The New Central Bank Act

Section 128

The Bangko Sentral shall not acquire shares of any kind or accept them as collateral, and shall not participate in the ownership or management of any enterprise, either directly or indirectly: Provided, That this prohibition shall not apply whenever the Monetary Board, by a vote of at least five (5) of its members, (1) deems an acquisition or investment to be necessary to qualify or as required for membership in international and regional organizations; or (2) determines that investing in and/or operating an enterprise will be consistent with the effective fulfillment of its mandate and will not constitute any conflict of interest. The Bangko Sentral shall not engage in development banking or financing: Provided, however, That outstanding loans obtained or extended for development financing shall not be affected by the prohibition of this section. (as amended by RA No 11211)