policy, and Being the banker, financial advisor and official depository of the Government, its political subdivisions and instrumentalities and GOCCs. Organization The basic structure of the Bangko Sentral includes: The Monetary Board, which exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system; The Monetary Stability Sector, which takes charge of the formulation and implementation of the BSP's monetary policy, including serving the banking needs of all banks through accepting deposits, servicing withdrawals and extending credit through the rediscounting facility; The Supervision and Examination Sector, which enforces and monitors compliance to banking laws to promote a sound and healthy banking system; and The Resource Management Sector, which serves the human, financial and physical resource needs of the BSP. The powers and function of Bangko Sentral are exercised by its Monetary Board, whose seven members are appointed by the President of the Philippines. As provided for by RA 7653 or the New Central Bank Act, one of the government sector members of the Monetary Board must also be a member of Cabinet. Members of the Monetary Board are prohibited from holding certain positions in other government agencies and private institutions that may give rise to conflicts of interest. The members have fixed and overlapping terms, except for the Cabinet Secretary representing the incumbent administration. The current members of the Monetary Board are: Felipe Medalla – BSP Governor and Chairman of the Monetary Board Francisco G. Dakila, Jr. – Deputy Governor for Monetary and Economic Sector Eduardo G. Bobier – Deputy Governor for Corporate Services Sector Chuchi Fonacier – Deputy Governor for Financial Supervision Sector Mamerto Tangonan – Deputy Governor for Payment and Currency Management Sector Bernadette Romulo-Puyat – Deputy Governor for Program Management Sector Benjamin Diokno, Secretary of the Department of Finance Antonio S. Abacan, Jr. V. Bruce J. Tolentino Peter B. Favila Anita Linda Aquino Convertible currencies The Bangko Sentral has 32 currencies directly convertible with the Philippine peso, which serves as a benchmark for all Philippine banks. Convertible currencies with Bangko Sentral: Australian dollar (AUD) Bahraini dinar (BHD) British pound (GBP) Brunei dollar (BND) Canadian dollar (CAD) Chinese yuan (CNY) Euro (EUR) Hong Kong dollar (HKD) Indonesian rupiah (IDR) Japanese yen (JPY) South Korean won (KRW) Kuwaiti dinar (KWD) Saudi riyal (SAR) Singapore dollar (SGD) Swiss franc (CHF) Thai baht (THB) United Arab Emirates dirham (AED) United States