Section 35
SEC. 35. Section sixty-six of the same Act is hereby amended to read as follows: "SEC. 66. Action when abnormal movements occur in the money supply, credit, or price level. — Whenever abnormal movements in the money supply, in credit, or in prices endanger the stability of the Philippine economy or important sectors thereof, the Monetary Board shall: "(a) Take such remedial measures as arc appropriate and within the powers granted to the Monetary Board and the Central Bank under the provisions of this Act; and "(b) Submit to the President of the Philippines and the Congress, and make public, a detailed report which shall include, as a minimum, a description and analysis of: "(1) The causes of the rise or fall of the money supply, of credit or of price; "(2) The extent to which the changes in the money supply, in credit, or in prices have been reflected in changes in the level of domestic output, employment, wages and economic activity in general, and the nature and significance of any such changes; and "(3) The measures which the Monetary Board has taken and the other monetary, fiscal or administrative measures which it recommends be adopted. "Whenever the money supply, or the level of credit, increases or decreases by more than fifteen per cent (15 %), or the cost of living index increases by more than ten per cent (10%), in relation to the level existing at the end of the corresponding month of the preceding year, or even though any of these quantitative guidelines have not been reached when in its judgment the circumstances so warrant, the Monetary Board shall submit the report to which reference is made in subsection (b) of this section, and shall state therein whether, in the opinion of the Board, said changes in the money supply, credit or cost of living represent a threat to the stability of the Philippine economy or of important sectors thereof. "The Monetary Board shall continue to submit periodic reports to the President of the Philippines until it considers that the monetary, credit or price disturbances have disappeared or have been adequately controlled."