Functions and Responsibilities of the Central Bank Council
- Prepare a detailed statement recommending necessary changes in the monetary law.
- Define the organization, purposes, and functions of the proposed central bank.
- Draft new monetary and central banking laws consistent with the principles in the statement.
- Organize a division of economic and statistical research to establish critical statistical measures for effective credit control.
Authority and Support for the Central Bank Council
- Empowered to request information and assistance from any government department, bureau, office, agency, or instrumentality.
- With Presidential approval, may obtain the detail of any government officer or employee to support its work, either full-time or part-time.
Reporting and Duration of the Central Bank Council
- Required to provide periodic reports and recommendations to the President of the Philippines.
- The Council shall continue its existence until the formal organization of the Central Bank.
Formalization and Effectivity
- The Executive Order is signed and formalized by President Manuel Roxas and Chief of the Executive Office Emilio Abello.
- Marked as effective from August 14, 1947, symbolizing the second year of Philippine independence.