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Batas Pambansa Bilang 67
AN
ACT AMENDING REPUBLIC ACT NUMBERED TWO HUNDRED AND SIXTY-FIVE, AS
AMENDED,
OTHERWISE KNOWN AS "THE CENTRAL BANK ACT"
chan
robles
virtual law library
BATAS
PAMBANSA BILANG 67AN
ACT AMENDING REPUBLIC ACT NUMBERED TWO HUNDRED AND SIXTY-FIVE, AS
AMENDED,
OTHERWISE KNOWN AS "THE CENTRAL BANK ACT"chan
robles
virtual law library
chan
robles virtual law librarySection
1. Section 12 of Republic
Act No. 265, as amended is hereby amended to read as follows:chanroblesvirtuallawlibrarychanrobles virtual law library
"Sec.
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."chanrobles virtual law library
Sec.
2. Section 14 of the same
Act is hereby further amended to read as follows:chanroblesvirtuallawlibrarychanrobles virtual law library
"Sec.
14. Exercise of authority.
— In order to exercise the authority granted to it under this Act, the
Monetary Board shall:chanroblesvirtuallawlibrary
"(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. Section 34-A of the
same Act is hereby amended to read as follows:chanroblesvirtuallawlibrary
"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:chanroblesvirtuallawlibrary
"(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 Sections 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 Section 34-A thereof, to read as
follows:chanroblesvirtuallawlibrary
"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. Section 36 of the same
Act is hereby further amended to read as follows:chanroblesvirtuallawlibrary
"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. Section 43-c of the
same Act is hereby further amended to read as follows:chanroblesvirtuallawlibrary
"(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:chanroblesvirtuallawlibrary
"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, Section 88
thereof,
to read as follows:chanroblesvirtuallawlibrary
"(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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