WHEREAS, the Constitution provides that the National
assembly shall establish a central monetary authority which shall provide policy
direction in. the areas of money, banking and credit;
WHEREAS, until the National Assembly shall otherwise
provide, the Central Bank of the Philippines, operating under existing laws,
shall function as the central monetary authority;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution, do hereby
order and decree:
SECTION 1. The Central Bank of the Philippines is hereby
constituted as the central monetary authority pursuant to Section 14, Article XV
of the Constitution. It; shall provide policy direction in the areas of money,
banking and credit and shall have supervisory authority over the operations of
banks and exercise such regulatory authority as may be provided by law
over the operations of non-bank financial intermediaries.
SEC. 2. This Decree shall take effect immediately.
Done in the City of Manila, .this 16th day of January, in the year of Our
Lord, nineteen hundred and eighty-one.
(Sgd.) FERDINAND E. MARCOS
President of the
Philippines
By the President:
(Sgd.) JUAN C. TUVERA
Presidential Executive
Assistant
Vol. 25, Vital Documents, Presidential Decree 1980-1981
