epublica he Blip Congress of the Philippines Beco Mails Seventy Congress ‘Uycd Regular Session Begun and ald n Metro Man, on Monday, the twenty-third ay of Jy, two thousand lghoon {Repusuic Acr No. 11211) AN ACT AMENDING REPUBLIC ACT NUMBER 7653, ‘OTHERWISE KNOWN AS “THE NEW CENTRAL BANK ACT”, AND FOR OTHER PURPOSES eu enacted by the Senate and Howse of Repreenaives of he Phipps iv Congres some ‘SECMON 1. Seetion of Republic Act No 7059, otherwise known at “The New Central Bank Act’ x hereby amended read flows “Suc. 2 Creation ofthe Bang Senta ‘Thereisharby established an independent ental monetary auton, which abl en ba corporat Ima the Hanglo Soinal ng Pipi borer referred tas the Bangho Sentral “Tho capital ofthe Bang Serra shall be ‘Twohundred billon yes (P20 00000,00) be fly subscribed by the Government af the Republicof the Philippines, hereafter referred to as the Government: Provided, That the ineseage in ‘optaiatin al bude ay fromthe declared “Uidenda of the Hangho Sentra in favor of the National Government For thi porpne ny and il declared divide he Bama Sonia in fo ‘the National Government halle deposited na ‘pocil acount nthe General Fund and earmarks fr the payment of Bangho Sena’ increase in capitalization. Such payment shal be released and Aisursed immediatly an shall contin ntl the ‘nceac in capitalization has been fll pid” ‘ue. 2, Seton 9 of the same Act thereby amended to redas follows SEC. 8. Responsibility and Primary Oecs. ~ Mh Bah Sentral sbalprvio pay ‘lretonsin the ares af money banking anderedit shall have eupervision aver the operations of tna exer such roguatory and examination powers provided inthis Actand other pertinent fewer he quas:banking operations af ma baak Financial nations Anmay be deter bythe Monetary Bra tal ewe exer olny tnd examination powers over money service ‘uses cdi granting busineses, anfpaveent sjotem operators, The Mooctary Board is hereby Soyorred tatiana pi see Inmoney service Businesses, “The primary cctv ofthe Bong Sota isto maintain price tabi conducive toaalanced. land sustainable growth of the economy. and fmployment. 1 shal also promote and maincain ‘onetary tabi andthe onsen cf the so “The Bangto Sentral shall promete finan stability and closely work with the National Government, including, but not inited to, the Department of Finan Securities and Exchange (Commission, the Insurance Conimisson, andthe Pippin Depot Inauranse Corporation “the Bango Sentra ehall oversee the yment and setiement ecto inthe Piping, [eluding ental finail market nfastrcturee, {order to promote sound and prudent practices Sonaistent with the maintenance of financi stabi c 1m the attainment of it objectives, the angi Sirol shal promote broad and convenient ‘oo tohigh ality franca sevice and conser thinnest of the general public” ‘we, 8. Section 1 athe ame Act ie hereby amended to read falowe: Suc, LL. Meeting. ~ The Monetary Board shall meet a leat once a week. The Board may be falled toa meting by the Governor of the Bargho Sentral ory two 2 ether momar othe Board “The presence of four (4) members chal onutiute quoram: Provided, That in all cae the Governor oe hindu donignated altorate shall, toeamong the four meraers "Unless therwise provided in this At all Aecsins ofthe Monetary Board shall require the encurrene of a leat four (member, “The Bangho Sentral shall maintain and preserves complete record of the proceedings and Aetibertions af the Monetary Boar, nsoding the tapes and transcripts ofthe stenographic nets, ‘ther nei orginal for i sera “Tho meetings of the Monetary Bou may tw conducted through medera tachologies such ts, but not limited to, teleconferencing and rlccferncing” ‘he, 4. Seton 16 ofthe same Act shor amended to ead fellows vo, 18. Baris of Authority, — In the ‘xoriaoftenuthory, the Monstary Board shall:“indemnify its membors nd otor file ofthe Boneh Sentral icing personnel oft Alepsrtmente performing supervision and ‘examination inion asin alta ndexpenses ‘easonablyncured ty such persons connection trithany ceo eininal acto, sito proeedings ‘owhich he may be, ris made a party by rousmn of the performance of his functions or duties, unless hes finally ejudgodin such ation or procoding tebelablefor wal vation of his Act perfor Inevident bad fit or with gros negligence, “Inthe eventofaetlement or compromise, indemnification shall be provide onl inconoction thu mater covered Uy the etement as ‘thi the Bangho Sentral advised by external Counsel thatthe person tobe indemniod di not ‘omit will latina of thie Ac, performed fa ‘vident had thor with got egies The conte an expenses incuredin defnding the aforementioned action sito proceeing may he'pai by the Bona Serra in advance a the {inal diapenition of such ation, suitor proce ‘pong taf an undertaking by oron behalf se ‘ember officer or employe to rpay the anne Sdvaneed could it ultimately be determined by te Monetary Boned that he ie not eniled to be indemniie as provided inthis subsection” Spe. 5. Section 16 ofthe came Act is herby amended to ead aloe Snc.16. Responsibility. ~The general rule ‘andthe exception therefrom oa teil public iiers as provided in Sections 38 and 39 of {Chapter 9, Book of the Revised Adminitrative (Coe af 1987 hall apply to the member of the Monetary Board andeher personnel ofthe Banh Sentral "Similar responsi call ap to members ofthe Monetary Board, and other personne of te ‘Bangho Sentral for: (1) the dislosure of say information of confidential nature, or any {information onthe dncusiona crests of the Monetary Bear rout the aiden operations ofthe Bongo Sona, unless the dicoeure isin ‘connection withthe perfomance efficalfaetons with the Bangho Sentral or je with prior Suthocztn th Monetary Bard or the Gover r(@) the oe ofeuch information for poreonal gain rt the detriment ofthe Government the Banho Soniraf or third partice: Provided, however, That ‘ny dso information equine ob aubmited to the Prednt andr the Congres ort be publish lander the provisions of this Act shall nat be ‘rosidered oft sles the actions ot omisions of the Bongo Sentral, members ofthe Monetary Board sndta cher persoane! are nally adjudged tobe in Wilf lation of thie Act, performed in evident Ta faith a with gros negligence, they are held ‘feo and hare tothe fillet extant ormited by Ja rm any abt an theyeallbe indemnified {any and al ibis, loses, aims, domars mages, deficiencies, costs and expenses of ‘whiteoower kind and nature that ay arise ka ‘nection withthe exercise oftheir powers and perfrmancr of ther dati and