Section 8Sec./Art. 8

All incumbent personnel of the Philippine Export and Foreign Loan Guarantee Corporation shall continue to exercise their duties and functions as personnel of the TIDCORP until the reorganization is fully implemented but not to exceed one (1) year from the approval of this Act. The Board of Directors is authorized to provide separation benefits for those who cannot be accommodated in the new structure. All those who shall retire or are separated from the service on account of the reorganization under the preceding Section shall be entitled to such incentives, as are authorized by the Corporation, which shall be in addition to all gratuities and benefits to which they may be entitled under existing laws.

All assets and liabilities, purposes, powers and functions under existing laws, including but not limited to those covered by Executive Order No. 574, Series of 1979 in relation to Republic Act No. 6424 and Executive Order No. 127, Series of 1987 in relation to Presidential Decree No. 1785; rights and obligations; and claims and interest of the Philippine Export and Foreign Loan Guarantee Corporation shall, upon effectivity of this Act, be deemed transferred to the TIDCORP.