text
stringlengths 1
17k
|
|---|
Prior to the founding of Halifax 1749 Port Royal Annapolis Royal was the capital of Acadia and later Nova Scotia for most of the previous 150 years During that time the British made six attempts to conquer Acadia by defeating the capital They finally defeated the French in the Siege of Port Royal 1710 Over the following fifty years the French and their allies made six unsuccessful military attempts to regain the capital |
There was already a long history of Acadian and Wabanaki Confederacy resistance to the British occupation of Acadia during the four French and Indian Wars and two local wars Father Rale s War and Father Le Loutre s War before the Expulsion of the Acadians The Mikmaq and the Acadians were allies through Catholicism and through numerous intermarriages The Mikmaq held the military strength in Acadia even after the conquest of 1710 They primarily resisted the British occupation of Acadia and were joined in their efforts on numerous occasions by Acadians |
While many Acadians traded with the New England Protestants Acadians participation in the wars clearly indicated that many were reluctant to be ruled by the British During the first colonial war King William s War 1688 97 the crews of the very successful French privateer Pierre Maisonnat dit Baptiste were primarily Acadian The Acadians resisted during the Raid on Chignecto 1696 During Queen Anne s War Mikmaq and Acadians resisted during the Raid on Grand Pr Piziquid and Chignecto in 1704 The Acadians also assisted the French in protecting the capital in the Siege of Port Royal 1707 and the final Conquest of Acadia The Acadians and Mikmaq were also successful in the Battle of Bloody Creek 1711 |
During Father Rale s War the Maliseet raided numerous vessels on the Bay of Fundy while the Mikmaq engaged in the Raid on Canso Nova Scotia 1723 In the latter engagement the Mikmaq were aided by Acadians During King George s War Abbe Jean Louis Le Loutre led many efforts which involved both Acadians and Mikmaq to recapture the capital such as the Siege of Annapolis Royal 1744 During this siege French officer Marin had taken British prisoners and stopped with them further up the bay at Cobequid While at Cobequid an Acadian said that the French soldiers should have left their the English carcasses behind and brought their skins Le Loutre was also joined by prominent Acadian resistance leader Joseph Broussard Beausoleil Broussard and other Acadians were involved in supporting the French soldiers in the Battle of Grand Pr |
During Father Le Loutre s War the conflict continued The Mikmaq attacked New England Rangers in the Siege of Grand Pr and Battle at St Croix Upon the founding of Dartmouth Nova Scotia Broussard and the Mikmaq conducted numerous raids on the village such as the Raid on Dartmouth 1751 to try to stop the Protestant migration into Nova Scotia Similarly during the French and Indian War Mikmaq Acadians and Maliseet also engaged in numerous raids on Lunenburg Nova Scotia to stop the migration such as the Raid on Lunenburg 1756 Le Loutre and Broussard also worked together to resist the British occupation of Chignecto 1750 and then later they fought together with Acadians in the Battle of Beausejour 1755 As early as the summer of 1751 La Valiere reported approximately 250 Acadians had already enrolled in the local militia at Fort Beausejour |
When Charles Lawrence took over the post following Hopson s return to England he took a stronger stance He was not only a government official but a military leader for the region Lawrence came up with a military solution for the forty five years of an unsettled British conquest of Acadia The French and Indian War and Seven Years War in Europe began in 1754 Lawrence s primary objectives in Acadia were to defeat the French fortifications at Beausejour and Louisbourg The British saw many Acadians as a military threat in their allegiance to the French and Mikmaq The British also wanted to interrupt the Acadian supply lines to Fortress Louisbourg which in turn supplied the Mikmaq |
The British Conquest of Acadia happened in 1710 Over the next forty five years the Acadians refused to sign an unconditional oath of allegiance to Britain During this time period Acadians participated in various militia operations against the British and maintained vital supply lines to the French Fortress of Louisbourg and Fort Beausejour During the French and Indian War the British sought to neutralize any military threat Acadians posed and to interrupt the vital supply lines Acadians provided to Louisbourg by deporting Acadians from Acadia |