fenton” ‘Se: 6. Seton 21 ofthe ame Act i erehy amended to rendas blows "See. 21. Deputy Governors. ~ The ‘Opvorar tthe Banat Seta, with the approval ofthe Monetary Board, shall appoint not more than ive (6 Deputy Governors who shall perform duties as maybe assigned to them bythe Governor ‘the Boar, “ln the absonc of the Governor, a Deputy Goverar designated by the Governor shall at ehiaf executive of the Bonglo Senrol and shall texas the powers and perform the dates ofthe Governor. Whenever the Governor e unable to tend meetings of government boards or councils in which he isan e offleto member pursuant toproisions ofepcia lw, Deputy Governor army Ihedesgnstedty the Governor hall vested with suthonty tepartapate al exerie the ght torte Inauch meotings. ‘8.7. Seton 28 of the same Act eee amended to seed onfllow "Spe. 28, Authority to Obtain Dota and Information. ~ "De Bangho Sentral shal have the ttuthorgy to require from any pereon or entity, tnchng grerment lier nnaeue nti earrenc-orel oriole coperstions eng tnt, fr statistical and ple developmen purposes tn relation tothe proper dincharge ft fanctons and responses Provided, That disaggregate Anta gathered ane nut toprevingnfidetaty lames he Bengho Sera through the Governor ‘nian daly sutured epreceatatve sll Ihave dhe power tissu aaubpoova rb predation tthe books and seconde forthe aforsai purpose ‘Those who refuse the subpoena without justifiable au, or who refuse to supply the Pango Snir ith data rogired, shal be subject to punishment Fercootept in scordance with the provisions of the Hues of Court. “The authority of the Bangho Séntral to require dats fom banks tall sontinae to be exerisod pursuant ots supervisory powers ect forthin this Actand other appeal law, sta. on individuals and fim, ther thas ‘bank, gathered by the Bango Sena shal ot be rade alae wo any persona ety outa of te ‘Bangho Senza whether pubhior private except under ade ofthe court under euchennitons a ‘may posed the Monetary Board: Provided however, That he collective data on firms may be releaed interested persons rete: Provided Finally, That in the case of data on banks, the Proviso Saction 2 of thi et ebay ‘uC, 8, Section 26 ofthe same Acts hers amended to read a fallow: "SC. 28, Superision and Examination. — "Tan Bongo Bentrol shal have sper ov and conduct regular or special examinations of ‘Banking inattutions and quactanks, including thei subsidiaries and afiates engaged in allied corporation mare than Ry percent (0%) ‘the voingtck which edie or indeed ‘owned, controled oe hel with power to vote by Dank or quasi-bank and an affiliate meane = ‘poration the voting stock of which tothe extent ‘tity percent (50%) o les, by bank or ‘qetsbankor which erolted or inked diel indy och inition or inermetiary thro ‘ammon stockholders or such other factors ema Iredctrmined bythe Monetary Bard “Tho Bangho Sentat shall have regulatory authority over, and condt regular or special ‘eaminatonof entities which under thie Actor ‘Sperial lnws are euject tits jurisdiction. the Baraho Sentrot shall establish 2 mechanism for issues arising from bank ‘saminations. Teshall be independent and report rely othe Monetary Board witht pres {ethno the Bango Senta it Monetary oan to take enforeoment and oupervisory actions gainct supervised etitve “The department brads and the examiners of the supervising andlor examining departments fre hereby authorized to administer att an Slnector ler oremplaye af any iain under their respective supervision or subject to thal txaminaton, and tocompel the presentation fall, Trak documents, papers or rood newseary in their judgment to ascertain the fats lato tthe traction any iststution ae well ar the ben sd ecords of persons and entities velaie tari onnection with the operations activities oF transsctoneaf the intittion under examination,bjt tothe provision of exiting ls protecting for saferurding the scorecy or cofdentaliy of Tank depots as wel ae investments of private person, natural o juriicl, in debt instguments ‘truely the Goverament “No retraining order o injunction shal be {sewed by dhe our enjoining the Bangho Sentral ‘Som examining any isin subj supra examination bythe Bongho Serial nlos there ‘convincing prof that the action af tho Bango ‘Sentral pal aebieary and made in bad faith ‘and he petitioner plait les with tho clerk or judge ofthe cour in Which tho action is pending a ‘ond exceutodin favor of tho Bangho Sentral in a, amount tobe fsed by the eure. The provisions of ‘ule 8 ofthe New Rules of Court inal ae they are applicable and not inconsistent with the provisions of this ecton sell over he irunnce Lin dioltionf the restraining order orinjueion ntemplatedin this ection” SC 9. Anew section enti Section 28-A is hereby Iinuded nt amo Ato rnd ae follows “Ste, 25-8. Authority to Approve Transfer of Shore ~ Tranafere or acguiions or sree thereof, of at leat ten percent (10%) af the voting ‘Share in banks or quns-banks shal require the ‘ror approval ofthe Bang Sentral. Tho slling trcomeing sackler cal submit such transer tr aoguaitio fr approval by the Bangho Sentral trithin euch period as may te presenibed by the Monetary Boar. In approving such tanafers or azguiitons, regard shal be given by the Bangho ‘Sentral tothe ness ofthe incoming sockbaders ‘asmey be indicated in thee integrity reputation find financial expacty. Without Bong Sentral Sovrova ouch tnsfercrecqustion call have Ibgalefoct nor aha the same be ecognne in the ‘kf the institution ory any government a0, find the transferor stockholders thal remain ‘stcountable and eeponsible therefor. Tranefor of seta entrlor management ofthe atittion to the new stkhnlders thei reprnentativos pee to Bangho Sentral approval sball make the ‘eager the anaforw tang person reponable ‘herar lable under Sections Mand 7 ofthis Act Iooncheanding any prosiant nr tthesonteay.