Professional Documents
Culture Documents
MONETARY BOARD
1. MB shall meet at least once a week. MB may be called to meeting by governor or 2 other
members of board
2. Presence of 4 members constitute quorum provided that governor or his alternate is among
the 4
3. BSP shall maintain and preserve complete records of proceedings in their original form or in
microfilm
1. Sec 61 GBL – publication of financial statements is required once at least every quarter. In
national or local emergency or of imminent panic, MB by vote of 5, upon application of bank,
may allow such bank to defer publication of financial statement
2. Sec 28 NCBA – supervision and examining department head shall examine books of every
banking institution once every 12 months and at such other time at the vote of 5 members of
MB
3. Sec 72 NCBA – During exchange crisis or national emergency, with concurrence of 5 members
of MB and approval of president, MB may temporarily suspend sales of exchange by BSP and
may subject all transactions in gold and foreign exchange to license by BSP
4. Sec 84 NCBA – in nation or local emergency or imminent financial panic, MB may, with 5
vote of members, authorize BSP to grant extraordinary loans or advances to banks secured by
assets
• Members of MB with personal or pecuniary interest in any matter in the agenda of MB shall
disclose his interest and shall retire from the meeting when matter is taken
• The decision made on matter shall be made public and the minutes shall reflect disclosure
made and retirement of member
IX. Profits, losses and special accounts
Fiscal Year
1. Profits or losses from revaluation of gold or foreign currency shall not be included in
computation of annual profits or losses
2. Any profit or losses from revaluation shall be offset by amounts owed by Philippines to
international financial institutions
3. Any remaining profit or loss shall be placed in the Revaluation of International Reserve and
net balance shall appear as either liability or asset depending whether profit or loss
The Auditor
• Chairman of COA act as ex official auditor of BSP and authorized to appoint representative
auditor to BSP. Can only be removed by COA
• Representative shall be (1) CPA, (2) 10 years experience, (3) not relative to member of MB or
COA to 6th civil degree
Proceedings upon and penalty for violations of NCBA and banking laws
2. Bank or quasi bank persists in carrying business in unlawful or unsafe manner same penalty
Administrative violations on banks
• MB may preventively suspend office under investigation not exceed 120 days except when delay
is caused by him
2. Respondents have opportunity to defend their action in a hearing upon a request made
within 5 days from receipt of order. If no hearing is requested, order is final
3. Governor is authorized to impose to banks fines not exceeding 10k per day per violation
which can be appealed to MB