I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
RA 7653 reorganized the Central Bank of the Philippines. The Central Bank is the supervisory and regulatory authority of all banks and financing institutions in the Philippines. It is responsible for the production and control of our currency and, as such, cannot be ignored by the country. It prevents the economy from becoming unstable. Even the most powerful government body, Congress (not the President; I'll tell you why in a later article) cannot encroach on it. All Congress is limited to is confirming appointments to the Monetary Board through the Commission on Appointments. In this light, this is one of the few times Congress can't play around. The Central Bank can't afford to be corrupt -and no one in his right mind will want to corrupt it. Consequently, it is only one of a few government bodies that I trust.
The Central Bank is headed by the Monetary Board, which has seven (7) members. Each member has a term of six (6) years. Appointments are made by the President and confirmed by Congress through the Commission on Appointments. This is one of they few times that people cannot fool around. Nobody wants everybody's assets tampered by amateurs. The Monetary Board consists of the Central Bank Governor, a member of the Cabinet and five (5) full-time members from the private sector. Sec. 8 provides that the minimum age is thirty-five (35) for members and forty (40) in case of the governor. Additionally, sec. 8 says all must be of good moral character, unquestionable integrity, known probity and patriotism and recognized competence in social and economic disciplines. All members may be reappointed only once. The governor also apponts three (3) deputy governors, who perform duties arrsigned to them by the governor and the board.
Sec. 9 gives us the disqualifications. Members must not be employees, brokers, agents, consultants, lawyers, officers, and even stockholders of any bank or financial institutions during their term of office. If they were such before being appointed, they must leave thes institutions and free themselves from all interests they have in them. They are also subject to the disqualifications in RA 6713. Members are removed if they lose sec. 8's qualifications, suffer from physical or mental incapability for more than six (6) months or commits frauds or illegal acts or does things that are in conflict with the Central Bank's aims and interests. People with personal interests in the Central Bank also cannot be members of the board. Members of the private sector also must have no other office in government. Removals are done by the president.
The members meet at least once a week. Meetings are called either by the governor or two (2) members. The governor plus three (3) other members present are sufficient to do business. The governor and cabinet member can appoint representatives in case of absence. Meetings must be recorded and may be taped or filmed. Deputy governors may also attend and speak at the meetings. The Central Bank must keep these recordings in its archives. The president fixes the salaries of the members from the private sector as well as that of the governor. The cabinet member's salary is fixed by law.
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