—* tho Bargh Sentra my share with he Plippine epost Insurance Corporation ay inbrmation that {he Bong Sentral ay ctain pertaining transer for acquisition of share oe sence of tranaors ‘equation of shan bank and qua bank ‘St, 10, Section 24) of theese Acti hereby amended toread as tlloe 90.27 Prohibitions, In addition tothe prohibitions found in Republic Act Nos. 3019 and 713, personnel ofthe Bangho Sentral are herbs probiitod om: “a torrowing from any attain abject 9 supervsin or examination by the Bana Strat Unless said borrowing is traneated op an seme length bas, uly dielowed othe Monetary Board, sd shall be subject wo such res and regulations ‘tho Monetary Board may prverbe” SC. 11. Section 28 oftho came Acts bere amended to read stalls “Sue, 28, Examination ond Foe. ~The supervising and examining department head, enon ory deputy shallexaine the persons hevery bank and quasi-bank, including ther ‘les and afats engage nad activins ‘nd other ents which undor this Art or spc Tas ar subject to Bongo Serra epervision, in ‘csondanor with th guideline bythe Monetary Tord eng nt conaieration sound and pradent prctioe:Procided, That tor shall ban nerve fa least twelve (13) monthe between rogular ‘sminatone Provide, further Tat the Monstary Board, hy an affirmative vote of a least five (3)‘members, may authorize «special examination if fhecineamtances warrant “Th nation conor shal ford the buadfthe spprpate supervising and examining Apncements and to hie authored deputies fall ‘cpportunty to examine ls boks and uel, td asecte an general condition and review ike “tem and procedures st any ine duping busneoe Tour when eqs wo dos br the Bangho Senvot Provided, however, That none of the report and ttherpaper lative wo such examination chal be ‘pen to inapetion by tho pblisexcept insofar ae ‘ch publicity is incidental to tho procedinge hereinafter authorized or is necossary forthe ‘prosecution of violation in connection with the einen of euch neitution, “Supervised inativtions hall pay tothe ‘Bango Sena, olater than May S1 ofeach year ‘annual uperision fe ax ny be presrbd by {he Monetary Board. Indeterminiag the amount ot ‘Geannualsupervson othe Monetary Board call consider the coisa supervision” ‘SUC. 12. A new scton entitled Section 28-A ie hereby ined inthe sine Acta seed afllows: “Ste 26.4. Banghe Sentral Coordination ‘Tae munpenion ct revocation of any gorerement lene neceseary forthe operation of Bangho Sontralupervised entity must be done only with prior oarlaton with the Ban ghe Sentral” 0.13, Seton Oofthe same Acts hasby amended ead fills "Suc. 90, Proceedings in Reeiversip and Liquidation. ~ Whenever upon report athe head ‘of tho eapervaing or examining department, the Monetary Board fn that a bank or uns bank "a) hae notified the Bangho Sentrat or publi announced a unilateral closure, ora been Alomar at eas sxty (0 daysorinany manner Ing suspended tho payment ft depostdepoit sutton oF unable pay it ibn as they become due in tho ordinary course of Drs Provided, That this shall no include inability to pay etused ty extrvordinary demands induced by financial panic in the banking mei 0) ee ingulicoat realizable asets, a8 Aotermined by the Bango Senral, to meet ite Habe or *(o) cannot continue in business without involving probable loans to ite depositors oe reditonsor “he wilfully vilatod cease and dit ceder under Seton 37 ofthis At that has boome ‘nal involving ecto transactions which amount to frau or a dinsipation of the nase of the ‘natin in which ena th Manstry Board ay Summary and without ned orp hearing bid {he natin fom dang sins inthe Pippi fand desigaate the Philippine Depost Insurance Corporation (DIC) as reesver in the ce of bak and direc the PDIC to proceed with he iguidaion the coed bank parent othe ection and the ‘evant provisions of Republic Act No. S501, a8 Amended: The Monetary Board shall notify ia ‘wong through the reciver the baad of directors tfthe lee bankafte decison “The ations ofthe Monetary Board taken under thi ection or under Section 29 of hie Act hall be final and exeeutory, and may not be estenned ost sie by the eurtexoptonptiton Torcerioar on the ground tha the action eke was next afjueidetionorwithsuchgrave base of discretion a¢ to amount to lack or excess of Sedition. The petition fr certorar may only be hilo by the snchader of recrd representing the smajonty af Ue pital tok within om (1) dae fom receipt by the board of directors ofthe inetitation of the order directing reeiverhip, Tiguidatin or conservatorship. The dosgnaton of conaoretor under Section 9 ofthis Actor thesppointment ofa eciver under this eton shall be vested exclusively with the Monetary Beard Fugthormor, the designation of «conservator ie not ‘ procndion tothe designation of restr. The authority of the Monetary Board to sumanazty and witht noe for roe earing ot fhe bankorquasank from dng business inthe Philippines as proved above my alin beexeesed over nnstock eninge and oan neocons, baoad fon the same applicable grounds. For quae bake ‘SCM, Section 3 of Republic Act No. 7658 ishoroby dette ‘S15, Section 32 of Republic Act No, 7055 la hereby dhl ‘tC. 16. Section 84 ofthe same Actishereby amended to ead asfllowe Sue. 4. Rana to Mote Reports or Permit ‘Bsuminaton~ Any fer owner, agent. manage, sirsctor or ffcersn charge ofan nstiiion who, Ing reguredinwstngy the Monetary Boer bythe head of tho eupervising and examining Apartment within the puriow ofthis Acta relovant awe willy refuses to fe the required ‘eport or permit any lnfil examination into the ftir of uch intiction all be punished by @ fin fot es than ity thousand peso P3000) ‘nor more than Two mili poss (P2,00.00 or hy ‘mprizonmentof mot ew than one) eae nor more than five) years, or bath a the discretion of the vou This sal also apply othe olfcer, owner, agent manager, director ocr -charge a the fine companion whoa tranaactions ae subject Teexaminaion under thin Act” ‘Sc 17. Section ofthe ume Actinhereby amend to read aslo Sko, 86, Fae Statement. — Tho willl making of «fase oF mislendng statement on 8 ‘material fatto the Monetary Boer or othe ‘xminerof the Banglo Senta salle punished ty Bin of ot leas than One bundred howard pean (P100,00) nor moe than Two milion poses (2,000,000, orb imprisnment of et more tan ‘ve year, or eth, athe discretion th our” ‘Se, 18, Section 36of the uae Acta herey amended to rend asfallows “St, 96, Poco Upon Violation of Tie ct and Other Banking Laws, ule, Repuations ‘Onders or Insrucions, Whenever 2 beak. ‘quascbank, including their subsidiarice and hates ongaged ined aciites robe eatty ‘thi under ths Actor special awe ie eubjet to Tong Sera miperinn arene a erst rents wilfully lates this tor oter pertinent Tanking lawebsing enfresdormplemontd bythe Dang Sentral or any order, struction, rule oF roulatoninay Ue Minetary Board the en “eperson reponse auch ation balls ‘Revise provided in his Act be pushed by fine Stat es than Fifty thousand poe (P0,000) nor ‘ore than Two milion pesos (P2.000,000) or by {tpeconment oft ls than bo(2) sears nor more than tn (1) yeaa or oth, ato dicretionof the “Whenever an entity under Baagho Sentral supervision poets in earying 0 te sins in fn unlawful oF uncafe manner