Law Summary
Compensation and Allowances of Board Members
- The Chairman's annual salary is initially set at Fifty Thousand Pesos (P50,000.00) but may be adjusted by the President.
- The other appointive member and the Central Bank Governor receive a per diem up to Two Hundred Fifty Pesos (P250.00) for each day of meeting attendance.
- Monthly compensation for these members shall not exceed One Thousand Pesos (P1,000.00).
Succession and Acting Positions
- In case of vacancy or absence of the Central Bank Governor, the Acting Governor assumes the board membership.
- If the Chairman's office becomes vacant, the Central Bank Governor acts as Chairman pending appointment.
Eligibility and Restrictions for Board Members
- Members are ineligible to hold office or employment in any insured bank during their term and for two years after, except those who have served a full term.
- No board member may be an officer or director of any insured bank concurrently.
- Members must certify under oath their compliance with this requirement before assuming office.
Filling Vacancies
- Vacancies due to death, resignation, or removal are filled by appointment for the remainder of the term.
Repeal and Amendment of Inconsistent Laws
- All existing laws or regulations that conflict with these provisions are repealed or amended accordingly.
Effectivity
- The decree takes effect immediately upon issuance.