“(C)onsidering its unique functions and responsibilities, the central monetary authority established under this Act, while being a government-owned corporation, shall enjoy fiscal and administrative autonomy.”
by Ducky Paredes
I don’t understand how Senator Ralph Recto has to wonder publicly whether the Bangko Sentral ng Pilipinas (BSP) could lend one billion dollars to the IMF without approval from Congress, which created the central bank.
“I’m not totally opposing it but how can the government, through the BSP, lend money to the IMF without authority from Congress?” Recto said in a statement.
He said the BSP could not claim “sole proprietary rights over the country’s dollar reserves”—from which the loan to the IMF will be sourced—and “should seek consensus first or secure appropriation cover from Congress.”
Recto, a member of the President’s Liberal Party, said the public “must also be made to understand why the government is lending to the IMF while it continuously borrows from international lending and multilateral institutions for budgetary support and deficit spending.”
But, isn’t the good senator aware that President Fidel V. Ramos signed Republic Act No. 7653, otherwise known as the New Central Bank Act, into law on June 14, 1993. This law provides for the establishment of an independent monetary authority to be known as the Bangko Sentral ng Pilipinas, its primary objective being the maintenance of price stability.
In fact, the law says: “The State shall maintain a central monetary authority that shall function and operate as an independent and accountable body corporate in the discharge of its mandated responsibilities concerning money, banking and credit. In line with this policy, and considering its unique functions and responsibilities, the central monetary authority established under this Act, while being a government-owned corporation, shall enjoy fiscal and administrative autonomy.”
And, further, “The Bangko Sentral is hereby authorized to adopt, alter, and use a corporate seal which shall be judicially noticed; to enter into contracts; to lease or own real and personal property, and to sell or otherwise dispose of the same; to sue and be sued; and otherwise to do and perform any and all things that may be necessary or proper to carry out the purposes of this Act.
“The Bangko Sentral may acquire and hold such assets and incur such liabilities in connection with its operations authorized by the provisions of this Act, or as are essential to the proper conduct of such operations.”
So, what, really is this senator’s problem? He is asking questions about what has already been properly answered in a republic act!
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Vietnam denounces China’s opening of offshore oil blocks to foreign companies in contested areas of the South China Sea as “illegal”, even as China protests against oour opening of a Kindergarten school in the same area. Clearly, we must all talk together about what to do with the South China Seas, aso known as the Western Philippine Sea and I wodner whet it is in Malaysia, Vietnam and Brunei.
The fact of the matter is that we are all claiming the same area and, in reality, depending on how one looks at it, the areas could be Chinese.,Philippine, Vietnamese, Malaysian, or part of Brunei.
What bothers Vietnam is that the China National Offshore Oil Corporation announced that nine offshore blocks were available for exploration, and that it was seeking bids from foreign companies.
Vietnam’s foreign ministry said in a statement on Tuesday that the blocks “lie entirely within Vietnam’s 200-mile exclusive economic zone.”
“This is absolutely not a disputed area. [CNOOC’s move] is illegal and of no value, seriously violating Vietnam’s sovereignty,” it added.
It said the bid invitation was “causing tension” in the South China Sea.
The Chinese say that the blocks, which cover an area of more than 160,000 square kilometers (64,000 square miles), “are available for international exploration and development cooperation between CNOOC and foreign companies.”
According to the Chinese Foreign Ministry , the tender was “normal business activity.”
In addition, the Chinese said: “We hope Vietnam will respect these agreements and avoid taking any action that may complicate the matter.”
China is a bully that claims sovereign rights to the whole South China Sea, believed to sit atop vast oil and gas deposits. The sea is also claimed in whole or part by Taiwan, Vietnam, Brunei, Malaysia, and the Philippines.
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General Demetrio Camua, my upperclassman at the Ateneo and a good friend died recently in the United States. His family would like all of his Ateneo and Philippine Military Classmates and friends to know that there is a scheduled Memorial Service on August 9, Thursday at Kostka Chapel, Ateneo High School.
Necrologiacal services will follow after which cocktails will be served at the Ateneo High School Cafeteria.
Friday, August 10, Memorial and Military Services will be held at Nichols Air Base at 11 a,.m. Final military honors will follow at the Libingan ng Mga Bayani. Burial at noon.
I decided to publish this announcement after a PMA graduate asked me when Demi would be brought home to Manila. His wife, Helen, is bringing his ashes home on August 8.
Demi was a good friend and someone I admired.
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