Composition and Powers of the Monetary Board
- The Central Bank's powers and functions are exercised by a Monetary Board.
- The Board is composed of seven members with specific roles and appointments.
Members of the Monetary Board
- Governor of the Central Bank: Chairman, appointed for six years by the President; Senior Deputy Governor acts as Chairman in his absence.
- Minister of Finance: Member with the right to designate a deputy to attend meetings if unavailable.
- Director-General of the National Economic and Development Authority (NEDA): Member who may designate a deputy director general as an alternate.
- Chairman of the Board of Investments: Member who can appoint a governor of the Board as an alternate.
- Minister of the Budget: Newly added ex-officio member; can designate a deputy as alternate.
- Presidential appointee: In place of the NEDA Director-General or Board of Investments Chairman, the President may appoint heads of other financial or economic government agencies.
- Two part-time private sector members: Appointed by the President for four-year terms; the first appointee's term is staggered at two years.
Appointment Criteria and Procedures
- The President appoints members based on integrity, experience, and expertise.
- Alternate representation is permitted for most government officials to ensure continuous participation.
Effectivity
- The Executive Order takes effect immediately upon issuance.
Legal Authority
- Issued by President Corazon C. Aquino under her powers vested by law.
- Solidifies the structural composition of the Monetary Board to enhance fiscal and monetary policy coordination.