QuestionsQuestions (EXECUTIVE ORDER NO. 850)
The primary purpose is to amend Section 5 of Republic Act No. 265, as amended, to increase the membership of the Monetary Board by including the Minister of the Budget as an ex-officio member.
The powers and functions of the Central Bank of the Philippines shall be exercised by a Monetary Board composed of seven members.
The Monetary Board is composed of seven members.
The Governor of the Central Bank, who is appointed for a term of six years by the President of the Philippines, serves as the Chairman of the Monetary Board.
When the Governor is unable to attend, the Senior Deputy Governor shall act as Chairman at the meeting.
The members include the Governor (Chairman), Minister of Finance, Director-General of the National Economic and Development Authority, Chairman of the Board of Investments, and the Minister of the Budget.
Yes, specified officials such as the Minister of Finance, Director-General of NEDA, Chairman of the Board of Investments, and Minister of the Budget may designate deputies or alternates to attend meetings in their absence.
Two part-time members from the private sector are appointed for four-year terms and bring private sector perspectives to the Monetary Board.
The President appoints members based on their integrity, experience, and expertise.
The Executive Order took effect immediately upon its signing on May 9, 1986.
To harmonize and coordinate budgeting with monetary, credit, and fiscal policies due to the crucial role of the Ministry of the Budget in these areas.
Subsection (f) allows the President to appoint the head of any other financial or economic agency or department of the Government in lieu of officials named in subsections (c) or (d).