the Board may. Without prejdice tothe penal provided inthe proceding paragraph of this section and the ‘ministrative sanctions provided in Secion ST af {hie Acts take ation under Scion 80 this At. The Bango Sentral may grant informers reward to any person, xcept an ofr oremployee (the Bang Sendral ora ny itelligens or awndrcoment ogo inching the rales ouch ticr or employee within the Fourth degree of foueenguinity oF atfnity, who volontanly give Ante information not ytin te sssiog a he Bango Sotrllsding to the: a sree of bank directors or afcers andor BSP personnel for ‘alton ofthis Actor any banking sad other awe {mplementedor enforced b the Banh Sentral. or {or vication of other penal laws commited in onnetion wth their employment or fnctonsor (@)fling of viminal charges gna any person for aaton of Seton ofthis Act Tha Manetary Boards hereby authoraed to promulgate the implementing guidelines forthe {rant of informers reward, which no case shall ‘xed One millon pos (1,000 Sa glee tney provide for addtional qualifications and Alaquslifestion of nfemant swell Ue form ‘td ainimum contentof the information given, “Thesashrewardoinfomersaball brunt ‘osppiabi withholding taxes ‘8 19. Section 57 ofthe same Acts hereby amended to read aafllons ‘Sue. 87. Administrative Sanctions on Supervised Entities. ~ The imposition of ‘linia santas calla, otter ‘easonable. Without prejudice tothe criminal ‘anctionsaguns the culpable persons provided in Sections 34,38, and 36 ofthis Act, he Monetary ‘Board may, ais distin impow upon any bank. ‘quasibanie including their subsidiaries and ata engaged inal activites or oth ney ‘hich unde hi Act or special awe ar subject to tho Bangho Senial supervision, andor the Aireciors,oficers or employes, for any wilful ‘lation oft charer or bylaw, wif delay i {he submission ofrpors or pubbestions erect egired bylaw. ruee and regulations: any refusal to permit examination ints the aflire of the Inseiation: any wilfl making of false oF ‘nbnding tatsment the Br othe sper supervising and examining departaent oF ite ‘xaminors: any will lure rte to comply ‘wth cr violation of any banking lav or any order, {tractn or rogulation teed by the Monetary ‘Board or any order, instruction or ruling by the Governor oF aay comminin of irepulaiiee, andi conducting business nan wf or nad ‘manner a may be determined by the Monetary Boar, th following administzativesunetions, whenever applicable: “a fines in amounts as maybe determined bythe Monetary Board tobe appropriate, but no se to exseed One milion pe (P1,000.00) for ech eaneactonal vast One aed hosed pss (P10, 000 per calendar dy for vations of ‘ontinung nature, taking into consideration the fstondant cicumstances, such as the nature and travity ofthe violation or irepuarty and Use sine ‘tthe institution; Provided, Matin ease prt ie ‘tine orlosisawided asa real ofthe sation, !fine no more than thr (ime the pra gained (elon aided may alo be imped: "(suspension of edissounting pipe ot accus to Bangho Sentral ered fits ~(@)mspenson lending or frign exchange operations o authority ta aap new dopo ‘ake new inestnen; sn of interbank clearing “Tesignatonotermination fom office sll ‘otexempt such decor officer or employee om, ‘Miinitrative or criminal anions, “Tho Monetary Board may, whenever warranted by cicumstanoeproventely suspend {ny director ocr or employee ofthe instittionpending an investigation: P>oidd, That shoud the fase be nt finaly deedod by Uh Bang Sentral tithin a eric of one hundred twenty (120) daye ‘er the dat of suspension. si ecto, fcr or tmployee thal be reinstated in his position Provide, further, Taat when Use delay i Uae ipocitin ofthe cas ideo eo ful nepligence ‘or potiion of the det or officer, he pect of ‘ely aba nthe counted in computing the period ‘feupensio brea provided. “The shove ministrative scion ned at ‘appli intho order of theireeveity ‘Whether or not there an administrative prosading ifthe ination andr dhe directo fcere or employees concerned continue with ot tatherwite peri nthe ommend praetor ition, the Monetary Bard ay eee fin ordor requiring the institution andlor the ‘hewtors officers or employees concerned to cease ‘nd oss fom the indzated pracie or vilaton, ‘nd may farther order that immediate action be taken to correct the eondition resting from uh Practice or vieation. The cease and dort ordor ‘hall be immediatly ofsetive upon serve onthe srepualente : “The reryondents shall be afforded an oppetanty to detent ther ston na bearing bse the Monetary Board or any committe chaired by ny Monetary Board neces, ‘pon request made bythe respondent within five (@ aye from their rospt ofthe order. 1 euch Ioaving is requested within sid period, tho ordar shall be cal Ia hearing i conducted al aries ‘hall be determined onthe bata of records ater thick ch Monetary Board say either renee or ‘ake final toner. “the Governor is herby authorised, a hi lscretion to inpowe upon banks and qu banks, Incing their subsidiaries and afiates engaged inaliedwetiiies, and other entities which der ‘hi Act or pail awn are jot to lang Sentral jon fr any fare to comply with the requirements aflaw, Nonetary Board regulations find policies, snr sastraction issued by the Monetary ond ot bythe Governor, Snes notin exces of One hundred thoand pees (P10G 000) foreach teansational violation of Thirty hows co (P30,00 per lend day or vations ‘Somtnuing nature the position af which shal be Final and eect unt eeversed modi oii ytd Monetary Bardon appeal SC. 20. A new section entitled Stetion 38-4 isherchy Indded in the same At rend flows “SEC, SBA. Ieuance of Injuntive Relief Against Bangho Sentral Actions, - Nocourt other than the Cour of Appel andthe Supreme Cour ‘hall jue ang temporary restraining order, preliminary injunction or preliminary mandatory {injunction agains the Bango Sentral ran acon nde this Act “Any restraining ord or ijuaction nod Involtonothinecion wid and of fore and tfc, “the provisions ofthe Rules of Court on injunctions nar an thove ar pple and me Inconsistent withthe provisions a thi Act bal foverm the inruanoo and dss of retrain Urlersorinjaptions apna the Bangho Sera ‘Shc. 21, Section Soft came Actioherby amended ae fol: ‘SUC. 89. Report and Publoations, = The Bang Stroll push general balance set ‘showing the volume and compotion of uses ‘ndiabiie ofthe at working day woah ‘thin nets days after th end each month, ‘hich maybe reaaooably extended bythe Bongho Sentral a warranted,The Monetary Board shall publish and emit the allowing reports to the