REVENUE REGULATIONS NO. 2-2020  issued   on  January  15,  2020   implements  the   tax
exemption provisions of Republic Act (RA) No.11211, as amended by RA No. 7653 (The New
Central Bank Act), and for other purposes.                                                                                                                                                The BSP shall be exempt from all national internal revenue taxes on income derived
from its governmental functions, specifically:                                                                                                                                          a. income from its activities or transactions in the exercise of its supervision over the
                          operations of banks and its regulatory and examination powers over non-bank
                          financial institutions performing quasi-banking functions, money service
                          businesses. credit granting businesses and payment system operators; and                                                          b. income in pursuit of its primary objective to maintain price stability conducive to                                                      a balanced and sustainable growth of the economy, and the promotion and                                                                maintenance of monetary and financial stability and the convertibility of the peso.                                                 All other  incomes not  included  in the  above  enumeration  shall be  considered  as
proprietary income and shall be subject to applicable national internal revenue taxes.