Monetary Board

Monetary board is the highest policy-making body of the Central Bank of the Philippines. It is vested with monetary and credit authority. The monetary board is composed of seven members appointed by the president of the Philippines.

The seven members are:

The Governor of the Bangko Sentral will also serve as the Chairman or head of the monetary board.

Under the new Central bank act, one of the government sector members of the monetary board must be a member of the Cabinet designated by the President of the republic of the Philippines.

Members of the private sector, all of whom shall serve full-time. Three shall have a term of six years and the other two, three years.

Functions of the Monetary Board

Article II. Section 15. Exercise of authority. In the exercise of authority, the Monetary board shall:

o Issue rules and regulations it consider as necessary for the effective discharge of responsibilities and exercise of the powers vested upon the monetary board.

o Direct the management, operation and administration of the central bank and prepare necessary rules and regulations.

The Governor of the Bangko Sentral

A member of the cabinet

Five members coming from the

private sector

o Establish a human resource management system which will govern the selection, hiring, appointment, transfer, promotion or dismissal of personnel. Such system shall aim to establish professionalism and excellence at all levels of the Bangko Sentral in accordance with sound principles of management.

o Adopt an annual budget for and authorize expenditures by the Bangko sentral as are in the interest of the effective administration and operations of the Bangko sentral in accordance , with applicable laws and regulations.