President an to he Congest: 4) mot ter than niet (0) daye ate the ad ofeach quarter, an analysis f economic and ‘inatcial development, ching the odin of ‘etiternatonl reserves an monetary rege “8 within not 0) aye after he end of theyear which nay be reascasbl extendod by the oust Sentral ewaerantd. the precoding ears Inge and pf and ioe statement the Banaho ‘Stninal sowing in reasonable detail the raul ot iteoperation: “(9 one hundred twenty (120) day ar the nd ofeach semester, «review ofthe wate ofthe ‘nani eystem; and "Wd as soon a8 practicable, abnormal ‘movements monetary ageegstes adhe general feos level, gd, oot Inter Una sevonty-two (2) Ihre afer they are taken, redial measures in ‘epones euch abuormal movements” See, 22, Section 40 ofthe se Act ie hereby amended sefllons f 800.40, Annual Report. ~ Before the end ‘of June of each sear, the Bangho Seni shall ‘uli osm the President and the Congress hanna report onthe condition ofthe Bango ‘Sentral including review of the policies and ensures adopted bythe Monetary ord during {he pst year and sn abalysis af the coonomic and SSnancial creumstanoss whic gave rice to said Police nd measures The annual report shall also include @ statement of he finan condition af the Banaho ‘Sera and statstial appendix which shall present aa minimum, te lowing data 4a) the monthly movement of monetary aggregaee and thet eomponents “the monthly movement of purchase and alos of foreign exchange and of the international ‘eserves Ue Bag Sentral: © the balance of payments of the Philipines id) monthly indices ofoneumer ries end import and expert pies: “1 the monthly movement, i summary form, oesports ang imports, by volume and vale: "the monty movement of the accounts ‘fhe Bangho Sentral ui of ober banks "1 theprinsipal data ca goremment resp an expeniteer and onthe sata of the public Ae both dometicandfrigns and “the texts of the major legal and smingertive nears apt yt Goverment fn the Monetary Boa during the year which Felate tothe functions or operations of ‘he Bangho Sentra or ofthe financial este “the Bangho Sentral shall polish another version of the annual report in terme “derstandableto the layman” ‘8 28, Section (ofthe ame Act ishoreby amended ax flow “Spe. 48, Computation of Prfteand Loses. Within te fet ate (0) das following the end each yar, the Bang Sena! shal determine ite net profit or loses, Notwithstanding any ‘provisonoflaw to the contery de nt prof he ‘Bongho Sentral shale detormined after allowing ferenpenars of operatic, adequate allowances and ‘provisions for bad ad doubt des deprecation In anscts nd sunk allowances and provisions fr coatingencies or other purpose nt the Monetary Foard determine n acordance with pradent financial management od efesivecontalbanking‘Se. 24. A new section entitled Section 4A ie hershy Inc inthe same Act to ead follows "S00-45-A. Bangla Senial Reser Bund. — ‘he Bango Sntral shal etablioh a ron fond whonover it has income or postive earl, to Imtignt future ike such a, but notated the impacts of foreign exchange and price Avetantions, and to adv other contingencies inherent in carrying out. the Bongho Statrabmanated functions se oonteal monetary futhority. The reserve fund shall consist of fctuation seve contingency receve and such ster rsrvessthe Monetary Bord deems pont $20.25, § ada fllome: Suc. 45. Rewalution Profit and Losses Unrealized profite of loutes arising from any revaluation of he Bang Sera amt nbion tr deriatte instruments denominated is foreign fences with eapect to the movementsaf prices fad exchange rates fom third currencies Philippine peso thall not be included in the ‘omputation ofthe anal profit and oes ofthe ‘Bangho Sentra. Any profi of lanes arising in ‘hismanner sballbe ofet any amount which, atcanaequencofauch evaluations. are owed by the Philippines to any interaational or regional ‘ntergovortmental financial ition whe Phibppines is a membor or are owed by thse ‘nsltutions to the Philippines. Any remaining ‘uealizd profit orl ha wend a gent ‘which hall be named eration of Interne Reserve (IBY, andthe net alae of which shall appear either among te lies or among the stsetofthe Banal Sentral depending on whether {he rovalutions have produced net profits or net “The RIR acount hal be coi on debited for the pride revaluation a authorized i Use scotion and rfl th coresponding ndjtment Seeulting to reduction in the Bongho Bentra’s hot foreign assets, abilitics and foreiga ‘currency denominated drvative instrament. The Fifthal be adjusted and esgnizd inthe income statement upon saleof gold and foreign securities, frien the fron curren isrepatnated to eal ‘current o is used to pay foreign obligation, or "upon maturity of foreign currency denominated Feneardoroptioncnntrac solving dhe Piippine peso Sue. 26, Section 61 ofthe we Att here amended to read afalows "$30.61, Guiding Principle, ~ The Monetary ‘Board shall regularly ascess price develpeentsand owtlook nd based analysis and evaluation of {nllatonary preneuree, uo poly instrament to tein end maintain pie stability” ‘Sec. 27, Section 69 ofthe same Actisherey amended to read allows: “StC.65, Action When Abnormal Movements (Occur in the Price Level. ~ Whenever abana ‘movementa in the pies endanger the stability of ‘the Philipin economy or mpartant sectors there, ‘he Monetary Board shal. “(a take such remedial measures a¢ are ‘appropriate and within the powees granted to the ‘Monetary Board and the Bango Sentral under the provisions ofthis Act: and "(ub tothe Presidont ofthe Philippine ‘and he Congres, an make pubis detailed report. ‘which shal nelade as a minima, a deserption find analpis of ") the causes ofthe rico fal of prics 2) theextenttowhich the changsinpricas Ime benefit n changin the lee omen‘tpt employment, wages and economic activity in general andthe nature sod eigaidiance of any suhchanges aad 4) the meanzes wich the Monstary Doar thas talien and the other monetary, fitcl OF ‘tinitratie measures which ie rocmumends to eadopta. "Whenever the at of ving indexincreans ‘by more than ten persnt (10%) sn relation othe livelereting at the end of the ewresponding month of the preceding your, or even though this ‘quantitative guideline has ot been reached when {itsjudgment the cumstances co warrant, the ‘Monetary Hori shall aban the report mentioned {in his section and shal tate therein whatbee in {heopinione he Daan exchanges inthe cont liviog represent « cheat tothe stability ofthe Philippine somomy orafumportanteetrstherot “The Monetary Board shallcontina tossbit