SEVENTEENTH CONGRESS )
REPUBLIC OF THE PHILIPPINES }
First Regular Session

HOUSE OF REPRESENTATIVES

Introduced by Representative Maximo B. Rodriguez,

House Bill No. 4620

EXPLANATORY NOTE

According to Benjamin Franklin “In free governments, the rulers are the servants, and the
people their superiors...For the former to return among the latter does not degrade, but
promote them”. Basically, what this means is that when a person knows they s/he must
return to his ordinary life, they will consider more the effects of the programs they push for
and not only think of how to stay in the position they are in.

This is usually the argument in favor of term-limits.

However, while this may be true, there are indeed some exceptions who deserve to stay
longer because of the exemplary job that they are doing and to finish what they started,

Also, in most cases, the job is very complicated and who is to be appointed will lead to far
reaching effects. A perfect example is the finance sector of the country. Many foreign
investors have been saying that when it comes to maintaining investor confidence in the
country, the key to keeping them in the country (and attracting new ones) is having reputable
names as finance chief and BSP Governor (Biz Buzz, Philippine Daily Inquirer, June 15,
2015)

In view of the same, immediate passage of this bill which will extend the term of the
members of the is eamestly requested

i :

MAXIMO B, RODRIGUEZ, JR.


SEVENTEENTH CONGRESS )
REPUBLIC OF THE PHILIPPINES )
First Regular Session

HOUSE OF REPRESENTATIVES

—_ Introduced by Representative Maximo B. Rodriguez, Jr.
4620

House Bill No.

AMENDING SECTION 6 OF REPUBLIC ACT 7653 OR THE NEW CENTRAL BANK ACT,
AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippines in Congress
assembled:

SECTION 1. Section 6 of Republic Act 7653 or the New Central Bank Act is hereby
amended to read as follows:

Section 6. Composition of the Monetary Board. - The powers and
functions of the Bangko Sentral shall be exercised by the Bangko Sentral
Monetary Board, hereafter referred to as the Monetary Board, composed of
seven (7) members appointed by the President of the Philippines for a term of
six (6) years.

The seven (7) members are:

(a) the Govemor of the Bangko Sentral, who shall be the Chairman of the
Monetary Board. The Governor of the Bangko Sentral shall be head of a
department and his appointment shall be subject to confirmation by the
‘Commission on Appointments. Whenever the Govemor is unable to attend a
meeting of the Board, he shall designate a Deputy Governor to act as his
alternate: Provided, That in such event, the Monetary Board shall designate
one of its members as acting Chairman;

(b) a member of the Cabinet to be designated by the President of the
Philippines. Whenever the designated Cabinet Member is unable to attend a
meeting of the Board, he shall designate an Undersecretary in his
Department to attend as his alternate; and

(c) _ five (5) members who shall come from the private sector, all of whom
shall serve full-time: Provided, however, That of the members first appointed
under the provisions of this subsection, three (3) shall have a term of six (6)
years, and the other two (2), three (3) years.

No member of the Monetary Board may be reappointed more than
[once] TWICE

SEC 2. This Act shall take effect fifteen (15) days following its publication in a
newspaper of general circulation.”

Approved,