EXECUTIVE ORDER NO. 169
EXECUTIVE ORDER NO. 169 - DECLARING
THE CONTINUED EXISTENCE OF THE CENTRAL BANK OF THE PHILIPPINES AS THE
CENTRAL BANK BOARD OF LIQUIDATORS, PRESCRIBING ITS POWERS AND FUNCTIONS
PURSUANT TO THE PROVISIONS OF SECTION 132 (E) OF REPUBLIC ACT NO. 7653,
AND FOR OTHER PURPOSES
WHEREAS, pursuant to Section 132
(e) of Republic Act No. 7653, all assets and liabilities of the Central
Bank of the Philippines (“Central Bank”) created under Republic Act No.
265, as amended, which were not transferred or assumed by the Bangko
Sentral ng Pilipinas (“BSP”) shall be retained, administered, disposed
of and liquidated by the Central Bank itself;
WHEREAS, certain assets and liabilities of the Central Bank were in
fact not transferred to or assumed by the BSP;
WHEREAS, the Central Bank shall continue to exist as a juridical entity
for the limited purpose of administering, disposing and liquidating the
assets and liabilities retained by it, but for a period not exceeding
twenty-five (25) years or until such time that said assets have been
disposed of and said liabilities have been liquidated; and
WHEREAS, in view of the abolition of the Monetary Board of the Central
Bank, there is a need for the Central Bank Board of Liquidators to be
formally constituted to perform its mandated task under Section 132 (e)
of Republic Act No. 7653.
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by law, do hereby
order:
Section 1. Declaring the Continued Existence of the
Central Bank as the Central Bank Board of Liquidators. — Pursuant to
Section 132 (e) of Republic Act No. 7653, the Central Bank, as a
juridical entity, shall continue to exist for twenty-five (25) years or
until all its assets and liabilities have been disposed of or
liquidated, as the Central Bank Board of Liquidators
(“Board”).
Sec. 2. Place of Business. — The Board shall have
its principal place of business in Metro Manila. Unless the Board
decides otherwise, it shall hold office at the present BSP office comp
in the City of Manila.
Sec. 3. Composition of the Board. — The Board
shall be composed of a Chairman and two (2) Members, who may be the
heads or officials of an agency, office or government-owned or
controlled corporation involved in the formulation or implementation of
economic, financial, fiscal or monetary policies of the Government.
They shall be appointed/designated by, and shall serve at the pleasure
of, the President.
Sec. 4. Powers and Responsibilities of the Board.
— Subject to the limitations imposed by law, the Board shall exercise
and discharge the following powers and responsibilities:
(a)
Administer, dispose of and liquidate all assets and liabilities of the
Central Bank not transferred to the BSP and retained by the Board. In
this connection the Board shall among others:
i.
Formulate and implement a comprehensive program and issue guidelines
for the disposition and liquidation of all retained assets and
liabilities;
ii. Until
finally disposed of, manage, let, conserve, and rehabilitate said
assets and properties; and
iii. In
coordination with the Secretary of Finance and the BSP Monetary Board,
explore and employ ways and means of retiring or liquidating said
liabilities through such mechanisms as compromise, remission,
condonation, dation in payment, write-off, or set off, whether in whole
or in part, or a combination of such modes, including the roll-over,
extension, restructuring or revalidation of maturing liabilities,
regardless of the amount involved, and negotiate accordingly with all
of its creditors with the end in view of obtaining better repayment
terms and conditions therefor;
(b) Submit
periodic reports to the President through the Secretary of Finance and
the BSP Monetary Board as to the status of the Board’s disposition and
liquidation program, and such other reports as may be required by them,
from time to time;
(c) Determine
and approve the financial requirements of the Board including the
annual budget for its operation, the conservation and administration of
its assets, and the servicing of its liabilities especially those which
shall fall due from time to time;
(d) Subject to
the provisions of Section s 8 and 9 hereof, and upon the recommendation
of the Chairman, appoint, fix the remunerations, allowances and other
emoluments, and remove personnel of the Board, subject to existing
civil service and compensating laws; Provided, That the Board may
delegate such authority to the Chairman under such guidelines as it may
determine; and
(e) Perform
such other corporate powers necessary to attain the objectives set
forth under Section 132 (e) of Republic Act No. 7653 and this Executive
Order:
Sec. 5. Meetings. — The Board shall convene as
frequently as necessary to discharge its responsibilities but shall
meet at least once every month.