petiole reports othe Preatent of Ue Pippenee find to Congest until it considers that te price Aisturbances have disappeared or have been adequately contre” SS. 28, Section of the same Actin befty amended to send aafllowe ‘SU, 6, Composition ofthe International eserves. — The sternational reserves of the ‘Bang Serle bute to ited orth lowing ast: a) eoldsand “)_asetain freign currencies the form of: documents and instruments customarily tmployed forthe international transfer of funds flomand ond time deposits in central bank treasures and cramercal bake abroad: foreign fvement cutie; apd foreign notes and cai. “The Monetary Boar shall endeavor to old ‘tho fregn exchange resources ofthe Bana Sentral inet convertilcrrneee Th Monstry Board shail ioue regulations determining the other ‘qualifications which fereign exchange aaets must toot in oder to he icled i the international reserves the Bonga Sena “The Bango Stra shallb re to convert ang ofthe ase in tinteratinal reserves into ‘ther aac ne dearbed in subctons (a) and 0) tthe” Sve, 29, Section ofthe same Actishersby amended to ad flows: ‘SEC. 81. Guiding Principles. — The redivcounts, sous, Inns sind avanons which the Bongo Sena is authorized to extnd to banking natittions, under dhe provision af the proto artileof is Act shal be usd to ifence {he vlume of ceditconsatent wth ee abet of proces nd maimtanansof fanaa” ‘bo, 90, Section ofthe ame Acie heey amended to ad flown "800.84. Bmergeney Loans ond Adonces.— Inperod of national apr bel emergency a of ‘ivminent financial pani which directly Ureaton ‘monetary and financial sebiity, Ue Monetary Bord may. by 4 vote of at leat fie (0) of te rmeners, authorize the Bango Sentral grant fxtraordinary loan or advances to banking ‘nitions, ocared hy sete defined hereunder Provided, That while mh loans on vances are ‘tstanding the debtor stitution cal exept ‘Spon price authorization by Use Monetary Boar ‘xpand the toa volun often or investments “The Monetary Board may, atta dsrotion, keine authorize the Bones Sentral to grant tmerpecy a rane tbe inion, ‘hen durag ternal periods, forthe purpose of ‘Stating tank ina pecarou nancial condition fr under serous financial prossures brought by Unfaresuen events, or events which, thoughforeseabl, could not be proveted by the bank fomcerned Provided, hoe, Tat the Monetary ‘od as tera that tebe moins dae the asta defined hereunder to scyes Ue ‘ivan: Provide, farther That aconcarent ote {at lest ve (©) member ofthe Monetary Board nottaied “The amount tary serge lan rane shall not ested the sum of fifty peexnt (30%) of tual deposits and depen bata the baking Instituto, andl disbursed in to) ce more {ranches he amount ofthe it tranche shall bo Tied to twenty-five peront (25%) ofthe total ‘hpi andj states maton and tal he secured by (a) government eecurities: ‘Bhatceptabegunrantrerbacd up by the ational mermnentoritssecursse(9 athe unencumbered Fiat clase cllaterale; and (2) other kinds of ‘laterals a may be authorized bythe Monetary Boar in aemrdance with sound rick management primiplog Provided, That ifs determined by tae Monetary Dose, the icutancosurroundingthe ergenty warrants loanr advance geeter han {he amount provided boreinaboe, Ube amount of the fis anche may exo twenty-five percent (25%) of the bank's total deposit and deposit Sutton ifthe mame adequately soured bs ny ‘tthe cllatras set forth above as approved iy the Monstary Brat, and te peinpal tckholders of the institution fraiah an sortable undertaking to indemnify and hold harmless from suit ontario ehoe appointment the Monetary Boar ‘may find necescary a anytime rior to the release ofthe fat rane, the Sanking institution shall submit tothe Bongo Seniral a sesoution of ts board of directors tnthorsingthe Bong Sintra eeauate other {howto th Hankng insti certifi by ite ‘ternal auditor ta pod and avable fo clea purposoe shod the release of the subsequent {rant thereafter ppd fo The Monetary Boned may, by a vot of at nas fie (ofitemembors authorize he reas af ‘snuhanqant tne on condition hat he principal ‘teckkers of Ue tstitatan “(a furnish an scmptable undertaking vo indemnify and ld harolestromaticscoservtor ‘whowe sppotatment the Monetary Board may find hooey at any time; and “) provide soeptable security which, inthe juagmentf the Monetary Boor woud be adoqate tosupplement, where nenesay, he assets tendered by the banking institution to collateralize the stbeequont tranche. “In connection withthe exercise of those ‘omer, the protons a Section 128 of this Act nil tsp Snot ait eer to acaptance as ‘allstral share and heaton asa recut ‘foreclosure proeedings, incu the exerci of ‘oting rights pertaining to said sbaros: Provided, oweter, That should the Bango Seniralaoqire sy ofthe shares it has accepted as collateral as ‘osu offredboure proceedings the Bango Sentral ‘halipoce of nid share by pubbeiding within ‘ne ().yenr rom he date afenwaidation a tite by ‘he Bangh Sentra. “Whenever financial nation incurs a coverdaft in ts acoout with the Bangho Sentral {he same shall be eliminated within the period ‘prescribed in Section 1020 thie Act” 0c. 31. A new section entitled Section 88- is hereby ‘nsdn the same Ac toread ma flows: ‘SEC. 88.A, Bemption of Collaterals rom Altochmens, Bccutons and Other Restrictions, cotaterals on loan and advance granted bythe Banglo Sentral, whether not the intros of the Bang Sera sregstored, shal tb ebjet o uiachment, exscutono any oter curt proceso ‘Minatative restrictions on land we, nor ball(hey tended inthe property oinslvent persons tC. $2. A new section entitle Section 88.2 i herehy incdd nthe same Act to ead allows “Sec. 88. Deputizoion of Lagol Staff in Cas of Foreclosures. Incao ofan extej wal foyekoure of mrtgagoinconmction wth loans and ‘uvanoes under tie Use Ban Sentral ay Aleputie any of ita lwyer to const the public ‘vation purtuant to Act No 3135, ab amended "ikewie n case of judi foreclosure in connection with lana and advanoss under this {le the Bango Sentral may, with he approval (ofthe cour, depatize any of ts lwyers Wo at as ‘Special aber in the vale of «debtor properties {Ibdintheenforcoent four wnte and proceaee {ulated thereto. Tho special serif ofthe Banko ‘Sentral shal make report tothe proper court afer ‘ny actions ben alo by him which cour shal tnt wach ation ae iP were ot of it owe shonin allepect, "No retraining order or injunction shal be {awed by the cour enjoining the Bangko Sentral ‘hom prosoling with the fredosue of the marge ‘inks bend insted favre the Bongo Sal iinan