Organization of The Bangko Sentral
The basic structure of the Bangko Sentral includes:
- The Monetary Board, which exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system,
- The Monetary Stability Sector, which takes charge of the formulation and implementation of the BSP’s monetary policy, including serving the banking needs of all banks through accepting deposits, servicing withdrawals and extending credit through the rediscounting facility,
- The Supervision and Examination Sector, which enforces and monitors compliance to banking laws to promote a sound and healthy banking system, and
- The Resource Management Sector, which serves the human, financial and physical resource needs of the BSP.
The powers and function of Bangko Sentral are exercised by its Monetary Board, whose seven members are appointed by the President of the Philippines. As provided for by the New Central Bank Act, one of the government sector members of the Monetary Board must also be a member of the President's Cabinet. Members of the Monetary Board are prohibited from holding certain positions in other government agencies and private institutions that may give rise to conflicts of interest. The members have fixed, overlapping, terms, except for the cabinet secretary representing the incumbent administration and it was the expansionary.
The current members of the Monetary Board are:
- Amando M. Tetangco, Jr., Chairman
- Cesar Purisima
- Alfredo C. Antonio
- Ignacio Bunye
- Peter B. Favila
- Felipe M. Medalla
- Armando L. Suratos
Read more about this topic: Bangko Sentral Ng Pilipinas
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