Republic Act No. 7653: The New Central Bank Act

These flashcards cover key terms and definitions from Republic Act No. 7653, which outlines the establishment and operation of the Bangko Sentral ng Pilipinas.

Bangko Sentral ng Pilipinas

The independent central monetary authority created under Republic Act No. 7653, responsible for policy direction in money, banking, and credit.

Monetary Board

The governing body of the Bangko Sentral responsible for exercising its powers and functions, composed of seven members appointed by the President of the Philippines.

Fiscal Autonomy

The ability of the Bangko Sentral to operate independently with its own budget and financial resources, as prescribed by law.

Price Stability

The primary objective of the Bangko Sentral, aimed at maintaining stable prices conducive to sustainable economic growth.

Regulatory Powers

The authority granted to the Bangko Sentral to oversee and regulate banking operations and financial institutions.

Depositors' Interest

The protection and promotion of the interests of depositors and creditors which the Bangko Sentral aims to uphold.

Quasi-banking Functions

Activities performed by financial institutions that involve taking deposits and providing credit-like services without being classified as traditional banks.

Appointment of Conservator

The process by which the Monetary Board designates an individual to oversee the affairs of an ailing bank or quasi-bank.

Liquidation

The process of winding up the affairs of a bank or financial institution, involving the distribution of its assets to creditors.

Confidentiality Violations

Acts by members or employees of the Bangko Sentral that involve the unauthorized disclosure of confidential information.