Amending EO 169 on CB-BOL Composition

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EXECUTIVE ORDER NO. 476: Amending EO 169 on CB-BOL Composition

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Title Supreme Court: Amending EO 169 on CB-BOL Composition

Law: Executive Order No. 476

Decision Date: Mar 31, 1998

Fidel V. Ramos amends the composition of the Central Bank-Board of Liquidators to include a Chairman and four members from key government departments, streamlining representation for more effective asset and liability management.

executive order

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Previous Composition and Amendments of the Board

Originally prescribed in Executive Order No. 169, series of 1994, with a chairman and two members.
Executive Order No. 455, series of 1997, reconstituted the Board increasing its membership to five.

Purpose of the Executive Order No. 476

To rationalize the representation of the Department of Finance (DOF) and the Department of Budget and Management (DBM) on the Board of Liquidators.

Amended Composition of the Board (Section 3, EO 169 as amended)

Chairman: Representative of the Office of the President of the Philippines, acting as Chairman of the Board.
Member: Representative of the Monetary Board, designated by the Chairman of the Monetary Board from among full-time members.
Member: Representative of the Department of Finance, designated by the Secretary of Finance.
Member: Representative of the Department of Budget and Management, designated by the Secretary of Budget and Management.
Member: Executive Director of the Board, nominated by the Board.
All members and the chairman are appointed by the President and serve at the President's pleasure.

Effectivity Clause

The Executive Order takes effect immediately upon issuance.

Legal Authority and Formalities

Issued by President Fidel V. Ramos on March 31, 1998, in Manila.
Signed by the President and the Executive Secretary, Alexander P. Aguirre.

END