Many Acadians might have signed an unconditional oath to the British monarchy had the circumstances been better while other Acadians did not sign because they were clearly antiBritish For the Acadians who might have signed an unconditional oath there were numerous reasons why they did not The difficulty was partly religious in that the British monarch was the head of the Protestant Church of England Another significant issue was that an oath might commit male Acadians to fight against France during wartime A related concern was whether their Mikmaq neighbours might perceive this as acknowledging the British claim to Acadia rather than the Mikmaq As a result signing an unconditional oath might have put Acadian villages in danger of attack from Mikmaq |
In the Grand Drangement the Great Upheaval more than 12000 Acadians three fourths of the Acadian population in Nova Scotia were expelled from the colony between 1755 and 1764 The British destroyed around 6000 Acadian houses and dispersed the Acadians among the 13 colonies from Massachusetts to Georgia The single event that involved the most deaths of Acadians was the sinking of the Duke William Although there were no purposeful attempts to separate families this did occur in the chaos of the eviction |
With the Expulsion of the Acadians during the French and Indian War the Mikmaq and Acadian resistance intensified After the Expulsion began much of the resistance was led by Charles Deschamps de Boishbert et de Raffetot The Acadians and Mikmaq again engaged victoriously in the Battle of Petitcodiac 1755 and the Battle of Bloody Creek 1757 Acadians who were being deported from Annapolis Royal Nova Scotia on the ship Pembroke defeated the British crew and sailed to land There was also resistance during the St John River Campaign Boishebert also ordered the Raid on Lunenburg 1756 In the spring of 1756 a wood gathering party from Fort Monckton former Fort Gaspareaux was ambushed and nine of them were scalped |
In the April 1757 a band of Acadian and Mikmaq raided a warehouse near Fort Edward killing thirteen British soldiers and after taking what provisions they could carry setting fire to the building A few days later the same partisans also raided Fort Cumberland |
Some Acadians escaped into the woods and lived with the Mikmaq some bands of partisans fought the British including a group led by Joseph Broussard known as Beausoleil along the Petitcodiac River of New Brunswick Some followed the coast northward facing famine and disease Some were recaptured facing deportation or imprisonment at Fort Beausejour renamed Fort Cumberland until 1763 |
Some Acadians became indentured servants in the British colonies Massachusetts passed a law in November 1755 placing the Acadians under the custody of justices of the peace and overseers of the poor Pennsylvania Maryland and Connecticut adopted similar laws The Province of Virginia under Robert Dinwiddie initially agreed to resettle about one thousand Acadians who arrived in the colony but later ordered most deported to England writing that the French people were intestine enemies that were murdering and scalping our frontier Settlers |
In 1758 after the fall of Louisbourg over 3000 Acadians were deported to northern France Resettlement attempts were tried in Chtellerault Nantes and Belle le off Brittany The French islands of St Pierre and Miquelon near Newfoundland became a safe harbor for many Acadian families until they were once again deported by the British in 1778 and 1793 |
After the end of the Seven Years War in 1763 Acadians were allowed to return to Nova Scotia as long as they did not settle in any one area in large numbers they were not permitted to resettle in the areas of Port Royal or Grand Pr Some Acadians resettled along the Nova Scotia coast and remain scattered across Nova Scotia to this day Many dispersed Acadians looked for other homes Beginning in 1764 groups of Acadians began to arrive in Louisiana which had passed to Spanish control in 1762 They eventually became known as Cajuns |
Beginning in the 1770s many Acadians were encouraged to return through the policies of Nova Scotia Governor Michael Francklin who guaranteed Catholic worship land grants and issued a promise that there would be no second expulsion At this time Nova Scotia included present day New Brunswick However the fertile Acadian dykelands had been resettled by New England Planters who were soon followed by Loyalists who further occupied former Acadian lands Returning Acadians and those families who had escaped expulsion had to settle in other parts of Nova Scotia and New Brunswick in most cases isolated and infertile lands The new Acadian settlements were forced to focus more on fishery and later forestry |
Milestones of Acadian return and resettlement included |
Milestones of Acadian return and resettlement included |
