Which is not true about the Banko Sentral ng Pilipinas and the Philippine banking industry?

a. Banks are engaged in lending of cash which was acquired from the public in the form of deposits.

b. One of the powers that the Universal bank can exercise includes the power of an investment house.

c. The members of the monetary board of the Banko Sentral ng Pilipinas are appointed by the president of the Philippines.

d. Banko Sentral ng Pilipinas is the primary government agency that facilitates the planning and implementation of fiscal policies.