Section 16Sec./Art. 16

Auditor.- In consonance with existing laws and regulations, the Commission on Audit shall appoint and assign such personnel as may be necessary to audit the accounts of the Corporation. However, the Board may engage the services of any person or firm duly authorized by law for the audit of accounts of the Corporation for purposes of complying with its international contractual commitments or with the requirements of holders of Class "B" shares.

The Board shall determine the remuneration, compensation or reimbursement of expenses that may be reasonable and appropriate under the circumstances for either or both of the internal and external Auditors mentioned above.