AMENDING SECTION FOURTEEN OF REPUBLIC ACT NUMBERED EIGHTY-FIVE, AS AMENDED BY REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED SEVENTEEN

WHEREAS, in pursuance of the policy to promote efficiency
in the public service, there is a need to provide for a position of
Vice-Chairman in the Board of Governors of the Development Bank of the
Philippines to preside over the meetings of the Board in the absence or
temporary incapacity of the Chairman of the Board;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution,
do hereby order and decree:

SECTION 1. Section fourteen of Republic Act Numbered
Eighty-five, as amended by Republic Act Numbered Three Thousand Five
Hundred Seventeen, is hereby amended to read as follows:

“SEC. 14. Board of Governors. — The affairs and
business of the Corporation shall be directed, its powers exercised, and
its property managed and preserved by a Board of Governors consisting
of the chairman and eight other members to be appointed by the President
of the Philippines. The Chairman and four members of the Board to be
designated by the President shall render full-time service to the
Corporation. The term of office of the Chairman and other members of the
Board shall be seven years, except that of the first members which
shall be one, two, three, four, five, six and seven years and which
shall be specified in their respective appointments. The compensation of
the Chairman and other members of the Board of Governors shall be fixed
by the President of the Philippines, who may remove any of them for
cause.

“The President may designate as Vice-Chairman one of the eight
members of the Board who shall preside over the meetings of the Board in
the absence or temporary incapacity of the Chairman.

“No person shall be appointed Chairman or member of the Board of
Governors unless he be of good moral character and unquestionable
integrity and be of recognized competence in economics, agriculture,
industry, finance and/or banking.”

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 27th day of March, in the year of Our
Lord, nineteen hundred and seventy-four.