amount equivalent to Ue otal claim ofthe Bangin Sontrel Tae retraining oder riajunetion ‘halle refasl or ranted, salle cold won flingty the Bangho Sentral of bond, which shall be inthe form of « Bongo Sentra check, in an ‘oun wie the amount the real bond posted Conditioned thatthe Bangho Serial wl py the ‘damages which the party may suffer bythe refs toe daclution ofthe injunction. The provisions of {he Rw Court nuncio soar as they ate toplcabl nd oot inconlote with Ue provisions Gf this section shall yovern the issuance and Azlution of tho retaining ode or injunetion ‘contemplated this onto” ‘850.3. A new sation ented Section 88: ie hereby {nluded in these Ae to eal flow: ‘Suc. 88:0. Right of Redemption of Foreclosed Real Property: ight of Possession During Redemption Period. ~ Inthe event of Iovcloure, wheter jualyorextrajcally, the = ‘mortgagor who a natrl person shall ave the ‘ght toredoom the property within oe) ear fo thedatoforecoearesale Incase the mortgagur “sural porn the mortar aha have thei {oredoom th property el in ajuda forecowure ‘nl within one (1) yea from the dats offorelocure fink Prcided, That in cae of an exteaulicial foreclorare, notwithitanding Act No. 3135, the ‘orgy salve tho ight rode the popes old within nit (9) days fr the freon sale Iho later than the eptetion ofthe carte offoreloure sae. Redemption shallbe fated by paying the prada, interest charges commision ‘od all claims of whatever natare ofthe Bango ‘Sniraloutetanding end duo as of th date of foreeloaure ale, ineluding all cost end other ‘jean incre by reason af he relwure sale fan cst ofthe propery. “The Bangho Sena, se purchaco nthe foreclosure al sa without ned ofpsting a bond, ‘may take posession ofthe foredased property luring the redemption pero. The Banaho Sentral ‘Shall be ented othe fre of the property. tho ‘same tbe apliodagainet the redemption price” ‘Sec, 94, Anew section entitle Section 88D ie hereby inudd inthe sme Act wo red as fllows: "Ste, 88:D. Unsecured Bangho Sentral Cloims. ~All unsecured laine of the Bango ‘Sua halle conser prefered eet sma? totnaes de toh National Gaverament inthe order ‘preference under Article 2244 ofthe new Coil Cote Sc, 35, A new section ened Section 88 is hereby Ince nthe sme Act wo read a flows‘Spc 8A, Fnansial Facile for Islamic Pants. ~ The Bangho Sera a, taking into ‘ontidration the pecaiar charter ofelamic tanking formulate rules and egslationg for the ftnsion of inane facts tiem Baka: Provided, That each expowure shall be propery ured ‘Se. 96. A new ston entitled Section 80-8 ie hereby ‘ncaded ne same Act ead as follows Sao, 8.8, Loans fo the Philippine Deposit Insurance Corporation (PDIC). ~ "The Bangho Sema preuaat to ita mandate of maintaining financial wait, may lend funds tothe PDIC for insurance purposes and in easee of financial ‘tsitanos thatthe Inte esutboied extend tind Secon 21) af Republic Act No, 2581 ae tended, Notwithtanding Seton 25 Republic [AGN 0%, anmended, the Monetary Bord shall proverb iataort rates and such ther terms and ‘Shaiton ofthe an, c.97, Sexton bof the same Actishereby amended vo read aa fallows: "S0c. 92 Jue and Negotiation of Banaho Sentr Obligations. Tn order to provide the ‘Bong Sentra wih ffi instruments or open ‘ure operations th Bong Serf ay, subject. {hoch tes and egulatinsa the Monetary Board ‘nay prescribe pin acordance with he principles Stated im Section 00 of this Act, ise, plac buy and sell frely negotiable evidoncee of Indebtedness ofthe Bango Seirot Sai evidences tfindebtednes may ba aud ie ogsint the International reserse of the Bangho Sentral ot fiuinet the securne which tha scquirel under the provisions of Section 91 of th Actor maybe laoued without relation to specie yps af asetsat tho Banh Sentra "Tho Monetary Boned hall determine the inteeet tas, mtuntion nd other characteristics es eee a | id obligations ofthe Bongo Sera and nay, ‘fiedoomestadvnable, denominate the sbligauons Ingold or foreign currencies, “Subject tothe principles stated in Section 90 of tia At the evidence of indebtedness of tho ‘Bango Sentral which ths ection reforemay bo * fcquieed by the Bangho Sentral before their ‘maturity ether though purchases in tho open ‘arketor through redemptions atpar andy eit the Borgo Serial hasresorved the vghto make ‘ich redemptions. The evidences of indebtedness ‘squid or redeomed by tho Bongo Sntal shall ot be inladed among ite aset, and shall be Immediately retired and cancel” ‘uC, 88, Section 95f the same Acie herby amended to read a fiiowe: “Sue. 95. Definition of Deposit Substitutes. = The term pont subetitte se defined ab Sleernative form of obtaining funds from the public other than deposit, chrough the istance, sborsementoracsplane of debt instrament fa the borrower's own account, for the purpose of felending or purchasing of ceivables and hor Chligations, These intrumente may include, but heed not be limited to, bankers acceptances, Bromiswory nots, participations, cortifeates of ‘uighmentand similar inetrument with recourse, ‘id epurchao agreaments, The phraseobeaining funds fromthe public shall mean borrowing ro {senty (20 oF more ender at any oe time ad, Sorthis purpose lender’ shll refer to individual stdcorpocsts onion that are not acting Gras Intermediaries, subject tothe safeguards and ‘ogulationsineued by the Monetary Bear. The ‘Monetary Board shall determine what specific ‘instruments shall be considered as deposit substitute for the purposes of Section 94 of the Act: Provided, however, Tat depot subtites of commercial industrial and ether nonfinaneal ‘empanie forthe ited purpose of financing theirvn nods or the neds oftheir agents or dealers "ual ote covered tthe provision of Section 94 tie Ace” Sue. 89. Section 101 of the same Aet be hereby amended to read fills: "S00. 