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Q: What is the period of replacement?A:1.Notes for any series or denomination More than 5 years old2.Coins More than 10 years oldQ: How is the Power to determine Rates ofExchange exercised?A:1.The Monetary Board shall determinethe rates at which the Bangko Sentralshall buy and sell spot exchange, andshall establish deviation limits from theeffective exchange rate or rates as itmay deem proper.2.TheMonetaryBoardshallsimilarlydetermine the rates for other types offoreign exchange transactions by theBangko Sentral, including purchases andsales of foreign notes and coins, but themarginsbetweentheeffectiveexchangeratesandtheratesthusestablishedmaynotexceedthecorrespondingmarginsforspotexchange transactions by more than theadditional costs or expenses involved ineach type of transactions.Q: What actions does the Bangko Sentral takewheninternationalstabilityofPesoisthreatened?A:Whenever the international reserve of theBangko Sentral falls to a level which the MonetaryBoardconsidersinadequatetomeettheprospective demands on the Bangko Sentral forforeign currencies, or whenever the internationalreserve appears to be in imminent danger offallingtosuchalevel,orwhenevertheinternationalreserve is fallingasa result ofpayments or remittances abroad which , in theopinion of the Monetary Board, are contrary tothe national welfare, the Monetary Board shall:1.Take such remedial measures as areappropriateandwithinthepowersgranted to the Monetary Board, and theBangko Sentral2.SubmittothePresidentofthePhilippines and the Congress, and makepublica detailed report which shallincludes, as a minimum, a descriptionand analysis of:a.Thenatureandcausesoftheexisting or imminent decline;b.TheremedialmeasuresalreadytakenortobetakenbytheMonetary Board
BANKING LAWSUN I V E R S I T Y O FSA N T OTO M A SFacultaddeDerechoCivilACADEMICSCHAIR:LESTERJAYALANE. FLORESIIVICECHAIRSFORACADEMICS:KARENJOYG. SABUGO& JOHNHENRYC. MENDOZAVICECHAIR FORADMINISTRATION ANDFINANCE: JEANELLEC. LEEVICECHAIRS FORLAYOUTANDDESIGN:EARLLOUIEM. MASACAYAN& THEENAC. MARTINEZc.Themonetary,fiscaloradministrativemeasuresfurtherproposedd.The character and extent of thecooperation required from othergovernmentagenciesforthesuccessful execution of the policiesof the Monetary Board (Sec. 67).Q: What are the emergency restrictions on theforeign exchange operations?A:1.Temporarily suspending and restrictingsales of foreign exchange by the BangkoSentral;2.Subjecting all transactions in gold andforeignexchangetolicensebytheBangko Sentral;3.RequiringthatanyforeignexchangethereafterobtainedbyanypersonresidingorentityoperatinginthePhilippines be delivered to the BangkoSentralortoanybankoragentdesignated by the Bangko Sentral forthe purpose, at the effective exchangerate or rates(Sec. 72)Note: