International Monetary

Stability
Prepared by: Mia Grace Gallardo
 International Monetary Stability
Section 64. The Bangko Sentral shall exercise its powers under this
Act to preserve the international value of the peso and to maintain
its convertibility into other freely convertible currencies primarily for,
although not necessarily limited to, current payments for foreign
trade and invisibles.

SECTION 65. International Reserves. — In order to maintain the

international stability and convertibility of the Philippine peso, the
Bangko Sentral shall maintain international reserves adequate to
meet any foreseeable net demands on the Bangko Sentral for
foreign currencies.
SECTION 66. Composition of the International Reserves. — The
international reserves of the Bangko Sentral may include but shall not
be limited to the following assets:
(a) gold; and
(b)assets in foreign currencies in the form of: documents and
instruments customarily employed for the international transfer of
funds; demand and time deposits in central banks, treasuries and
commercial banks abroad; foreign government securities; and foreign
notes and coins.

SECTION 67. Action When the International Stability of the Peso Is

Threatened.
• Whenever the international reserve of the Bangko Sentral falls to a
level which the Monetary Board considers inadequate to meet
prospective net demands on the Bangko Sentral for foreign
currencies, or whenever the international reserve appears to be in
imminent danger of falling to such a level, or whenever the
international reserve is falling as a result of payments or
remittances abroad which, in the opinion of the Monetary Board,
are contrary to the national welfare, the Monetary Board shall:

(a) take such remedial measures as are appropriate and within the
powers granted to the Monetary Board and the Bangko Sentral under
the provisions of this Act; and
(b) submit to the President of the Philippines and to Congress a
detailed report which shall include, as a minimum, a description and
analysis of:
(1) the nature and causes of the existing or imminent decline;
(2) the remedial measures already taken or to be taken by the
Monetary Board;
(3) the monetary, fiscal or administrative measures further proposed;
and Those in bold letters except the titles are new or amended
provisions.
(4) the character and extent of the cooperation required from other
government agencies for the successful execution of the policies of the
Monetary Board.
Thank you!