Question & AnswerQ&A (EXECUTIVE ORDER NO. 169)
Under Republic Act No. 7653, Section 132 (e).
For a period not exceeding twenty-five (25) years or until its retained assets have been disposed of and its liabilities liquidated, whichever comes first.
Its principal place of business shall be in Metro Manila, and unless decided otherwise, it holds office at the current 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 involved in economic, financial, fiscal, or monetary policy, appointed by the President.
It administers, disposes of, and liquidates all retained assets and liabilities; formulates disposal programs; manages and conserves assets; negotiates debt settlements; submits reports; and performs other necessary corporate powers.
Upon the recommendation of the Chairman, the Board can appoint, fix remunerations, and remove personnel subject to civil service and compensation laws. The Board may delegate this authority to the Chairman.
The presence of two (2) Members constitutes a quorum. All decisions require the concurrence of at least two (2) Members.
The Chairman prepares meeting agendas, executes policies approved by the Board, oversees operations and administration, represents the Board, and may delegate administrative responsibilities.
They receive a per diem for meetings attended (not exceeding P1,000 per meeting or P5,000 per month) plus other allowances as fixed by the President. The Chairman's salary and allowances are fixed by the President subject to existing laws.