Composition of the international reserve.
Section 69
SEC. 69. Composition of the international reserve.—The international reserve of the Central Bank of the Philippines may include the following assets: (a) Gold; and (b) Assets in foreign currencies in the form of: documents and instruments of types customarily employed for the international transfer of funds; demand and time deposits in central banks, treasuries and commercial banks abroad; foreign government securities with maturities not, exceeding five yeans; and foreign notes and coins. The Monetary Board shall endeavor to hold the foreign exchange resources of the Central Bank in freely convertible currencies; moreover, the Board shall give particular consideration to the prospects of continued strength and convertibility of the currencies in which the reserve is maintained, as well as to the anticipated demands for such currencies. The Monetary Board shall issue regulations determining the other qualifications which foreign exchange assets must meet in order to be included in the international reserve of the Central Bank. The Central Bank shall be free to convert any of the assets in its international reserve into any other asset of a type included under subsections (a) and (b) of this section.