101 Reser Deficiencies. ~ Whenever he reserve postion of any bank or quasar Computed nthe manne epeiBed inthe preceding ection thie Act e below te equied mu ‘heb or qua banks py the Bongo Stra ‘monetary penalty a2 may be proseribed hy the Monetary Boar Provided, however, That banks ‘ind quast-anks shall ordinarily be permitod to ‘het ny ere deiey omarion one ce ote ‘days of th wonk with any exces raervea which {hey nay halon other days ofthe same weck and thallbe reed to pay the penal in acondance With the mechanism approved hy the Monetary ord, In came of abuse the Monetary Board may deny any bank or quasi-ank the privilege of Seeding reserve defiienies in the sforeaid “Ife bank or quasi-bank chronically has a reserve deficiency the Monetary Byard may limit Grprohibithe making oe loans ornvestments By the institation and may require that part oral tthe pet profit of the iettution be absignod to ‘ula “The Monetary Road may modify rm mide the reserve deiency penaltoe provided n this tection fr part or the entire pero of strike oF Itekoutafeating a bank ora qune-bank as defined in the Labor Code, or of national emergency teting opertions of bank or qusa bank, on fch ether instances where the gran of waiver of ent etre by Ue Monetary Board wobe tifa: The Manetary Board may leo modi. fot aaide reserve deficiency penalties for ‘ehaliiation program ofa bank ‘Sec 40, Section 14a the sume Acts erey amended o ead a flow “Sno. 104. Guiding Principle. ~ ‘The ‘Monetary Bard bal ee the powers granted toi ‘undr the Actto ensure dat the spp aval ‘ad ent money arin aczrd withthe needa ‘the Prilppine eonomy and that banked ist ranted or speculative purposes proj othe ‘tina terest. eglabonson bankoperatine ‘hallbe apni alba ofthe same xtogor, tay be defined bythe Monetary Boar, untoraly sand withost discrimination” ‘Spc 41, Section 10a the same Acts hereby amended to read a follows “SHC, 108. Minimum Capital Ratios, — Tho ‘Monetary Boar may prone minim isk bed tail adequacy ration bated on inkerontooall, fseepted standards and may aller sald eatin ‘whenvrrit deems neseaury. Inthe exercise fit Suthorty under the section, the Monetary Based ‘may require banks to hold capital beyond the ‘minum equrementcommensurat to thee sk pf” Ste, 42, Section 1:8fthe wae Actinherey amended to red a lowe "Sv0. 118. Official Deposits ~ The Bango Sentral shall be the official depository of the Government, ite political subdivisions and inserementalities ar well sof government-owned ‘rami cnrporaaons Asa feneralpbey, eit ‘tchalanon shouldbe deposited wth the Bgho ‘Stra with only minimum working balances 10 beheld by governmentonned bake apd ouch or Ia onset oecate in the Philipines athe Monetary Hoard may authorize “The Bans Soir my ssp depot and pay interest om such depts nd other sua Dlacmente ofthe Government or oft polite‘alvsons ondnstrumentlitie, banks andothor ‘ang Sono uperivd institutions” See. 49, Soxion 25ofthe me Actiharoy amended to ad aefllome: “$c. 128, Financial Adioean Offa ret Operations, Before undertaking any credit ‘operation abroad, the Goverament, throu the ‘Seertary of Finance, bal reqs the opin, in venting, ofthe Monciary Board onthe monetary Inplictione of the eoatemplated action. Such ‘opinions must similarly bo requested by all Flticaleaivistns sod instrumental of the Goverment bale any eredt operation abroad is ‘undertaken by them "The opinion ofthe Monetary Baar sball be ‘wand the gold and foreign exchange recources tnd obligations the tation aad onthe effects of ‘the propose poration on the balance of payments fandom monetary agree, “Whenever the Government, af any ofits political subdivisions or inetrumentalities, ‘template baroming within the Philippines, Uae ‘prior opinion of the Menstary Board spl likewise Tpeyucited cer thatthe Board may render an ‘pinion on tho probable effects of the proposed ‘operation on monetary ageregatn, the price lve, ste alansofpayment “Acredt operation or boring as provided hein any tk the frm of ieant nie tice foc an but at limited to, «singe laa, series of Tenn nder a breowing program, or ret ines. [Noprior Monetary Board opinion bal be eguied for tndividua drsedowna oe borrotngs Within ‘ppmived rina or arowing programs” Se, 44. Seton 12 ofthe same Actix herehy amon ead aflame Sac. 18. Tax Eoemptions. ~ The Bangho ‘Sento sale expo al atonal, proving. smumiapal and ity tater on income derived rm te ‘vernmentl functions, special “oncom rm te netic ranecione sm dhe exerci ata nupervinon oer the operations hanks and its reglatry and examination powers ‘ver non-bank financial inatitations performing + ‘taet-bankingfanetions, money serve businosss, trodit granting busines aad payment eytam ‘operators “) income in purmit fit primary cjactive tomaintan price tality conducive to abalaneed sand sustainable growth of Ue cennomy ad the bromotion and maintenance of monetary and financial etaiiy andthe convert of the poo *Allother incomes not incldd inthe bore ‘numeration aball be considered as proprietary income and shall be subject all sen, charges, {en and armenia” ‘8c 4, Section 18af he same Actiserey amend ead afl “Sue, 128, Prohibitions. — The Bangho ‘Sentral hla equ sharecotany kind oat thom as colar od bal ot participate in he ‘ownership or management of any entarpie, thor ‘dwt or indvectl Provided, That thipohiton ‘shallot apply whomever the Monetary sr ‘ot at eat ve (ot rpembers, (2) deems ‘sequiitonoinvestmentto bo necessary toguai, teas required or embers in international and ‘or (2) determines that Investing in andor operating an enterprise wil be Consistent with the efective Tuller of ite ‘mandate and wil not conetitate any conflet of “The Bongo Seniral shall not engage in evelopment banking or Gnancing: Provided, however, That outstanding Toane obtained oF cxtended for development fnaacing sll not be ‘lected bythe potion of his action”(oread a allow 182ofthe sme Act inhereby amended “S12. Transforof Assets and Linhltios () the Bangko Sentral shall remit y-fve percent (76%) of ts net pits te ‘imputed inthis Act oa special depot account Geinking fund) or to the National Treasury Alivdends, ut uch ne a the net abi of the Central Hankshall have been gated through tenealy coped finance mesbantems wach a Dut ot limited to write-off, set-off, condonstion, Collections, reappraisal, revaluntion and bond teranne bythe National Government. Tener, ‘teal omit fy ponent (0) oft et posite ‘te 47, Repeling Clause, ~ All provisions of exiting lawe, orders, rules and regulation, or part hereof which are in confit o iconsiten withthe provisions of tia Act are erly repented, amended or modified accra section of thia Act is heli to be unconstitutional or invalid {he ther provision or oxtioos harec, which ae nt afleted ‘hers sallontioue tobe in ful free and fet Sec 49. Hetty. — This Act ball take offect fen (a5) days flowing ts pubieaton in the Ofeiol Gate crn newspaper ofgeneralcirelatson'n the Pipes viceNred sorromt GLorta ffACAPAGAL-ARROYO ‘Preshen of ie Seat ‘Spealr of the Home This Act which ea considation of House Dill No 742 and Senate Bill No, 1297 was passed by the House of Representatives andthe Sat on November 27,208 and MvRAMAWIED. Virtanica Dany/Ronder6® Matic aa ae ‘pbs of Repesemates Approved: FEB 14 2088 DUTERTE Prom ofthe Philipines °