Section 8May 23, 2008, Sec./Art. 8

Section 7 of the Act, as amended, is hereby renumbered as Section 7-A and further amended to read as follows:

"SEC. 7-A. 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) Secretary of Agriculture;

"b) Secretary of the Interior and Local Government;

"c) Secretary of Science and Technology;

"d) Secretary of Tourism;

"e) Chairman of Small Business Corporation;

"f) Three (3) representatives from the MSME sector to represent Luzon, Visayas and Mindanao;

"g) One representative from the labor sector, to be nominated by accredited labor groups; and

"h) A representative from the private banking sector; to serve alternately among the Chamber of Thrift Banks; the Rural Bankers' Association of the Philippines (RBAP); and the Bankersâ™ Association of the Philippines (BAP).

"All members of the Council so appointed, except from the ex officio members, shall serve for a term of three (3) years. The person so appointed to replace a member who has resigned, died, or been removed for cause shall serve only for the unexpired portion of the term.

"The private sector members of the Council shall receive per diem of Two thousand pesos (P2,000) per meeting, for a maximum of twenty-four (24) meetings per year, which per diem may be adjusted by the MSMED Council as appropriate.

"The Council may call upon the participation of any national or local government agency, association of local government officials or private sector organization in its deliberations especially when such agency or private sector or organization in its deliberations especially when such agency or private sector organizations directly or indirectly concerned with and/or affecting the growth and development of MSMEs 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, and within the specific authority granted by the Council."