Milestones of the Acadian Renaissance |
An Acadian home along Cabot Trail Cape Breton Nova Scotia 1938 |
An Acadian lady spinning wool 1938 |
An Acadian lady making a rug 1938 |
Louis Robichaud popularly known as Ptit Louis was the first elected Acadian Premier of New Brunswick serving from 1960 to 1970 First elected to the legislature in 1952 he became provincial Liberal leader in 1958 and led his party to victory in 1960 1963 and 1967 |
Robichaud modernized the province s hospitals and public schools and introduced a wide range of reforms in an era that became known as the quiet revolution To carry out these reforms Robichaud restructured the municipal tax regime expanded the government and sought to ensure that the quality of health care education and social services was the same across the province a programme he called equal opportunity is still a buzzword in New Brunswick |
Critics accused of Robichaud s government of robbing Peter to pay Pierre with the assumption being that rich municipalities were Anglophone ones and poor municipalities were Francophone ones While it was true that the wealthier municipalities were predominantly in certain English speaking areas areas with significantly inferior services were to be found across the province in all municipalities |
Robichaud was instrumental in the formation of New Brunswick s only French speaking university the Universit de Moncton in 1963 which serves the Acadian population of the Maritime provinces |
His government also passed an act in 1969 making New Brunswick officially bilingual Language rights he said when he introduced the legislation are more than legal rights They are precious cultural rights going deep into the revered past and touching the historic traditions of all our people |
1977 official opening of the Acadian Historic Village in Caraquet New Brunswick |
Born 1929 in Bouctouche Antonine Maillet is an Acadian novelist playwright and scholar Maillet received a BA and MA from the Universit de Moncton followed by a Ph D in literature in 1970 from the Universit Laval Maillet won the 1972 Governor General s Award for Fiction for Don lOrignal In 1979 Maillet published Plagie la Charrette for which she won the prix Goncourt Maillet s character La Sagouine from her book of the same name is the inspiration for Le Pays de la Sagouine in her hometown of Bouctouche |
In 2003 at the request of Acadian representatives a proclamation was issued in the name of Queen Elizabeth II acting as the Canadian monarch officially acknowledging the deportation and establishing July 28 as a day of commemoration The day of commemoration is observed by the Government of Canada as the successor of the British Government |
The Fdration des Associations de Familles Acadiennnes of New Brunswick and the Socit Saint Thomas dAquin of Prince Edward Island has resolved that December 13 each year shall be commemorated as Acadian Remembrance Day in remembrance of all Acadians who died as a result of the deportation The date December 13 was chosen to commemorate the sinking of the Duke William and the nearly 2000 Acadians deported from le Saint Jean who perished in the North Atlantic from hunger disease and drowning in 1758 The event has been commemorated annually since 2004 and participants mark the event by wearing a black star |
Beginning in 1994 the Acadian community gathered for an Acadian World Congress in New Brunswick The congress has been held every 5 years since then in Louisiana in 1999 in Nova Scotia in 2004 in the Acadian Peninsula of New Brunswick in 2009 The 5th Acadian World Congress was hosted in 2014 by a gathering of 40 different communities located in three different provinces and different states in two countries Northwestern New Brunswick and Tmiscouata Quebec in Canada as well as Northern Maine in the United States joined hands to host the 5th CMA |
The Outer Banks OBX is a 200 mile long 320 km string of barrier islands and spits off the coast of North Carolina and southeastern Virginia on the east coast of the United States They cover most of the North Carolina coastline separating the Currituck Sound Albemarle Sound and Pamlico Sound from the Atlantic Ocean |
The Outer Banks are a major tourist destination and are known around the world for their subtropical climate and wide expanse of open beachfront The Cape Hatteras National Seashore has four campgrounds open to visitors The treacherous seas off the Outer Banks and the large number of shipwrecks that have occurred there have given these seas the nickname Graveyard of the Atlantic The Graveyard of the Atlantic Museum is located in Hatteras Village near a United States Coast Guard facility and the Hatteras ferry |
