RA 265 CHAPTER VI.—PRIVILEGES AND PROHIBITIONS

Section 130–133 · 4 provisions

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗

Tax exemptions.

Section 130

SEC. 130. Tax exemptions.—The Central Bank of the Philippines shall be exempt, from all national, provincial, Municipal and city taxes and assessments now in force or hereafter established. The exemptions authorized in the preceding paragraph of this section shall apply to all property of the Central Bank, to the resources, receipts, expenditures, profits and income of the Bank, as well as to all contracts, deeds, documents and transactions related to the conduct of the business of the Bank: Provided, however, That said exemptions shall apply only to .such taxes and assessments for which .the Central Bank itself would otherwise be liable, and shall not apply to taxes or assessments payable by persons or other entities doing business with, the Central Bank.

Exemption from customs duties.

Section 131

SEC. 131. Exemption from customs duties.—The importation and exportation by the Central Bank of notes and coins, and of gold and other metals to be used for purposes authorized under this Act, and the importation of all equipment needed for furnishing, equipping and operating the offices of the Bank, shall be fully exempt from all customs duties and consular fees and from all other taxes, assessments and charges related to such importation or exportation.

Applicability of the Civil Service Law.

Section 132

SEC. 132. Applicability of the Civil Service Law.—Appointment in the Central Bank, except as to those which are policy-determining, primarily confidential or highly technical in nature, shall be made only according to the Civil, Service Law and Regulations. Officers and employees in the Central Bank, including all members of the Monetary Board, shall not engage directly or indirectly in partisan activities or take part in any election except to vote. No officer or employee of the Central Bank subject to the Civil Service Law and Regulations shall be removed or suspended except for cause as provided by law.

ARTICLE II.—Prohibitions

Prohibitions.

Section 133

SEC. 133. Prohibitions.—The Central Bank shall not acquire shares of any kind or accept them as collateral, and shall not participate in the ownership or management of any enterprise, either directly or indirectly.

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Provisions on this page are reproduced verbatim from official open data. See the attribution line.

Source: Official Gazette of the Republic of the Philippines — Philippine laws are public documents (works of the government).