The presence of two (2) Members shall constitute a quorum: Provided,
That all decisions of the Board shall require the concurrence of at
least two (2) Members.
Sec. 6. Powers and Duties of the Chairman. — The
Chairman shall be the chief executive officer of the Board. His powers
and duties shall be as follows:
(a)
To prepare the agenda for the meetings of the Board and to submit, for
the consideration of the Board, the policies and measures which are
necessary to carry out the objectives provided under Section 132 (e) of
Republic Act No. 7653 and this Executive Order;
(b) To execute
and administer all the policies and measures approved by the Board;
(c) To direct
and supervise the operations and internal administration of the Board.
The Chairman may delegate certain of his administrative
responsibilities to other Members or officers of the Board, subject to
the rules and regulations of the Board; and
(d) To
exercise such other powers as may be vested in him by the
Board.
Sec. 7. Representation of the Board. — The
Chairman shall be the principal representative of the Board, and in his
capacity and in accordance with the instructions of the Board, he shall
be empowered:
(a)
To represent the Board in all dealings with other offices, agencies and
instrumentalities of the Government and with all other persons or
entities, public or private, whether domestic, foreign, or
international.
(b) To
authorize, with his signature, contracts entered into by the Board, and
the annual reports balance sheets, profit and loss statements,
correspondence and other documents of the Board. The signature of the
Chairman may be in facsimile, whenever appropriate;
(c) To
represent the Board, either personally or through counsel, in any legal
proceedings or action; and
(d) To
delegate his power to represent the Board, as provided in subsection
(a), (b) and (c) of this section, to other Members and officers of the
Board upon his own responsibility.
Sec. 8. Remuneration of Members of the Board and
the Chairman. — (a) Subject to existing laws, the Chairman and Members
of the Board shall receive a per diem for every Board (or Committee
thereof) meeting attended. Unless otherwise determined by the
President, the amount of per diem shall not exceed one thousand pesos
(P1,000.00), nor the sum of five thousand pesos (P5,000.00) for every
single month. They shall also receive such other allowances and
emoluments as may be fixed by the President subject to existing laws.
(b) The salary, allowances and other emoluments of
the Chairman shall be fixed by the President of the Philippines at a
sum commensurate to the importance and the responsibility attached to
the position, subject to existing laws.
Sec. 9. Technical and Administrative Staff . — The
Board shall have a technical and administrative staff to be headed by
an Executive Director who shall be designated by the Board upon the
recommendation of the Chairman.
The BSP shall, upon request by the Board, detail or assign such number
of its personnel which may be necessary for the Board to discharge its
functions pursuant to Section 132 (e) of Republic Act No. 7653 and this
Executive Order.
The Board may likewise engage the services of qualified professionals
as consultants subject to existing law, rules and regulations.
Sec. 10. Annual Budget. — The BSP shall provide
the Board with adequate funds to cover the latter’s operational
expenses for fiscal year 1994. Thereafter, the Board’s annual
budget/funding requirements shall be provided for in the General
Appropriations Act.
Sec. 11. Separability Clause. — If for any reason,
any section or provision or this Executive Order is declared to be
unconstitutional or invalid, the other provisions hereof not affected
thereby shall continue to be in full force and effect.
Sec. 12. Repealing Clause. — All executive
issuances, rules and regulations inconsistent herewith are hereby
repealed, amended or modified accordingly.
Sec. 13. Effectivity. — This Executive Order shall
take effect immediately.
DONE in the City of Manila,
this 17th day of April in the year of Our Lord, Nineteen Hundred and
Ninety-Four.
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