Section 5Republic Act No. 3060, as amended, is hereby abolished, and its powers and functions are hereby transferred to the BOARD. Such transfer shall include the corresponding balances of appropriations, reco, Sec./Art. 5

Executive Officer. - The Chairman of the BOARD shall be the Chief Executive Officer of the BOARD. He shall exercise the following functions, powers and duties:

a) Execute, implement and enforce the decisions, orders, awards, rules and regulations issued by the BOARD;

b) Direct and supervise the operations and the internal affairs of the BOARD;

c) Establish the internal organization and administrative procedures of the BOARD, and recommend to the BOARD the appointment of the necessary administrative and subordinate personnel; and

d) Exercise such other powers and functions and perform such duties as are not specifically lodged in the BOARD.

The Chief Executive Officer shall be assisted by an Executive Director who shall be appointed by the President of the Philippines. The Executive Director shall hold office for a term of one (1) year, unless sooner removed by the President of the Philippines for any cause; Provided, That any appointee shall be eligible for re-appointment after the expiration of his term.

Unless otherwise provided by law, the Chief Executive Officer shall receive an annual salary of SEVENTY TWO THOUSAND PESOS (P72,000.00) and the Executive Director shall receive an annual salary of SIXTY THOUSAND PESOS (P60,000.00).