Section 6Sec./Art. 6

Section 10 of Presidential Decree No. 1080, as amended, is hereby amended to read as follows:

"Section 10. Board of Directors, Composition. – The powers and functions of the Corporation shall be exercised by a Board of Directors, hereinafter referred to as the "Board" which shall be composed of nine (9) members, as follows:

"a) The Secretary of Finance, who shall be the Chairman of the Board. Whenever the Secretary of Finance is unable to attend a meeting of the Board, he shall designate an Undersecretary to attend as his alternate, who shall act as Chairman;

"b) The President of the Corporation, who shall be the Vice-Chairman of the Board, shall assist the Chairman and act in his stead in case of absence or incapacity;

"c) The Secretary of Trade and Industry. Whenever the Secretary of Trade and Industry is unable to attend a meeting of the Board, he shall designate an Undersecretary to attend as his alternate;

"d) The Governor of the Bangko Sentral ng Pilipinas. Whenever the Governor of the Bangko Sentral ng Pilipinas is unable to attend a meeting of the Board, he shall designate a Deputy-Governor as his alternate;

"e) The Director-General of the National Economic and Development Authority. Whenever the Director-General is unable to attend a meeting of the Board, he shall designate a Deputy-General of the Authority to attend as his alternate;

"f) The Chairman of the Philippine Overseas Construction Board. Whenever the POCB Chairman is unable to attend a meeting of the Board, he shall designate the POCB Vice-Chairman to attend as his alternate; and

"g) Three (3) representatives from the private sector, at least one of which shall come from the export community, who shall be elected by the ex-officio members of the Board and who shall hold office for a term of not more than two (2) consecutive years: Provided, That the representative from the private sector should be of known probity in the sector he represents."