Question & AnswerQ&A (Republic Act No. 11211)
The primary objective of the Bangko Sentral is to maintain price stability conducive to a balanced and sustainable growth of the economy and employment. It also promotes and maintains monetary stability and the convertibility of the peso.
The capital of the Bangko Sentral shall be Two hundred billion pesos (P200,000,000,000), fully subscribed by the Government of the Republic of the Philippines.
The Governor of the Bangko Sentral, with the approval of the Monetary Board, shall appoint not more than five (5) Deputy Governors.
The Monetary Board shall meet at least once a week, may be called to meeting by the Governor or by two other members, requires four members present for a quorum including the Governor or alternate, and decisions require concurrence of at least four members. Meetings may be conducted through modern technologies.
Such refusal shall be punished by a fine of not less than Fifty thousand pesos (P50,000) nor more than Two million pesos (P2,000,000) or by imprisonment of not less than one (1) year nor more than five (5) years, or both, at the court's discretion.
Sanctions include fines up to One million pesos per violation, suspension of rediscounting privileges, suspension of lending or foreign exchange operations, suspension of interbank clearing privileges, and suspension or revocation of licenses.
Such transfers or acquisitions require prior approval of the Bangko Sentral. Without approval, transfers have no legal effect and the parties involved are liable under the law.
The Bangko Sentral can require any person or entity, including government offices and corporations, to provide data for statistical and policy development purposes. It may issue subpoenas for production of books and records, and non-compliance can lead to contempt charges.
In national or local emergencies, or serious financial distress not caused by insolvency, the Monetary Board may authorize emergency loans secured by acceptable collateral, subject to voting requirements and limits on the loan amounts relative to deposits.
Natural persons have one (1) year to redeem the foreclosed property from the date of foreclosure sale. Juridical persons have one year if judicial foreclosure, or ninety (90) days if extrajudicial, but no later than registration of the certificate of sale.