GMA reconstitutes CB-Board of Liquidators

President Arroyo has reconstituted the Central Bank Board of Liquidators (CB-BOL), a body created by Congress to administer and dispose of government agencies, banks and other assets that have been assumed with the revision of the Bangko Sentral ng Pilipinas (BSP) charter under Republic Act 7653.

President Arroyo reconstituted the CB-BOL under Executive Order 141 dated Oct. 24, a copy of which was obtained by The STAR yesterday.

In her directive, President Arroyo said "there is a need to rationalize the membership and representation" in the CB-BOL.

As reconstituted in EO 141, the CB-BOL shall be composed of a chairman and four members as follows: a representative of the Office of the President (OP) who shall act as chairman of the board; a representative each of the Monetary Board (MB); an undersecretary from the Department of Finance; an undersecretary from the Department of Budget and Management (DBM); and the executive director to be nominated by the Board.

"They shall be appointed by, and shall serve at the pleasure of the President," President Arroyo stated in EO 141.

To date though, President Arroyo has yet to announce her appointees to the newly reconstituted CB-BOL.

President Arroyo invoked Section 132 (c) of RA 7653 that mandated all assets and liabilities of the CB created under RA 265, as amended, that were not transferred and assumed by the BSP shall be retained, administered, disposed of and liquidated by the CB itself, which shall continue to exist as the CB-BOL.

Mrs. Arroyo said EO 169 issued on April 17, 1994 constituted and prescribed that the CB-BOL originally be composed of a chairman and two members.

This was subsequently amended by EO 455 which increased the composition of the CB-BOL to a chairman and four members.

The composition of the CB-BOL was later reconstituted by EO 476 on March 31, 1998 and still further amended by EO 25, dated Sept. 21, 1998.

President Arroyo repealed EO 476 and EO 25, issued respectively, during the former Ramos administration and the deposed Estrada administration.

She, however, retained EO 169, as amended by EO 455 to govern the CB-BOL.

During the Estrada administration, the CB-BOL was chaired by former Executive Secretary Ronaldo Zamora.

The MB, which is the highest monetary-policymaking body in the country, is chaired by BSP Governor Rafael Buenaventura with Trade and Industry Secretary Mar Roxas II representing the Cabinet in the MB. – Marichu Villanueva