Central bank independence is a prerequisite in this respect. Without it, the implementation of necessary measures can be endangered. We have a clear division of work regarding intra-marginal interventions. The Board of Governors, in collaboration with Market Operations, establishes a strategy based on current market conditions. The Board of Governors has access to real-time information on any interventions, but is not consulted in advance.
Amando M Tetangco, Jr: BSP and SSS – moving towards a common vision Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the SSS anniversary celebration, Quezon City, 1 September 2009. *  *  *  Social Security Commission Chairman Thelmo Cunanan, SSS President and CEO Sec.