EXECUTIVE ORDER NO. 81

: The Central Bank Council was composed of Hon. Miguel Cuaderno, Sr. (Chairman), Hon. Jose Yulo (Member), Hon. Vicente Carmona (Member), and Mr. Alfonso Calalang (Member).
: The functions include: (1) Preparing a detailed statement recommending necessary changes in monetary law and defining the organization, purposes, and functions of the central bank; (2) Drafting new monetary and central banking laws in accordance with the statement; (3) Organizing a division of economic and statistical research to establish statistical measures for credit control.
: The Council is authorized to call upon any department, bureau, office, agency, or government instrumentality for information and assistance needed for its work.
: Yes, with the President's approval, any officer or employee of any government department, bureau, or office can be detailed on a full or part-time basis to the Central Bank Council.
: The Council reports and recommends its findings to the President of the Philippines from time to time.
: The Council shall continue to exist until the Central Bank is formally organized.
: The joint Philippine-American Finance Commission recommended the establishment of a central bank to solve the country's monetary and financial problems.
: The statement recommends necessary changes in monetary law and defines the organization, purposes, and functions of the central bank, serving as a basis for drafting new laws.