Amending Presidential Decree No. 694, Revising the Philippine National Bank Charter

EXECUTIVE ORDER NO. 717 August 10, 1981

AMENDING PRESIDENTIAL DECREE NO. 694, REVISING THE PHILIPPINE NATIONAL BANK CHARTER

WHEREAS, the Philippine National Bank is an instrument of national monetary policy with a significant role in the economic development of the country under the program of the New Republic;

WHEREAS, there is a need for further revising the Charter of the Philippine National Bank to enable it to effectively carry out the task of providing the necessary financing for economic development;

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

Sec. 1. Section 10 of P.D. No. 694, as amended, is hereby amended to read as follows:

"Sec. 10. Board of Directors Composition Per Diems Tenure. The affairs and business of the Bank shall be directed and its property managed and preserved, unless otherwise provided in this Decree, by a Board of Directors consisting of eleven members duly elected as hereinafter provided for a term of...

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Amending Presidential Decree No. 694, Revising the Philippine National Bank Charter

- Recognizes the Philippine National Bank as an instrument of national monetary policy with a significant role in economic development.
- Highlights the need to revise the Philippine National Bank Charter to enable effective financing for economic development.

Board of Directors Composition, Per Diems, and Tenure
- The affairs and business of the Bank shall be directed, and its property managed and preserved, by a Board of Directors consisting of eleven members. (Section 10)
- The Board of Directors shall be duly elected for a term of one year or until their successors are duly elected and qualified. (Section 10)
- Each member of the Board of Directors shall be paid a per diem of two hundred fifty pesos for each meeting of the Board of Directors. (Section 10)