The English Roanoke Colony where Virginia Dare was born vanished from Roanoke Island in 1587 The Lost Colony written and performed to commemorate the original colonists is the second longest running outdoor drama in the United States and its theater acts as a cultural focal point for much of the Outer Banks |
The Wright brothers first flight in a controlled powered heavier than air vehicle took place on the Outer Banks on December 17 1903 at Kill Devil Hills near the seafront town of Kitty Hawk The Wright Brothers National Monument commemorates the historic flights and First Flight Airport is a small general aviation airfield located there |
The Outer Banks is a string of peninsulas and barrier islands separating the Atlantic Ocean from mainland North Carolina From north to south the largest of these include Bodie Island which used to be an island but is now a peninsula due to tropical storms and hurricanes Hatteras Island Ocracoke Island Portsmouth Island and the Core Banks Over time the exact number of islands and inlets changes as new inlets are opened up often during a breach created during violent storms and older inlets close usually due to gradually sifting sands during the dynamic processes of beach evolution |
The Outer Banks stretch southward from Sandbridge in Virginia Beach down the North Carolina coastline Sources differ regarding the southern terminus of the Outer Banks Generations of North Carolina schoolchildren have learned that the term includes the state s three prominent capes Cape Hatteras Cape Lookout and Cape Fear Other sources limit the definition to two capes Cape Hatteras and Cape Lookout and coastal areas in four counties Currituck County Dare County Hyde County and Carteret County Some authors include Carteret s Shackelford Banks and Bogue Banks in their descriptions while others exclude Bogue Banks Still other references restrict the definition to the northern three counties of Currituck Dare and Hyde |
The abbreviations OBX Outer Banks and SOBX Southern Outer Banks are modern terms used to promote tourism and to market a variety of stickers t shirts and other items to vacationers OBX which originated first is generally used in the northern Outer Banks SOBX is used primarily in Carteret County which is also known as the Crystal Coast |
The northern part of the Outer Banks from Oregon Inlet northward is actually a part of the North American mainland since the northern inlets of Bodie Island and Currituck Banks no longer exist It is separated by the Currituck Sound and the Intracoastal Waterway which passes through the Great Dismal Swamp occupying much of the mainland west of the Outer Banks Road access to the northern Outer Banks is cut off between Sandbridge and Corolla North Carolina with communities such as Carova Beach accessible only by four wheel drive vehicles North Carolina State Highway 12 links most of the popular Outer Banks communities in this section of the coast The easternmost point is Cape Point at Cape Hatteras on Hatteras Island site of the Cape Hatteras Lighthouse |
The Outer Banks are not anchored to offshore coral reefs like some other barrier islands and as a consequence they often suffer significant beach erosion during major storms In fact their location jutting out into the Atlantic makes them the most hurricane prone area north of Florida for both landfalling storms and brushing storms offshore Hatteras Island was cut in half on September 18 2003 when Hurricane Isabel washed a 2000 foot 600 m wide and 15 foot 5 m deep channel called Isabel Inlet through the community of Hatteras Village on the southern end of the island The tear was subsequently repaired and restored by sand dredging by the US Army Corps of Engineers It was cut off once again in 2011 by Hurricane Irene Access to the island was largely limited to boat access only from August to late October until another temporary bridge could be built |
The vegetation of the Outer Banks varies In the northeast part of the Outer Banks from Virginia Beach southward past the North Carolina border to Oregon Inlet the main types of vegetation are sea grasses beach grasses and other beach plants including Opuntia humifusa on the Atlantic side and wax myrtles bays and grasses on the Sound side with areas of pine and Spanish moss covered live oaks Yucca aloifolia and Yucca gloriosa can be found growing wild here in the northern parts of its range on the beach Sabal Minor palms were once indigenous to the entire Outer Banks and they are still successfully planted and grown Its current most northerly known native stand is on Monkey Island in Currituck County |
