Question & AnswerQ&A (EXECUTIVE ORDER NO. 476)
The main purpose of Executive Order No. 476 is to further amend Executive Order No. 169, series of 1994, by modifying the representations of the Department of Finance (DOF) and the Department of Budget and Management (DBM) to the Central Bank - Board of Liquidators (CB-BOL).
The Central Bank-Board of Liquidators has this responsibility pursuant to Section 132 (e) of Republic Act No. 7653.
The composition of the Board was amended to be composed of a Chairman and four Members: a representative of the Office of the President (Chairman), a representative of the Monetary Board, a representative of the Department of Finance, a representative of the Department of Budget and Management, and the Executive Director of the Board.
They are appointed by, and serve at the pleasure of the President of the Philippines.
The representative of the Office of the President acts as the Chairman of the Board.
The representative of the Monetary Board is designated by the Chairman, Monetary Board, from among the full-time Monetary Board members.
The Executive Director is a member of the Board nominated by the Board itself and appointed by the President, serving at his pleasure.
Executive Order No. 476 took effect immediately upon its signing on March 31, 1998.
Executive Order No. 169, series of 1994, first prescribed the composition of the Board.
Executive Order No. 455, series of 1997, reconstituted the composition of the Board and increased its membership from three to five members.