Central Bank as Monetary Authority

Section 1 constitutes the Central Bank of the Philippines as the central monetary authority under Section 14, Article XV of the Constitution.
The Decree declares that the President issued it by virtue of the powers vested in me by the Constitution.

Section 1 requires the Central Bank of the Philippines to provide policy direction in the areas of money, banking and credit.
Section 1 grants the Central Bank supervisory authority over the operations of banks.
Section 1 directs the Central Bank to exercise regulatory authority over the operations of non-bank financial intermediaries as may be provided by law.
The Decree frames the Central Bank’s central monetary role as operating under existing laws until a different arrangement is established.

Section 1 covers money, banking and credit through Central Bank policy direction.
Section 1 covers banks by granting supervisory authority over their operations.
Section 1 covers non-bank financial intermediaries by requiring Central Bank regulatory authority when provided by law.
The Decree establishes that the Central Bank’s regulatory powers over non-bank financial intermediaries are dependent on what law provides, not solely on the Decree itself.