Article 130p. 130

COMMERCIAL LAWS NEGOTIABLE INSTRUMENTS, CORPORATION, INSURANCE, TRANSPORTATION, BANKING

necessary to carry out the purposes and provisions of this

Act;

(b) execute and administer the policies and measures

approved by the Monetary Board;

(c) direct and supervise the operations and internal

administration of the Bangko Sentral . The Governor may

delegate certain of his administrative responsibilities to

other

officers

or

may

assign

specific

tasks

or

responsibilities to any full-time member of the Monetary

Board

without additional remuneration or allowance

whenever he may deem fit or subject to such rules and

regulations as the Monetary Board may prescribe;

(d)

appoint

and

fix

the

remunerations

and

other

emoluments

of

personnel

below

the

rank

of

a

department head in accordance with the position and

compensation plans approved by the Monetary Board, as

well as to impose disciplinary measures upon personnel

of the Bangko Sentral , subject to the provisions of

Section

15(c)

of

this

Act: Provided , That removal of

personnel shall be with the approval of the Monetary

Board;

(e) render opinions, decisions, or rulings, which shall be

final and executory until reversed or modified by the

Monetary Board, on matters regarding application or

enforcement of laws pertaining to institutions supervised

by

the

Bangko

Sentral

and

laws

pertaining

to

quasi-banks, as well as regulations, policies or instructions

issued by the Monetary Board, and the implementation

thereof; and

(f) exercise such other powers as may be vested in him by

the Monetary Board.

SECTION 18. Representation of the Monetary Board and

the Bangko Sentral . — The Governor of the Bangko

Sentral

shall

be

the

principal

representative of the

Monetary Board and of the Bangko Sentral and, in such

capacity and in accordance with the instructions of the

Monetary Board, he shall be empowered to:

(a) represent the Monetary Board and the Bangko Sentral

in

all

dealings

with

other

offices,

agencies

and

instrumentalities

of

the

Government

and

all

other

persons or entities, public or private, whether domestic,

foreign or international;

(b) sign contracts entered into by the Bangko Sentral ,

notes and securities issued by the Bangko Sentral , all

reports,

balance

sheets,

profit

and

loss

statements,

correspondence and other documents of the Bangko

Sentral .

The

signature of the Governor may be in facsimile

whenever appropriate;

(c) represent the Bangko Sentral , either personally or

through counsel, including private counsel, as may be

authorized

by

the

Monetary

Board,

in

any

legal

proceedings, action or specialized legal studies; and

(d) delegate his power to represent the Bangko Sentral ,

as provided in subsections (a), (b) and (c) of this section, to

other

officers

upon his own responsibility: Provided,

however , That in order to preserve the integrity and the

prestige of his office, the Governor of the Bangko Sentral

may choose not to participate in preliminary discussions

with any multilateral banking or financial institution on

any negotiations for the Government within or outside

the Philippines. During the negotiations, he may instead

be represented by a permanent negotiator.

SECTION 19. Authority of the Governor in Emergencies .

— In case of emergencies where time is insufficient to call

a meeting of the Monetary Board, the Governor of the

Bangko Sentral , with the concurrence of two (2) other

members of the Monetary Board, may decide any matter

or take any action within the authority of the Board.

The Governor shall submit a report to the President and

Congress within seventy-two (72) hours after the action

has been taken.

At the soonest possible time, the Governor shall call a

meeting of the Monetary Board to submit his action for

ratification.

SECTION 20. Outside Interests of the Governor and the

Full-time Members of the Board . — The Governor of the

Bangko Sentral and the full-time members of the Board

shall limit their professional activities to those pertaining

directly

to

their

positions with the Bangko Sentral .

Accordingly, they may not accept any other employment,

whether public or private, remunerated or ad honorem ,

with the exception of positions in eleemosynary, civic,

cultural

or

religious

organizations

or

whenever,

by

designation

of

the

President,

the

Governor

or

the

full-time member is tasked to represent the interest of

the

Government

or

other

government

agencies

in

matters connected with or affecting the economy or the

financial system of the country.

SECTION 21. Deputy Governors . — The Governor of the

Bangko Sentral , with the approval of the Monetary Board,

shall appoint not more than three (3) Deputy Governors

who shall perform duties as may be assigned to them by

the Governor and the Board.

In the absence of the Governor, a Deputy Governor

designated by the Governor shall act as chief executive of

the Bangko Sentral and shall exercise the powers and

perform

the

duties

of

the Governor. Whenever the

Governor is unable to attend meetings of government

boards or councils in which he is an ex officio member

pursuant to provisions of special laws, a Deputy Governor

as may be designated by the Governor shall be vested

with authority to participate and exercise the right to vote

in such meetings. acd

ARTICLE IV Operations of the Bangko Sentral

SECTION 22. Research and Statistics . — The Bangko

Sentral

shall

prepare

data

and

conduct

economic

research for the guidance of the Monetary Board in the

formulation and implementation of its policies. Such data

shall include, among others, forecasts of the balance of

payments of the Philippines, statistics on the monthly

movement of the monetary aggregates and of prices and

other statistical series and economic studies useful for

the formulation and analysis of monetary, banking, credit

and exchange policies.

SECTION 23. Authority to Obtain Data and Information .

— The Bangko Sentral shall have the authority to request

from

government

offices

and

instrumentalities,

or

government-owned or -controlled corporations, any data

which it may require for the proper discharge of its

functions

and

responsibilities.

The Bangko

Sentral

through the Governor or in his absence, a duly authorized

representative shall have the power to issue a subpoena

for the production of the books and records for the

aforesaid

purpose.

Those

who

refuse

the subpoena

without justifiable cause, or who refuse to supply the

bank with data requested or required, shall be subject to

punishment

for

contempt

in

accordance

with

the

provisions of the Rules of Court.

Data on individual firms, other than banks, gathered by

the

Department

of

Economic

Research

and

other

departments or units of the Bangko Sentral shall not be

made available to any person or entity outside of the

Bangko Sentral whether public or private except under

order of the court or under such conditions as may be

prescribed by the Monetary Board: Provided, however ,

That the collective data on firms may be released to

interested persons or entities: Provided, finally , That in the

case of data on banks, the provisions of Section 27 of this

Act shall apply.

SECTION 24. Training of Technical Personnel . — The

Bangko Sentral shall promote and sponsor the training of

technical personnel in the field of money and banking.

Toward this end, the Bangko Sentral is hereby authorized

to defray the costs of study, at home or abroad, of

qualified employees of the Bangko Sentral , of promising

university graduates or of any other qualified persons

© Compiled by RGL

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