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 PROVISION…

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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 been disposed of and said
liabilities have been liquidated; and

WHEREAS, in view of the abolition of the Monetary Board of the Central
Bank, there is a need for the Central Bank Board of Liquidators to be formally
constituted to perform its mandated task under Section 132 (e) of Republic Act
No. 7653.

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:

Section 1. Declaring
the Continued Existence of the Central Bank as the Central Bank Board of
Liquidators. – Pursuant to Section 132 (e) of Republic Act No.
7653, the Central Bank, as a juridical entity, shall continue to exist for
twenty-five (25) years or until all its assets and liabilities have been
disposed of or liquidated, as the Central Bank Board of Liquidators (“Board”).

Section 2. Place of
Business. – The Board shall have its principal place of business in
Metro Manila. Unless the Board decides otherwise, it shall hold office at the
present BSP office complex in the City of Manila.

Section 3. Composition
of the Board. – The Board shall be composed of a Chairman and two
(2) Members, who may be the heads or officials of an agency, office or
government-owned or controlled corporation involved in the formulation or
implementation of economic, financial, fiscal or monetary policies of the
Government. They shall be appointed/designated by, and shall serve at the
pleasure of, the President.

Section 4. Powers and Responsibilities
of the Board. – Subject to the limitations imposed by law, the
Board shall exercise and discharge the following powers and responsibilities:

(a) Administer, dispose of and
liquidate all assets and liabilities of the Central Bank not transferred to the
BSP and retained by the Board. In this connection the Board shall among others:

i. Formulate and implement a
comprehensive program and issue guidelines for the disposition and liquidation
of all retained assets and liabilities;

ii. Until finally disposed of,
manage, let, conserve, and rehabilitate said assets and properties; and

iii. In coordination with the
Secretary of Finance and the BSP Monetary Board, explore and employ ways and
means of retiring or liquidating said liabilities through such mechanisms as
compromise, remission, condonation, dation in payment, write-off, or set off,
whether in whole or in part, or a combination of such modes, including the
roll-over, extension, restructuring or revalidation of maturing liabilities,
regardless of the amount involved, and negotiate accordingly with all its
creditors with the end in view of obtaining better repayment terms and
conditions therefor;

(b) Submit periodic reports to
the President through the Secretary of Finance and the BSP Monetary Board as to
the status of the Board’s disposition and liquidation program, and such other
reports as may be required by them, from time to time;

(c) Determine and approve the
financial requirements of the Board including the annual budget for its
operation, the conservation and administration of its assets, and the servicing
of its liabilities especially those which shall fall due from time to time;

(d) Subject to the provisions of
Sections 8 and 9 hereof, and upon the recommendation of the Chairman, appoint,
fix the remunerations, allowances and other emoluments, and remove personnel of
the Board, subject to pertinent civil service and compensation laws; Provided,
That the Board may delegate such authority to the Chairman under such
guidelines as it may determine; and

(e) Perform such other corporate
powers necessary to attain the objectives set forth under Section 132 (e) of
Republic Act No. 7653 and this Executive Order;

Section 5. Meetings.
– The Board shall convene as frequently as necessary to discharge its
responsibilities but shall meet at least once every month.

The presence of two (2) Members
shall constitute a quorum: Provided, That all decisions of the Board shall
require the concurrence of at least two (2) Members.

Section 6. Powers and
Duties of the Chairman. – The Chairman shall be the chief executive
officer of the Board. His powers and duties shall be as follows:

(a) To prepare the agenda for
the meetings of the Board and to submit, for the consideration of the Board,
the policies and measures which are necessary to carry out the objectives
provided under Section 132 (e) of Republic Act No. 7653 and this Executive
Order;

(b) To execute and administer
all the policies and measures approved by the Board;

(c) To direct and supervise the
operations and internal administration of the Board. The Chairman may delegate
certain of his administrative responsibilities to other Members or officers of
the Board, subject to the rules and regulations of the Board; and

(d) To exercise such other
powers as may be vested in him by the Board.

Section 7. Representation
of the Board. – The Chairman shall be the principal representative
of the Board, and in his capacity and in accordance with the instructions of
the Board, he shall be empowered:

(a) To represent the Board in
all dealings with other offices, agencies and instrumentalities of the
Government and with all other persons or entities, public or private, whether
domestic, foreign, or international;

(b) To authorize, with his
signature, contracts entered into by the Board, and the annual reports, balance
sheets, profit and loss statements, correspondence and other documents of the
Board. The signature of the Chairman may be in facsimile, whenever appropriate;

(c) To represent the Board,
either personally or through counsel, in any legal proceedings or action; and

(d) To delegate his power to
represent the Board, as provided in subsections (a), (b) and (c) of this
section, to other Members and officers of the Board upon his own
responsibility.

Section 8. Remuneration
of Members of the Board and the Chairman. – (a) Subject to existing
laws, the Chairman and Members of the Board shall receive a per diem for every
Board (or Committee thereof) meeting attended. Unless otherwise determined by
the President, the amount of per diem shall not exceed one thousand
pesos (P1,000.00), nor the sum of five thousand pesos (P5,000.00) for every
single month. They shall also receive such other allowances and emoluments as
may be fixed by the President, subject to existing laws.

(b) The salary, allowances and
other emoluments of the Chairman shall be fixed by the President of the
Philippines at a sum commensurate to the importance and the responsibility
attached to the position, subject to existing laws.

Section 9. Technical
and Administrative Staff. – The Board shall have a technical and
administrative staff to be headed by an Executive Director who shall be
designated by the Board upon the recommendation of the Chairman.

The BSP shall, upon
request by the Board, detail or assign such number of its personnel which may
be necessary for the Board to discharge its functions pursuant to Section 132
(e) of Republic Act No. 7653 and this Executive Order.

The Board may likewise engage
the services of qualified professionals as consultants subject to existing
laws, rules and regulations.

Section 10. Annual
Budget. – The BSP shall provide the Board with adequate funds to
cover the latter’s operational expenses for fiscal year 1994. Thereafter, the
Board’s annual budget/funding requirements shall be provided for in the General
Appropriations Act.

Section 11. Separability
Clause. – If for any reason, any section or provision or this
Executive Order is declared to be unconstitutional or invalid, the other
provisions hereof not affected thereby shall continue to be in full force and
effect.

Section 12. Repealing
Clause. – All executive issuances, rules and regulations
inconsistent herewith are hereby repealed, amended or modified accordingly.

Section 13. Effectivity.
– This Executive Order shall take effect immediately.

DONE in the City of Manila, this 17th day of April in the
year of Our Lord, Nineteen Hundred and Ninety-Four.

(Sgd.) FIDEL
V. RAMOS
President of the Philippines

By the President:

(Sgd.) TEOFISTO T. GUINGONA, JR.
Executive Secretary

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