FURTHER AMENDING EXECUTIVE ORDER 169, SERIES OF 1994 BY MODIFYING THE REPRESENTATIONS OF DOF AND DBM TO THE CENTRAL BANK – BOARD OF LIQUIDATORS

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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 Philippines, by
virtue of the powers vested in me by law, do hereby order the amendment of
Executive Order No. 169, series of 1994, as amended, as follows:

SECTION 1. Section 3 of Executive Order No. 169, series of 1994, as amended,
is hereby further amended to read as follows:

“SEC. 3. Composition
of the Board. The Board shall be composed of a
Chairman and four (4) Members as follows:

a. A representative of the
Office of the President of the Philippines who shall act as Chairman of the
Board;

b. A representative of the
Monetary Board to be designated by the Chairman, Monetary Board, from among the
full-time Monetary Board members;

c. A representative of the
Department of Finance to be designated by the Secretary of Finance;

d. A representative of the
Department of Budget and Management to be designated by the Secretary of Budget
and Management;

e. The Executive Director of the
Board to be nominated by the Board.”

“They shall be appointed by, and
shall serve at the pleasure of the President.”

SEC. 2. Effectivity. This Executive Order
shall take effect immediately.

DONE in the City of Manila, this 31st day of March, in the year of
Our Lord, Nineteen Hundred and Ninety-Eight.

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

By the President:

(Sgd.) ALEXANDER P. AGUIRRE
Executive Secretary

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