From Cape Hatteras National Seashore southward the vegetation does include that of the northeastern Outer Banks such as Sabal minor Yucca aloifolia and Yucca gloriosa however the main vegetation consists of Cabbage palmetto Sabal palmetto which can be found in the north although they are native in the southern part of the Outer Banks specifically prevalent from Cape Hatteras and all points southward Pindo palms and windmill palms are also planted widely throughout the Outer Banks although they are not indigenous to the area |
A wide variety of native plants can be found at the Elizabethan Gardens in Manteo on Roanoke Island The gardens are open year round 7 days a week |
The Outer Banks have unusual weather patterns because of their unique geographical location As the islands are jutted out from the eastern seaboard into the Atlantic Gulf Stream the Outer Banks has a predisposition to be affected by hurricanes Noreasters usually in the form of rain and rarely snow or mixed precipitation and other ocean driven storms |
The winters are typically milder than in inland areas averaging lows in the upper 30s and highs in the lower 50s and is more frequently overcast than in the summer However the exposure of the Outer Banks makes them prone to higher winds often causing wind chills to make the apparent temperature as cold as the inland areas The summer months average lows from the mid70s to highs in the upper 80s depending on the time of the summer The spring and fall are typically milder seasons The fall and winter are usually warmer than areas inland while the spring and the summer are often slightly cooler because of the moderating effects of being surrounded by water |
Although snow is possible averaging from 3 inches in the north to less than 1 2 inch per year in the south there are many times when years pass between snowfalls The majority of noreasters are born off the coasts of the Outer Banks |
Archeologists believe that the Outer Banks were inhabited for well over a thousand years before the arrival of Europeans with small branches of larger tribes such as Algonquins Chowanog and Poteskeet setting up homes all along the barrier islands from Corolla to Hatteras European explorers to the Outer Banks as far back as the 1500s noted encountering the friendly Hatteras Island and Outer Banks natives noting their hospitality to foreign explorers as well as their happiness and overall quality of life European borne diseases and migration to the mainland were likely the main causes for the decline of the native population |
Before bridges were built in the 1930s the only form of transport between or off the islands was by boat which allowed for the islands to stay isolated from much of the rest of the mainland This helped to preserve the maritime culture and the distinctive Outer Banks accent or brogue which sounds more like an English accent than it does an American accent Many bankers have often been mistaken for being from England or Ireland when traveling to areas outside of the Outer Banks The brogue is more distinctive the further south one travels on the Outer Banks with it being the thickest on Ocracoke Island and Harkers Island |
Some residents of the Outer Banks known as wreckers made part of their living by scavenging wrecked ships or by luring ships to their destruction Horses with lanterns tied to their necks would be walked along the beach the lanterns up and down motion would appear to ships to represent clear water and a ship ahead the unsuspecting captain would then drive his ship ashore following this false light |
The islands are home to herds of feral horses sometimes called banker ponies which according to local legend are descended from Spanish Mustangs washed ashore centuries ago in shipwrecks Populations are found on Ocracoke Island Shackleford Banks Currituck Banks and in the Rachel Carson Estuarine Sanctuary |
Ocracoke was the last refuge of pirate Edward Teach better known as Blackbeard It is also where the infamous pirate was killed November 22 1718 in a fierce battle with troops from Virginia |
The Outer Banks is home to Yaupon Holly Ilex vomitoria the roasted leaves of which were brewed into a high caffeine beverage called black drink by the Native Americans The Outer Banks may be one of the few places where it is still consumed |
The Outer Banks offers a multitude of fishing options for tourists as well as locals There has been a long history of fishing in the Outer Banks dating back to the end of the 17th century Pirates ravaged the coast for the majority of the 1600s but once they were ridden the local settlers used fishing as their lifeline Then in the mid19th century large scale commercial fishing erupted mostly due to the construction of the Albemarle and Chesapeake Canal which simplified shipping methods for fishermen Saltwater fishing became the cash crop of the Outer Banks and blossomed it into a popular tourist destination In modern times tourists will flock to the area just for the abundance of fishing opportunities Anglers otherwise known as fishermen have a wide range of fishing methods some of these methods date back to when the first settlers arrived to choose from in the Outer Banks |
