Law Summary
Jurisdiction and Location of the Board
- The Board's principal place of business is Metro Manila.
- Unless otherwise decided, the Board holds office at the current Bangko Sentral ng Pilipinas (BSP) complex in Manila.
Composition and Appointment
- The Board consists of a Chairman and two Members.
- Members may be heads or officials of government agencies or corporations involved in economic, financial, fiscal, or monetary policy formulation or implementation.
- Board members are appointed and serve at the pleasure of the President.
Powers and Functions of the Board
- Administer, dispose, and liquidate all retained assets and liabilities of the Central Bank not transferred to BSP.
- Formulate and implement comprehensive programs and guidelines for disposition and liquidation.
- Manage, let, conserve, and rehabilitate assets until they are finally disposed of.
- Coordinate with the Secretary of Finance and BSP Monetary Board to explore mechanisms (e.g., compromise, remission, condonation, dation in payment, write-off, set-off, restructuring) to retire or liquidate liabilities.
- Submit periodic reports to the President through the Secretary of Finance and BSP Monetary Board.
- Approve the Board’s financial needs, operational budget, asset conservation, and liability servicing.
- Appoint and remove personnel subject to civil service laws and delegate such authority to the Chairman if needed.
- Exercise all corporate powers necessary to fulfill objectives under Section 132(e) and this EO.
Board Meetings and Decision-Making
- Board must meet at least once per month and as frequently as necessary.
- A quorum requires the presence of two Members.
- Decisions require the concurrence of at least two Members.
Chairman’s Powers and Duties
- Acts as chief executive officer of the Board.
- Prepares meeting agendas and proposes policies and measures.
- Executes and administers policies approved by the Board.
- Directs and supervises the Board’s operations and internal administration.
- May delegate administrative duties to other Members or officers.
- Exercises other powers conferred by the Board.
Representation and Legal Authority of the Chairman
- Serves as principal representative in dealings with government offices, agencies, and private/public entities domestically and internationally.
- Authorized to sign contracts and official documents; facsimile signature allowed.
- Represents the Board in legal proceedings personally or through counsel.
- May delegate representation powers to other Board Members or officers.
Compensation of Board Members and Chairman
- Members and Chairman receive per diems for attended meetings, capped at P1,000 per meeting and P5,000 monthly unless otherwise determined by the President.
- They may receive other allowances as fixed by the President under existing laws.
- The Chairman’s salary is fixed by the President corresponding to the position’s importance and responsibility.
Technical and Administrative Support
- The Board shall have a technical and administrative staff led by an Executive Director.
- BSP may detail or assign personnel as needed.
- The Board may engage qualified consultants subject to existing laws and regulations.
Budget and Funding
- BSP funds the Board’s operational expenses for fiscal year 1994.
- Subsequent funding is allocated through the General Appropriations Act.
Legal Provisions Regarding Validity and Implementation
- If any provision is declared unconstitutional or invalid, the remaining provisions remain effective.
- Conflicting executive issuances, rules, and regulations are repealed or amended accordingly.
- The Executive Order takes effect immediately upon issuance.