Section 5May 6, 1997, Sec./Art. 5

Sec. 7 of Republic Act No. 6977 is hereby amended to read as follows:

"Sec. 7. Composition. - The Council shall be headed by the Secretary of Trade and Industry as Chairman, and may elect from among themselves a Vice-Chairman to preside over the Council meetings in the absence of the Chairman. The members shall be the following:

"(a) Director General of the National Economic and Development Authority;

"(b) Secretary of Agriculture;

"(c) Secretary of Labor and Employment;

"(d) Secretary of Environment and Natural Resources;

"(e) Secretary of Science and Technology;

"(f) Secretary of Tourism;

"(g) The Chairman of the Monetary Board;

"(h) Chairman of Small Business Guarantee and Finance Corporation;

"(i) Chairman of the small and medium enterprises promotion body which the President shall undertake to establish under this Act; and

"(j) Three (3) representatives from the private sector at large, all Filipino citizens, to represent Luzon, Visayas and Mindanao, and one representative from the small and medium enterprises sector to be appointed by the President; and

"(k) a representative from the private banking sector to serve alternately among the Chamber of Thrift Bank; the Rural Bankers' Association of the Philippines (RBAP); and the Bankers' Association of the Philippines (BAP).

"Cabinet-rank ex officio members of the Council shall designate an undersecretary or assistant secretary, and the chairman of the Monetary Board or his representative, as their permanent representative in case they fail to attend meetings of the Council.

"The private sector members of the shall initially receive per diem of One Thousand pesos (P1,000) per meeting, for a maximum of twenty-four (24) meetings per year, which per diem may be adjusted by the Council: Provided, that may such adjustment shall take effect upon approval of the President.

"The Department of Trade and Industry shall allocate Five million pesos (P5,000,000) out of its savings for the initial operating expenses of the Council, after which, the Council's budget shall be included in the annual appropriation of the Department of Trade and Industry.

"The Council may, from time to time, call upon the participation of any government agency or association of local government officials in its deliberations especially when such agency is directly or indirectly concerned with and/or affecting the growth and development of small and medium enterprises in any particular area or manner.

"The Council may create an Executive Committee of five (5) members elected by the Council from among themselves or their designated permanent representatives, with at least two (2) members representing the private sector, and with authority to act for and on behalf of the Council during intervals of council meetings representing the private sector, and with authority to act for and on behalf of the Council during intervals of council meetings, and within the specific authority granted by the Council."