The Outer Banks are a popular destination for bottom fish like spot and mullet these two types of fish are caught throughout the year The peak for fishing bottom and top water feeders is early to the middle of May If the angler is solely searching for top water fish then late May and June would be the ideal time to fish especially if they are searching for Mackerel In the offseason or winter months the true fishermen are out searching for Trout Sea Bass Bluefish Bluefin Tuna Oysters King Mackerel Bay Scallops and Striped Bass In the spring the popular catches are Grouper Sea Trout Sea Bass Bluefish Bluefin and Yellowfin tuna Oysters Snapper Striped Bass Red Drum Croaker Sea Mullet King Mackerel and Wahoo Late Spring and the beginning of summer is the favored time for top water fish to move into the coastal waters near the Outer Banks because of the warming waters and the increased visibility in the water The top water fish can see baitfish easily due to the decrease in murky water Plus they will start to migrate back North as the coastal waters to the south become too hot the waters farther North will warm to their desired temperatures Yet in the prime tourist season of the summer fishermen and many tourists have plenty of game options such as blue Marlin White Marlin Dolphin Wahoo Cobia King Mackerel Bluefish Tuna Flounder snapper Grouper Spanish Mackerel Crabs Soft Crabs Shrimp Spot Croaker Sailfish and Sea Mullet By the fall most tourists have started to leave but fishermen are still out searching for Snapper Channel Bass Bluefish King Mackerel Grouper Tuna Oysters Striped Bass Sea Mullet Spot Clams Speckled Trout Flounder and Shrimp The prime season for fall fishing is late September to October 23 Though the water is more turbulent and murky due to the strong northeast prevailing winds there is still some big game fish left Most of these fish are vacating back to the South for the warm waters This makes it a prime time for smaller bottom fish who love to feed in murky colder water |
Towns and communities along the Outer Banks include listed from north to south |
Coordinates 35 22 25 N 75 29 43 W 3537365 N 7549530 W 3537365 7549530 |
The Deputy Chief Minister of Jammu and Kashmir is a part of the government of the north Indian state of Jammu and Kashmir |
The Bangko Sentral ng Pilipinas lit Central Bank of the Philippines commonly abbreviated as BSP in both Filipino and English is the central bank of the Philippines It was established on 3 July 1993 pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 |
In 1900 the First Philippine Commission passed Act No 52 which placed all banks under the Bureau of the Treasury and authorizing the Insular Treasurer to supervise and examine banks and all banking activity In 1929 the Department of Finance through the Bureau of Banking took over bank supervision |
By 1933 a group of Filipinos had conceptualised a central bank for the Philippine Islands It came up with the rudiments of a bill for the establishment of a central bank after a careful study of the economic provisions of the Hare Hawes Cutting Act which would grant Philippine independence after 12 years but reserving military and naval bases for the United States and imposing tariffs and quotas on Philippine exports However the Hare Hawes Cutting Act would be rejected by the Senate of the Philippines at the urging of Commonwealth President Manuel L Quezon This Senate then advocated a new bill that won United States President Franklin D Roosevelt s support this would be the Tydings McDuffie Act which would grant Philippine independence on July 4 1946 |
Under the Commonwealth discussions continued regarding the idea of a Philippine central bank that would promote price stability and economic growth The country s monetary system then was administered by the Department of Finance and the National Treasury and the Philippine piso was on the exchange standard using the United States dollar which was backed by 100 percent gold reserve as the standard currency |
As required by the Tydings McDuffie Act the National Assembly of the Philippines in 1939 passed a law establishing a central bank As it was a monetary law it required the approval of the President of the United States Franklin D Roosevelt did not give his A second law was passed in 1944 under the Japanese controlled Second Republic during the Second World War but the 1945 arrival of American liberation forces aided by Philippine Commonwealth troops and recognised guerrillas aborted its implementation |
