Section 9Republic 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. 9

Powers, Functions and Duties of the Board of Directors. The Board shall have the following powers, functions and duties:

(a) To adopt the by-laws of the Corporations and to revise of amend the same as may be expedient;

(b) To direct the management, operations and administration of the Corporations;

(c) To authorize such expenditures by the Corporations as are in the interest of the effective administration and operations of the Corporation;

(d) To formulate, revise or adjust periodically all policies, and to promulgate the necessary rules and regulations and manuals of procedures for the effective implementation of the provisions of this Act, in any event to conform to the prevailing economic and financial conditions: Provided, That anything contained herein to the contrary notwithstanding, manual or procedures, on ceilings and limitation shall be subject to the concurrence of the Monetary Board of the Bangko Sentral ng Pilipinas;

(e) To create offices or positions necessary for the efficient management, operation, and administration of the Corporation: Provided, That all positions in the Home Guaranty Corporation (HGC) shall be governed by a compensation and position classification system and qualifications standards approved by the Corporations Board of Directors based on a comprehensive job analysis and audit on actual duties and responsibilities: Provided, further, That the compensation plan shall be comparable with the prevailing compensation plans in the private sector and which shall be exempt from Republic 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 Corporations and the employees contributions to the Fund; and

(f) To exercise such other powers as may necessary and proper for the effective enforcement of this Act and to accomplish the purposes for which the Corporation was organized; and to do and to perform any and all acts and incidental to the attainment of all the purposes of the Corporation