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The Monetary Board

The powers and function of Bangko Sentral are exercised by its Monetary Board, which has seven members appointed by the President of The Philippines. Under the New Central Bank Act, one of the government sector members of the Monetary Board must also be a member of the Cabinet designated by the President.

The New Central Bank Act establishes certain qualifications for the members of the Monetary Board and also prohibits members from holding certain positions with other governmental agencies and private institutions that may give rise to conflicts of interest. With the exception of the members of the Cabinet, the Governor and the other members of the Monetary Board serve terms of six years and may only be removed for cause.

The Monetary Board meets at least once a week. The Board may be called to a meeting by the Governor of the Bangko Sentral or by two (2) other members of the Board. Usually, the Board meets every Thursday but on some occasions, it convenes to discuss urgent issues.

The major functions of the Monetary Board include the power to:

  1. Issue rules and regulations it considers necessary for the effective discharge of the responsibilities and exercise of the powers vested in it;
  2. Direct the management, operations, and administration of Bangko Sentral, organize its personnel and issue such rules and regulations as it may deem necessary or desirable for this purpose;
  3. Establish a human resource management system which governs the selection, hiring, appointment, transfer, promotion, or dismissal of all personnel;
  4. Adopt an annual budget for and authorize such expenditures by Bangko Sentral as are in the interest of the effective administration and operations of Bangko Sentral in accordance with applicable laws and regulations; and
  5. Indemnify its members and other officials of Bangko Sentral, including personnel of the departments performing supervision and examination functions, against all costs and expenses reasonably incurred by such persons in connection with any civil or criminal action, suit or proceeding, to which any of them may be made a party by reason of the performance of his functions or duties, unless such members or other officials is found to be liable for negligence or misconduct.

The BSP Monetary Board

 
Chairman

Amando M. Tetangco, Jr.

 

 

Members

Cesar V. Purisima

 

Alfredo C. Antonio

Ignacio R. Bunye

Peter B. Favila

Felipe M. Medalla

Armando L. Suratos



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