Shortly after President Manuel Roxas assumed office in 1946 he instructed then Finance Secretary Miguel Cuaderno Sr to draw up a charter for a central bank The establishment of a monetary authority became imperative a year later as a result of the findings of the Joint Philippine American Finance Commission chaired by Cuaderno The Commission which studied Philippine financial monetary and fiscal problems in 1947 recommended a shift from the dollar exchange standard to a managed currency system A central bank was necessary to implement the proposed shift to the new system |
Roxas then created the Central Bank Council to prepare the charter of a proposed monetary authority It was submitted to Congress in February 1948 By June of the same year the newly proclaimed President Elpidio Quirino who succeeded President Roxas affixed his signature on Republic Act RA No 265 the Central Bank Act of 1948 On January 3 1949 the Central Bank of the Philippines was formally inaugurated with Miguel Cuaderno Sr as the first governor The main duties and responsibilities of the Central Bank were to promote economic development and maintain internal and external monetary stability |
Over the years changes were introduced to make the charter more responsive to the needs of the economy On November 29 1972 President Ferdinand Marcos Presidential Decree No 72 amended Republic Act No 265 emphasizing the maintenance of domestic and international monetary stability as the primary objective of the Central Bank The Bank s authority was also expanded to include regulation of the entire financial system of the Philippines and not just supervision of the banking system In 1981 RA 265 as amended was further improved to strengthen the financial system among the changes was the increase in the capitalization of the Central Bank from Php 10 million to Php 10 billion |
In the 1973 Constitution the interim Batasang Pambansa National Assembly was mandated to establish an independent central monetary authority Presidential Decree No 1801 designated the Central Bank of the Philippines as the central monetary authority CMA Years later the 1987 Constitution adopted the CMA provisions from the 1973 Constitution that were aimed essentially at establishing an independent monetary authority through increased capitalization and greater private sector representation in the Monetary Board |
In accordance with a provision in the 1987 Constitution President Fidel V Ramos signed Republic Act No 7653 otherwise known as the New Central Bank Act into law on June 14 1993 The law provides for the establishment of an independent monetary authority to be known as the Bangko Sentral ng Pilipinas its primary objective being the maintenance of price stability This objective was only implied in the old Central Bank charter The law also gives the Bangko Sentral fiscal and administrative autonomy which the old Central Bank did not have On July 3 1993 the New Central Bank Act took effect |
On the evening of September 26 2012 a Wednesday the BSP website was hacked by a group named Anonymous Philippines in a protest against the recently passed Cybercrime Prevention Act of 2012 The website was promptly restored in the early hours of the following day |
On April 23 2013 The Asian Banker named the BSP as the Best Macroeconomic Regulator in the Asia Pacific Region for 2013 in The Asian Banker Leadership Achievement Awards in Jakarta Indonesia The BSP was cited as a good strong and fair minded regulator About a month later the BSP was given the country award by the Child and Youth Finance International in its 2013 International Summit in Istanbul Turkey in recognition of its initiative to integrate financial education in the Philippine elementary school curriculum |
As prescribed by the New Central Bank Act the main functions of the Bangko Sentral are |
The basic structure of the Bangko Sentral includes |
The powers and function of Bangko Sentral are exercised by its Monetary Board whose seven members are appointed by the President of the Philippines As provided for by RA 7653 or the New Central Bank Act one of the government sector members of the Monetary Board must also be a member of Cabinet Members of the Monetary Board are prohibited from holding certain positions in other government agencies and private institutions that may give rise to conflicts of interest The members have fixed and overlapping terms except for the Cabinet Secretary representing the incumbent administration |
The current members of the Monetary Board are |
The Bangko Sentral has 19 currencies directly convertible with the Philippine piso which serves as a benchmark for all Philippine banks |
