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Mga Batas Pambansa : MGA BATAS PAMBANSA
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BATAS PAMBANSA BILANG. 67BATAS PAMBANSA BLG. 67 - AN ACT
AMENDING REPUBLIC ACT NUMBERED TWO HUNDRED AND SIXTY-FIVE, AS AMENDED,
OTHERWISE KNOWN AS "THE CENTRAL BANK ACT"
Section 1.
Section 12 of Republic Act No. 265, as amended is hereby amended to
read as follows:
"Section 12.
Remuneration of members attending meetings of the Board. — The members
of the Monetary Board or their respective substitutes, except the
Governor and the Senior Deputy Governor, shall receive a per diem for
every Board meeting attended. The amount of per diem shall be set by
the President (Prime Minister) but may not exceed five hundred
(P500) pesos nor the sum of five thousand (P5,000) pesos for every
single month."
Sec. 2. Section 14 of the same Act is hereby
further amended to read as follows:
"Section 14.
Exercise of authority. — In order to exercise the authority granted to
it under this Act, the Monetary Board shall:
"(a) Prepare and issue rules and regulations as it
considers necessary for the effective discharge of the responsibilities
and exercise of the powers assigned to the Monetary Board and to the
Central Bank under this Act, and the rules and regulations issued shall
be reported to the President (Prime Minister) and the Batasang Pambansa
within fifteen days from the date of their issuance.
"(b) Direct the
management, operations, and administration of the Central Bank and
issue such rules and regulations as it may deem necessary or convenient
for this purpose. The legal units of the Central Bank shall be under
the exclusive supervision and control of the Monetary Board, the
provision of any law to the contrary notwithstanding.
"(c) On the recommendation of the Governor, appoint,
fix the remuneration and other emoluments, and remove personnel of the
Central Bank, with the exception of the Governor, subject to pertinent
civil service and compensation laws: Provided, That the Monetary Board
shall have exclusive and final authority to promote, transfer, assign,
or reassign personnel of the Central Bank and these personnel actions
are deemed made in the interest of the service and not disciplinary,
any provisions of existing law to the contrary notwithstanding; and
"(d) Authorize such expenditures by the Central Bank
as are in the interest of the effective administration and operations
of the Bank in accordance with applicable laws and regulations."
Sec. 3. Sec. 34-A of the same Act is hereby
amended to read as follows:
"Sec. 34-A.
Administrative sanctions on banks. — The Monetary Board is hereby
authorized, at its discretion, to impose upon banking institutions,
their directors and/or officers, for any willful delay in the
submission of reports or publications thereof as required by law, rules
and regulations; any refusal to permit examination into the affairs of
the institution; any willful making of a false statement to the Board
or to the appropriate supervising and examining department or its
examiners; any willful failure or refusal to comply with, or violation
of, any banking law or any order, instruction or regulation issued by
the Monetary Board, or any order, instruction or ruling by the
Governor; or any commission or irregularities, and/or conducting
business in an unsafe or unsound manner as may be determined by the
Monetary Board, the following administrative sanctions:
"(a) Fines not in excess of five hundred pesos a day
for each type of violation;
"(b) Suspension, or after due hearing, removal of
directors and/or officers;
"(c) Suspension of rediscounting privileges;
"(d) Suspension
of lending or foreign exchange operations or authority to accept new
deposits or make new investments;
"(e) Suspension of interbank clearing privileges,
and/or
"(f) Suspension of authority to operate.
"The above administrative sanctions need not be applied in the order of
their severity.
"Except in the appointment of a conservator and proceedings upon
insolvency as provided for under Section s 28-A and 29 of this Act, the
Governor is authorized to render opinions, decisions, or rulings which
shall be final and executory until reversed or modified by the Monetary
Board, on matters regarding application or enforcement of banking laws,
implementation of Monetary Board regulations, policies or instructions
pertaining to institutions supervised by the Central Bank, including
their method of accounting or manner of keeping the accounts, books and
financial records and their submission or reports.
