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HELD: NO. A reading of the circular and pertinent provisions, including that of RA
720, shows that
nowhere therein is the authority given to the Monetary Board to mete out additional
penalties to the
rural banks on past due accounts with the Central Bank. As said by the CFI, while
the Monetary
Board possesses broad supervisory powers, nonetheless, the retroactive imposition
of
administrative penalties cannot be taken as a measure SUPERVISORY in character.
Administrative rules have the force and effect of law. There are, however,
limitations in the rulemaking
power of administrative agencies. All that is required of administrative rules and
regulations is to
implement given legislation by not contradicting it and conform to the standards
prescribed by law.
Rules and regulations cannot go beyond the basic law. Since compliance therewith
can be enforced by a
penal sanction, an administrative agency cannot implement a penalty not provided in
the law authorizing
it, much less one that is applied retroactively.
HELD: NO. A reading of the circular and pertinent provisions, including that of RA
720, shows that
nowhere therein is the authority given to the Monetary Board to mete out additional
penalties to the
rural banks on past due accounts with the Central Bank. As said by the CFI, while
the Monetary
Board possesses broad supervisory powers, nonetheless, the retroactive imposition
of
administrative penalties cannot be taken as a measure SUPERVISORY in character.
Administrative rules have the force and effect of law. There are, however,
limitations in the rulemaking
power of administrative agencies. All that is required of administrative rules and
regulations is to
implement given legislation by not contradicting it and conform to the standards
prescribed by law.
Rules and regulations cannot go beyond the basic law. Since compliance therewith
can be enforced by a
penal sanction, an administrative agency cannot implement a penalty not provided in
the law authorizing
it, much less one that is applied retroactively.
HELD: NO. A reading of the circular and pertinent provisions, including that of RA
720, shows that
nowhere therein is the authority given to the Monetary Board to mete out additional
penalties to the
rural banks on past due accounts with the Central Bank. As said by the CFI, while
the Monetary
Board possesses broad supervisory powers, nonetheless, the retroactive imposition
of
administrative penalties cannot be taken as a measure SUPERVISORY in character.
Administrative rules have the force and effect of law. There are, however,
limitations in the rulemaking
power of administrative agencies. All that is required of administrative rules and
regulations is to
implement given legislation by not contradicting it and conform to the standards
prescribed by law.
Rules and regulations cannot go beyond the basic law. Since compliance therewith
can be enforced by a
penal sanction, an administrative agency cannot implement a penalty not provided in
the law authorizing
it, much less one that is applied retroactively.
HELD: NO. A reading of the circular and pertinent provisions, including that of RA
720, shows that
nowhere therein is the authority given to the Monetary Board to mete out additional
penalties to the
rural banks on past due accounts with the Central Bank. As said by the CFI, while
the Monetary
Board possesses broad supervisory powers, nonetheless, the retroactive imposition
of
administrative penalties cannot be taken as a measure SUPERVISORY in character.
Administrative rules have the force and effect of law. There are, however,
limitations in the rulemaking
power of administrative agencies. All that is required of administrative rules and
regulations is to
implement given legislation by not contradicting it and conform to the standards
prescribed by law.
Rules and regulations cannot go beyond the basic law. Since compliance therewith
can be enforced by a
penal sanction, an administrative agency cannot implement a penalty not provided in
the law authorizing
it, much less one that is applied retroactively.
HELD: NO. A reading of the circular and pertinent provisions, including that of RA
720, shows that
nowhere therein is the authority given to the Monetary Board to mete out additional
penalties to the
rural banks on past due accounts with the Central Bank. As said by the CFI, while
the Monetary
Board possesses broad supervisory powers, nonetheless, the retroactive imposition
of
administrative penalties cannot be taken as a measure SUPERVISORY in character.
Administrative rules have the force and effect of law. There are, however,
limitations in the rulemaking
power of administrative agencies. All that is required of administrative rules and
regulations is to
implement given legislation by not contradicting it and conform to the standards
prescribed by law.
Rules and regulations cannot go beyond the basic law. Since compliance therewith
can be enforced by a
penal sanction, an administrative agency cannot implement a penalty not provided in
the law authorizing
it, much less one that is applied retroactively.
HELD: NO. A reading of the circular and pertinent provisions, including that of RA
720, shows that
nowhere therein is the authority given to the Monetary Board to mete out additional
penalties to the
rural banks on past due accounts with the Central Bank. As said by the CFI, while
the Monetary
Board possesses broad supervisory powers, nonetheless, the retroactive imposition
of
administrative penalties cannot be taken as a measure SUPERVISORY in character.
Administrative rules have the force and effect of law. There are, however,
limitations in the rulemaking
power of administrative agencies. All that is required of administrative rules and
regulations is to
implement given legislation by not contradicting it and conform to the standards
prescribed by law.
Rules and regulations cannot go beyond the basic law. Since compliance therewith
can be enforced by a
penal sanction, an administrative agency cannot implement a penalty not provided in
the law authorizing
it, much less one that is applied retroactively.