EXECUTIVE ORDER NO. 169 April 17, 1994
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...
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Executive Orders
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
Executive Order No. 169
Declaring the Continued Existence of the Central Bank of the Philippines as the Central Bank Board of Liquidators
- Pursuant to Section 132(e) of Republic Act No. 7653, the Central Bank shall continue to exist as a juridical entity for 25 years or until its assets and liabilities are disposed of/liquidated, as the Central Bank Board of Liquidators (the "Board"). (Section 1)
- The Board shall have its principal place of business in Metro Manila, unless decided otherwise. (Section 2)
- The Board shall be composed of a Chairman and two Members, appointed/designated by the President. (Section 3)
- Powers and Responsibilities of the Board: (Section 4)
- Administer, dispose of, and liquidate all assets and liabilities of the Central Bank not transferred to the Bangko Sentral ng Pilipinas (BSP), including:
- Formulate and implement a program for disposition and liquidation of retained assets and liabilities. (Section 4(a)(i))
- Manage, let, conserve, and rehabilitate said assets and properties until disposed of. (Section 4(a)(ii))
- Coordinate with the Secretary of Finance and BSP Monetary Board to retire or liquidate liabilities through mechanisms like compromise, remission, condonation, dation in payment, write-off, set-off, roll-over, extension, restructuring or revalidation, regardless of amount involved. (Section 4(a)(iii))
- Submit periodic reports to the President, Secretary of Finance, and BSP Monetary Board on the status of the disposition and liquidation program. (Section 4(b))
- Determine and approve the Board's financial requirements, including annual budget for operations, asset conservation/administration, and servicing of liabilities. (Section 4(c))
- Appoint, fix remunerations, and remove personnel, subject to civil service and compensation laws. (Section 4(d))
- Perform other corporate powers necessary to attain the objectives under Section 132(e) of Republic Act No. 7653. (Section 4(e))
- The Board shall convene at least once a month, with the presence of two Members constituting a quorum. All decisions require concurrence of at least two Members. (Section 5)
- Powers and Duties of the Chairman: (Section 6)
- Prepare agenda and submit policies/measures to carry out objectives.
- Execute and administer approved policies and measures.
- Direct and supervise operations and internal administration.
- Exercise other powers vested by the Board.
- Representation of the Board by the Chairman. (Section 7)
- Remuneration of Members and Chairman: (Section 8)
- Members shall receive per diem of up to ₱1,000 per meeting, not exceeding ₱5,000 per month, and other allowances fixed by the President.
- Chairman's salary, allowances, and emoluments shall be fixed by the President.
- The Board shall have a technical and administrative staff headed by an Executive Director, and may engage consultants. The BSP shall detail/assign personnel as necessary. (Section 9)
- The BSP shall provide funds for the Board's operational expenses for fiscal year 1994. Thereafter, the Board's annual budget shall be provided for in the General Appropriations Act. (Section 10)
- Separability Clause. (Section 11)
- Repealing Clause. (Section 12)
- Effectivity. (Section 13)
- Pursuant to Section 132(e) of Republic Act No. 7653, the Central Bank shall continue to exist as a juridical entity for 25 years or until its assets and liabilities are disposed of/liquidated, as the Central Bank Board of Liquidators (the "Board"). (Section 1)
- The Board shall have its principal place of business in Metro Manila, unless decided otherwise. (Section 2)
- The Board shall be composed of a Chairman and two Members, appointed/designated by the President. (Section 3)
- Powers and Responsibilities of the Board: (Section 4)
- Administer, dispose of, and liquidate all assets and liabilities of the Central Bank not transferred to the Bangko Sentral ng Pilipinas (BSP), including:
- Formulate and implement a program for disposition and liquidation of retained assets and liabilities. (Section 4(a)(i))
- Manage, let, conserve, and rehabilitate said assets and properties until disposed of. (Section 4(a)(ii))
- Coordinate with the Secretary of Finance and BSP Monetary Board to retire or liquidate liabilities through mechanisms like compromise, remission, condonation, dation in payment, write-off, set-off, roll-over, extension, restructuring or revalidation, regardless of amount involved. (Section 4(a)(iii))
- Submit periodic reports to the President, Secretary of Finance, and BSP Monetary Board on the status of the disposition and liquidation program. (Section 4(b))
- Determine and approve the Board's financial requirements, including annual budget for operations, asset conservation/administration, and servicing of liabilities. (Section 4(c))
- Appoint, fix remunerations, and remove personnel, subject to civil service and compensation laws. (Section 4(d))
- Perform other corporate powers necessary to attain the objectives under Section 132(e) of Republic Act No. 7653. (Section 4(e))
- The Board shall convene at least once a month, with the presence of two Members constituting a quorum. All decisions require concurrence of at least two Members. (Section 5)
- Powers and Duties of the Chairman: (Section 6)
- Prepare agenda and submit policies/measures to carry out objectives.
- Execute and administer approved policies and measures.
- Direct and supervise operations and internal administration.
- Exercise other powers vested by the Board.
- Representation of the Board by the Chairman. (Section 7)
- Remuneration of Members and Chairman: (Section 8)
- Members shall receive per diem of up to ₱1,000 per meeting, not exceeding ₱5,000 per month, and other allowances fixed by the President.
- Chairman's salary, allowances, and emoluments shall be fixed by the President.
- The Board shall have a technical and administrative staff headed by an Executive Director, and may engage consultants. The BSP shall detail/assign personnel as necessary. (Section 9)
- The BSP shall provide funds for the Board's operational expenses for fiscal year 1994. Thereafter, the Board's annual budget shall be provided for in the General Appropriations Act. (Section 10)
- Separability Clause. (Section 11)
- Repealing Clause. (Section 12)
- Effectivity. (Section 13)