The Monetary Board

The powers and function of Bangko Sentral are exercised by its Monetary Board, which has
seven members appointed by the President of The Philippines. Under the New Central Bank
Act, one of the government sector members of the Monetary Board must also be a member of
the Cabinet designated by the President.

The New Central Bank Act establishes certain qualifications for the members of the Monetary
Board and also prohibits members from holding certain positions with other governmental
agencies and private institutions that may give rise to conflicts of interest. With the exception of
the members of the Cabinet, the Governor and the other members of the Monetary Board serve
terms of six years and may only be removed for cause.

The Monetary Board meets at least once a week. The Board may be called to a meeting by
the Governor of the Bangko Sentral or by two (2) other members of the Board. Usually, the
Board meets every Thursday but on some occasions, it convenes to discuss urgent issues.

In the exercise of its authority, the Monetary Board shall:

1. Issue rules and regulations it considers necessary for the effective discharge of the
responsibilities and exercise of the powers vested upon the Monetary Board and the
Bangko Sentral;
2. Direct the management, operations, and administration of the Bangko Sentral, reorganize
its personnel, and issue such rules and regulations as it may deem necessary or
convenient for this purpose. The legal units of the Bangko Sentral shall be under the
exclusive supervision and control of the Monetary Board;
3. Establish a human resource management system which shall govern the selection,
hiring, appointment, transfer, promotion, or dismissal of all personnel. Such system shall
aim to establish professionalism and excellence at all levels of the Bangko Sentral in
accordance with sound principles of management.
A compensation structure, based on job evaluation studies and wage surveys subject to
the Board's approval, shall be instituted as an integral component of the Bangko Sentral's
human resource development program.
On the recommendation of the Governor, appoint, fix the remunerations and other
emoluments, and remove personnel of the Bangko Sentral, subject to pertinent civil
service laws: Provided, That the Monetary Board shall have exclusive and final authority
to promote, transfer, assign, or reassign personnel of the Bangko Sentral and these
personnel actions are deemed made in the interest of the service and not disciplinary:
Provided, further, That the Monetary Board may delegate such authority to the Governor
under such guidelines as it may determine;
4. Adopt an annual budget for and authorize such expenditures by the Bangko Sentral in
the interest of the effective administration and operations of the Bangko Sentral in
accordance with applicable laws and regulations; and
5. Indemnify its members and other officials of the Bangko Sentral, including personnel of
the departments performing supervision and examination functions against all costs and
expenses reasonably incurred by such persons in connection with any civil or criminal
action, suit or proceedings to which he may be, or is, made a party by reason of the
performance of his functions or duties, unless he is finally adjudged in such action or
proceeding to be liable for negligence or misconduct.
Section 18. The Commission on Human Rights shall have the following powers
and functions:

(1) Investigate, on its own or on complaint by any party, all forms of human rights
violations involving civil and political rights;

(2) Adopt its operational guidelines and rules of procedure, and cite for contempt
for violations thereof in accordance with the Rules of Court;

(3) Provide appropriate legal measures for the protection of human rights of all
persons within the Philippines, as well as Filipinos residing abroad, and provide
for preventive measures and legal aid services to the underprivileged whose
human rights have been violated or need protection;

(4) Exercise visitorial powers over jails, prisons, or detention facilities;

(5) Establish a continuing program of research, education, and information to

enhance respect for the primacy of human rights;

(6) Recommend to Congress effective measures to promote human rights and to

provide for compensation to victims of violations of human rights, or their
families;

(7) Monitor the Philippine Governments compliance with international treaty

obligations on human rights;

(8) Grant immunity from prosecution to any person whose testimony or whose
possession of documents or other evidence is necessary or convenient to
determine the truth in any investigation conducted by it or under its authority;

(9) Request the assistance of any department, bureau, office, or agency in the
performance of its functions;

(10) Appoint its officers and employees in accordance with law; and

(11) Perform such other duties and functions as may be provided by law