In 2000 the General Banking Law mandated the BSP to recognize microfinance as a legitimate banking activity and to set the rules and regulations for its practice within the banking sector In the same year the BSP declared microfinance as its flagship program for poverty alleviation The BSP has become the prime advocate for the development of microfinance To this end the Bangko Sentral aims to |
The Bank is active in promoting a financial inclusion policy and is a leading member of the Alliance for Financial Inclusion It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum held in Mexico |
With money laundering being one of the problems of the Philippines the BSP has issued a number of measures to bring the Philippines regulatory regime on money laundering closer to international standards In September 2001 the AntiMoney Laundering Act or AMLA was signed into law The AMLA defined money laundering a criminal offense and prescribed corresponding penalties It also provided the foundation for a central monitoring and implementing council called the AntiMoney Laundering Council AMLC The AMLC is composed of the Governor of the Bangko Sentral as Chair and the Commissioner of the Insurance Commission and the Chairman of the Securities and Exchange Commission as members all acting unanimously in the discharge of the group s mandate |
In February 2013 Philippine President Benigno Aquino III signed RA No 10365 known as An act further strengthening the AntiMoney Laundering Law which aims to strengthen the AMLC by requiring that any suspicious transaction in foreign exchange real estate and jewelry and precious metal trading be reported |
Within the Manila complex of the Bangko Sentral ng Pilipinas is the Museo ng Bangko Sentral ng Pilipinas English Museum of the Central Bank of the Philippines Inaugurated on January 3 1999 as part of the celebration of the 50 years of central banking in the Philippines the museum showcases the Bank s collection of currencies |
As repository and custodian of the country s numismatic heritage the Museo collects studies and preserves coins paper notes medals artifacts and monetary items found in the Philippines during its different historical periods These collections have been placed on permanent display at the Museo |
Designed to walk the visitor through a number of galleries dedicated to a specific historical period of the country the Museo visually narrates the development of the Philippine economy parallel to the evolution of its currency Complementary paintings from the BSP art collection together with chosen artifacts enhance each gallery |
A panoramic memorabilia of 50 years of central banking in the Philippines showcases the strides made in bringing about price stability to sustain economic growth in the country The exhibition hall also carries the busts of the governors of the Central Bank Bangko Sentral |
The Security Plant Complex or SPC was formally established on September 7 1978 to safeguard the printing minting refining issuance distribution and durability of coins banknotes gold bars government official receipts lottery tickets internal revenue stamps passports seaman identification record books strip stamps official documents registration certificates Torrens titles treasury warrants stocks and bonds government contracts ration coupons official ballots election return forms checks and other security printing or minting jobs of the Philippine government |
Printing of official ballots and other public documents was later transferred to the National Printing Office pursuant to Executive Order No 285 issued on July 25 1987 |
On August 4 2003 President Gloria Macapagal Arroyo issued Administrative Order No 79 which designated the SPC as the sole manufacturer of presidential medals and decorations |
Torrens titles |
Passports |
Takt time is the average time between the start of production of one unit and the start of production of the next unit when these production starts are set to match the rate of customer demand For example if a customer wants 10 units per week then given a 40 hour work week and steady flow through the production line the average time between production starts should be 4 hours yielding 10 units produced per week Note a common misconception is that takt time is related to the time it takes to actually make the product In the previous example whether it takes 4 minutes or 4 years to produce the product the takt time should be 4 hours of course the time it takes to produce the product will impact the magnitude of the number of units actually in production at any point in time |
Takt time is a borrowing of the Japanese word takutotaimu which in turn was borrowed from the German word Taktzeit meaning clock interval The word was likely introduced to Japan by German engineers in the 1930s |