Question & AnswerQ&A (EXECUTIVE ORDER NO. 169)
The continued existence of the Central Bank of the Philippines as the Central Bank Board of Liquidators is based on Section 132 (e) of Republic Act No. 7653.
The Central Bank Board of Liquidators shall continue to exist for a period not exceeding twenty-five (25) years or until all its assets and liabilities have been disposed of or liquidated.
The Board's principal place of business is in Metro Manila, and unless decided otherwise, it shall hold office at the present BSP office complex in the City of Manila.
The Board is composed of a Chairman and two (2) Members who may be heads or officials of agencies, offices, or government-owned or controlled corporations involved in governmental economic, financial, fiscal, or monetary policies, appointed by the President.
The Board administers, disposes of, and liquidates assets and liabilities not transferred to the BSP, formulates disposal programs, manages assets, negotiates liability retirements, submits reports, approves budgets, appoints personnel, and exercises necessary corporate powers.
The Board shall convene as frequently as necessary but shall meet at least once every month with at least two Members constituting a quorum.
The Chairman prepares Board meeting agendas, executes policies and measures approved by the Board, directs Board operations and administration, and exercises other powers vested by the Board.
The Chairman is the principal representative in dealings with government and private entities, can authorize contracts and official documents, represents the Board in legal proceedings, and may delegate these powers to other Board Members or officers.
They receive a per diem for every meeting attended, not exceeding P1,000 per meeting or P5,000 per month, plus other allowances fixed by the President. The Chairman’s salary and emoluments are also fixed by the President based on the position's importance.
The Board shall have a technical and administrative staff headed by an Executive Director designated by the Board. The BSP may detail personnel to assist, and the Board may engage qualified professional consultants, subject to existing laws.