Continuance of Central Bank Board of Liquidators

The Board's principal place of business is in Metro Manila.
By default, its office is located at the current BSP office complex in the City of Manila unless otherwise decided by the Board.

The Board consists of a Chairman and two Members.
Members may be heads or officials of government agencies, offices, or government-owned or controlled corporations involved in economic, financial, fiscal, or monetary policy formulation or implementation.
Appointment and designation of the Board members are by the President, and they serve at his pleasure.

Administer, dispose, and liquidate all Central Bank assets and liabilities not assumed by the BSP.
Formulate and implement comprehensive programs and guidelines for asset and liability disposition and liquidation.
Manage, let, conserve, and rehabilitate retained assets until disposal.
Coordinate with the Secretary of Finance and BSP Monetary Board to explore mechanisms for retiring or liquidating liabilities, including compromise, remission, condonation, dation in payment, write-off, set-off, roll-over, extension, restructuring, or revalidation.
Negotiate with creditors to obtain better repayment terms.
Submit periodic status reports on disposition and liquidation programs to the President through the Secretary of Finance and BSP Monetary Board.
Determine and approve the Board's financial requirements, including annual operational budgets.
Appoint, fix remuneration, and remove personnel subject to civil service and compensation laws; may delegate authority to appoint staff to the Chairman.
Perform other corporate powers necessary to fulfill its mandate.

Acts as the chief executive officer of the Board.
Prepares meeting agendas and submits policies and measures for Board consideration.
Executes and administers policies approved by the Board.
Directs and supervises operations and internal administration.
May delegate administrative responsibilities to other Members or officers.
Exercises additional powers vested by the Board.

The Chairman is the principal representative in dealings with government agencies, entities, and third parties.
Authorized to sign contracts, reports, balance sheets, correspondence, and other documents; the signature may be in facsimile.
Represents the Board personally or through counsel in legal proceedings.
May delegate representation powers to other Members or officers.

Subject to existing laws, Members receive a per diem for meeting attendance, not exceeding Php 1,000 per meeting and Php 5,000 per month.
Additional allowances and emoluments may be fixed by the President.
The Chairman’s salary and emoluments are fixed by the President commensurate to the position’s importance and responsibility.

The Board has a technical and administrative staff headed by an Executive Director, designated by the Board upon the Chairman’s recommendation.
The BSP shall detail or assign personnel as needed to assist the Board.
The Board may engage qualified professionals as consultants subject to applicable laws and regulations.

BSP provides operational funding for the Board for fiscal year 1994.
Subsequent funding requirements are to be included in the General Appropriations Act.

If any provision of the Executive Order is declared unconstitutional or invalid, the remaining provisions continue in full force and effect.

All previous executive issuances, rules, and regulations inconsistent with this Executive Order are repealed, amended, or modified accordingly.