Amending the New Central Bank Act). Its primary functions include currency issuance, foreign currency reserves management, and liquidity management.
BSP also regulates and supervises banking, financial, and non-bank financial institutions in the country. The government agency has more than 20 branches and offices nationwide, including its headquarters in Malate, Manila.
Previous interns experienced a welcoming atmosphere at the headquarters, as others made them feel like they are full-time employees.
Being a government agency, insiders said that bureaucracy could be the biggest challenge for young new hires. If that’s fine for someone, then a slow career progression could be a source of disillusionment with a reputable institution.
Despite the challenges, the median tenure at BSP is 7.1 years. This implies a high level of job satisfaction among employees.
Work-life balance also remains another positive highlight of working for the agency. Most employees work between 8 a.m. and 5 p.m. from Monday to Friday.
In 2020, BSP documents revealed a Php52.5-million budget for ‘advertising, promotion, and public relations requirements’. The agency didn’t specify if the amount included the expenses for a new logo.
BSP embarked on a large-scale financial education initiative for the benefit of 60 million Filipino adults. In 2021, the agency said that it partnered with nine government agencies for the program.
Fresh grads should have a contingency plan when they apply for a job at BSP. As the agency may take several months to process applications, it’s wise to explore other opportunities while waiting for results.
The long wait would be worthwhile for successful candidates because of BSP’s attractive compensation and healthy work-life balance.
Fresh grads should meet several requirements before they decide to apply for jobs at BSP. The government agency typically has the following qualification standards:
BSP may have other selection criteria depending on the role, aside from the usual requirements (eg transcript of records, diploma). Applicants must apply for a job as soon as it’s advertised because BSP only accepts applications within 10 days from the publication date.
Once applicants confirm their eligibility, they should expect multiple stages during the hiring process:
BSP may recruit interns in as fast as one week based on previous applicants’ experiences. Some insiders, though, said that the agency may take several months to complete the hiring process.
A high volume of applications and unprecedented events (eg COVID-19) primarily affect the recruitment timeline.
Interns at BSP earn Php209 per hour, but some previous interns said that it can be as low as Php14 per hour.
Full-time employees enjoy a different salary structure that’s different from the government-mandated salary grade table. The agency’s autonomy as an institution could be one reason.
While it doesn’t disclose monthly salaries for advertised roles, insiders said that BSP pays above-average pay. Entry-level roles like research assistants earn Php21,000 per month on average.
Bank examiners, depending on the job level and title, may earn between Php34,000 and Php131,000 per month. On the other hand, the typical monthly salary of a bank officer ranges from Php52,000 to Php125,000.
BSP designates entry-level employees with a job level between 3 and 6 depending on the role. Each year, the government agency advertises the following jobs with no experience required from applicants:
The career progression at BSP is simple. Legal officers, for instance, move up by having a job title with a higher Roman numeral. (eg Legal Officer I to Legal Officer II).