EXECUTIVE ORDER No. 476
FURTHER AMENDING EXECUTIVE ORDER 169, SERIES OF 1994 BY MODIFYING THE REPRESENTATIONS OF DOF AND DBM TO THE CENTRAL BANK – BOARD OF LIQUIDATORS
WHEREAS, pursuant to Section 132(e) of Republic Act No. 7653, the Central Bank-Board of Liquidators (CB-BOL) has the responsibility of administering, disposing of and liquidating all assets and liabilities of the Central Bank of the Philippines not transferred to or assumed by the Bangko Sentral ng Pilipinas (BSP);
WHEREAS, Executive Order No. 169,* series of 1994, prescribed that the Board shall be composed of a chairman and two members;
WHEREAS, Executive Order No. 455, series of 1997, reconstituted the composition of the Board and increased its membership to five;
WHEREAS, there is a need to rationalize the representation of the Department of Finance and the Department of Budget and Management to the said Board;
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 the amendment of Executive...
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Executive Orders
Further Amending Executive Order 169, Series Of 1994 By Modifying The Representations Of DOF And DBM To The Central Bank – Board Of Liquidators
Executive Order No. 476
Summary of Executive Order No. 476
Amending the Composition of the Central Bank-Board of Liquidators (CB-BOL)
• Pursuant to Section 132(e) of Republic Act No. 7653, the CB-BOL has the responsibility of administering, disposing of, and liquidating all assets and liabilities of the Central Bank of the Philippines not transferred to or assumed by the Bangko Sentral ng Pilipinas (BSP). (Section 1)
• The CB-BOL shall be composed of the following members: (Section 1)
- A representative of the Office of the President of the Philippines, who shall act as the Chairman of the Board.
- A representative of the Monetary Board, designated by the Chairman of the Monetary Board from among the full-time Monetary Board members. (Section 1)
- A representative of the Department of Finance, designated by the Secretary of Finance. (Section 1)
- A representative of the Department of Budget and Management, designated by the Board and nominated by the Board. (Section 1)
• All members of the CB-BOL shall be appointed by and serve at the pleasure of the President of the Philippines. (Section 1)
• The Executive Order shall take effect immediately. (Section 2)
Amending the Composition of the Central Bank-Board of Liquidators (CB-BOL)
• Pursuant to Section 132(e) of Republic Act No. 7653, the CB-BOL has the responsibility of administering, disposing of, and liquidating all assets and liabilities of the Central Bank of the Philippines not transferred to or assumed by the Bangko Sentral ng Pilipinas (BSP). (Section 1)
• The CB-BOL shall be composed of the following members: (Section 1)
- A representative of the Office of the President of the Philippines, who shall act as the Chairman of the Board.
- A representative of the Monetary Board, designated by the Chairman of the Monetary Board from among the full-time Monetary Board members. (Section 1)
- A representative of the Department of Finance, designated by the Secretary of Finance. (Section 1)
- A representative of the Department of Budget and Management, designated by the Board and nominated by the Board. (Section 1)
• All members of the CB-BOL shall be appointed by and serve at the pleasure of the President of the Philippines. (Section 1)
• The Executive Order shall take effect immediately. (Section 2)