"The Governor is likewise hereby
authorized, at his discretion, to impose upon banking institutions, for
any failure to comply with the requirements of law, Monetary Board
regulations and policies, and/or instructions issued by the Monetary
Board or by the Governor, fines not in excess of five hundred pesos a
day for each type of violation, the imposition of which shall be final
and executory until reversed, modified or lifted by the Monetary Board
on appeal.
"Administrative sanctions shall be applied to all banks of the same
category uniformly and without discrimination."
Sec. 4. The same Act is hereby amended by adding a
new section after Sec. 34-A thereof, to read as follows:
"Sec. 34-B.
Administrative sanctions on non-bank financial intermediaries
performing quasi-banking functions. — The Monetary Board is hereby
authorized, at its discretion, to impose upon non-bank financial
intermediaries performing quasi-banking functions, their directors
and/or officers, for any willful delay in the submission of reports or
publications thereof as required by law, rules or regulations; any
refusal to permit examination into the affairs of the institution; any
willful making of a false statement to the Board or to the appropriate
supervising or examining department or its examiners; any willful
failure or refusal to comply with, or violation of, any law pertaining
to non-bank financial intermediaries performing quasi-banking functions
or any order, instruction or regulation issued by the Monetary Board,
or any order, instruction or ruling by the Governor; or any commission
of irregularities, the following administrative sanctions:
"(a) Fines not
in excess of five hundred pesos a day for each type of violation;
"(b) Suspension or, after due hearing removal of
directors and/or officers;
"(c) Suspension of access to Central Bank facilities;
and/or
"(d) Suspension or, after due hearing, revocation of
quasi-banking license.
"The above administrative
sanctions need not be applied in the order of their severity.
"The Governor is authorized to render opinions, decisions, or rulings
which shall be final and executory until reversed or modified by the
Monetary Board on matters regarding application or enforcement of laws
pertaining to non-banking functions, implementation of Monetary Board
regulations, policies or instructions pertaining to non-bank financial
intermediaries with quasi-banking functions, including their method of
accounting or manner of keeping the accounts books and financial
records, and their submission of reports.
"The Governor is likewise hereby authorized, at his discretion, to
impose upon non-bank financial intermediaries with quasi-banking
functions for any failure to comply with the requirements of law,
Monetary Board regulations and policies, and/or instructions issued by
the Monetary Board or by the Governor, fines not in excess of five
hundred pesos a day for each type of violation, the imposition of which
shall be final and executory until reversed, modified or lifted by the
Monetary Board on appeal."
Sec. 5. Sec. 36 of the same Act is hereby
further amended to read as follows:
"Sec. 36.
Reports and publications. — Within the first fifteen days of each
month, the Central Bank shall publish a general balance sheet showing
the volume and composition of its assets and liabilities as of the last
working day of the preceding month."
Sec. 6. Sec. 43-c of the same Act is hereby
further amended to read as follows:
"(c) Interests
paid on bank reserves which exceed fifty percent (50%) of bank
deposits, in conformity with the provisions of Section 101, last
paragraph, of this Act.
"The amounts which are excluded from the computation of profits and
losses in accordance with the provisions of the first paragraph of this
section shall be entered in a suspense account which shall be called
the "Monetary Adjustment Account."
"The Monetary Board shall in every case amortize such expenses over a
period which shall not exceed ten years and at a rate which shall be
based on the adequacy of the Bank's profit."
Sec. 7. The title of Article IV, Chapter IV, of
the same Act is hereby amended to read as follows:
"ARTICLE IV. — Loans to Banking
and Other Financial Institutions"
Sec. 8. The same Act is hereby amended by adding a
new subsection after Subsection B, Sec. 88 thereof, to read as
follows:
"(c) In order to promote the medium and long-term
operations of non-bank financial intermediaries performing
quasi-banking functions and to maintain conditions of competition, the
Central Bank may, at its discretion, extend credit accommodations to
such financial intermediaries, subject to such conditions and
regulations as the Monetary Board may prescribe and, whenever
applicable and not inconsistent with this subsection, to the other
provisions of Article IV of this Chapter."
Sec. 9. This Act shall take effect upon its
approval.
Approved: April 1, 1980.
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