About: Binondo Central Bank

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The Binondo Central Bank (BCB) was a Filipino government dual exchange rate system that operated between 1983 and 1986. It was established to allow the government to narrow the rate gap by directly intervening in black market currency prices. The government of the Philippines organized the BCB under then Trade Secretary Roberto Ongpin, with a mandate to close the gap between the US dollar vs the Philippine Peso's official guiding rate and the black market rate. Ongpin was later charged with illegally acquiring Philippine pesos through the BCB but this case was dismissed in 2016.

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dbo:abstract
  • The Binondo Central Bank (BCB) was a Filipino government dual exchange rate system that operated between 1983 and 1986. It was established to allow the government to narrow the rate gap by directly intervening in black market currency prices. The government of the Philippines organized the BCB under then Trade Secretary Roberto Ongpin, with a mandate to close the gap between the US dollar vs the Philippine Peso's official guiding rate and the black market rate. Ongpin was later charged with illegally acquiring Philippine pesos through the BCB but this case was dismissed in 2016. (en)
dbo:dissolutionDate
  • 1986-02-26 (xsd:date)
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  • 1986-01-01 (xsd:gYear)
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  • 52108652 (xsd:integer)
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  • 5597 (xsd:nonNegativeInteger)
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  • 1095077667 (xsd:integer)
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  • 1986-02-26 (xsd:date)
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  • Binondo Central Bank (en)
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rdfs:comment
  • The Binondo Central Bank (BCB) was a Filipino government dual exchange rate system that operated between 1983 and 1986. It was established to allow the government to narrow the rate gap by directly intervening in black market currency prices. The government of the Philippines organized the BCB under then Trade Secretary Roberto Ongpin, with a mandate to close the gap between the US dollar vs the Philippine Peso's official guiding rate and the black market rate. Ongpin was later charged with illegally acquiring Philippine pesos through the BCB but this case was dismissed in 2016. (en)
rdfs:label
  • Binondo Central Bank (en)
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