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

A member of
the cabinet

Five members
coming from the
private sector
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
o

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