Section 8Republic Act No. 6758, otherwise known as the Salary Standardization Law, and from other laws, rules and regulations on salaries and compensations; and to establish a Provident Fund and determine the , Sec./Art. 8

Board of Directors. The Corporation shall be governed and its activities be directed, controlled and manage by a Board of Directors, hereinafter referred to as the Board, which shall be composed of seven (7) members, as follows:

(a) The Secretary of the Department of Finance as the ex-officio Chairman;

(b) The Chairman of the Housing and Urban Development Coordinating Council (HUDCC), as the ex-officio Vice Chairman;

(c) The Director General of the National Economic and Development Authority (NEDA), as ex-officio member;

(d) The President of the Corporation, as member; and

(e) Three (3) other members to be appointed by the President of the Philippines, who shall serve for a term of five (5) years; Provided, That the person appointed shall be of good moral character, of unquestionable integrity of known probity and patriotism and with expertise and experience of at least ten (10) years in business, finance and the professions: Provided, further, That in the event of a vacancy, the successor appointed to fill the same shall serve only unexpired portion of the term of the member he succeeds to.

The decision of the Board shall be made by a vote of the majority of all its members.

The Chairman of the Corporation shall preside over meetings of the Board of Directors. The Vice Chairman of the Board shall assist the Chairman and act in his stead in case of the latters absence or incapacity.

The Chairman, Vice Chairman, and the Members of the Board shall be entitled to per diem for each meeting actually attended at such amount as may be fixed by the Board in accordance with existing laws, rules and regulations.