EXECUTIVE ORDER NO. 680 April 23, 1981
INCREASING THE NUMBERS OF DIRECTORS OF THE NATIONAL DEVELOPMENT COMPANY FROM SEVEN (7) TO NINE (9)
WHEREAS, the National Development Company (N ) is a major corporate vehicle of the Government empowered to invest in enterprises where government investment in necessary to foster national economic development;
WHEREAS, there is a need for close coordination between the National Development Company and the Ministry of the Budget, the Central Bank of the Philippines, and the Board of Investments to facilitate attainment of N 's development objectives;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, do hereby declare and order that the number of the Directors of the National Development Company shall be increased from seven (7) to nine (9), which shall be composed of the Minister of Industry, as Chairman, and the Minister of Finance, the Minister of Energy, the Minister of the Budget, the Governor of the Central Bank of the Philippines, the Chairman of the Development Bank of the Philippines, the Vice Chairman...
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Executive Orders
Increasing the Numbers of Directors of the National Development Company From Seven (7) to Nine (9)
Executive Order No. 680
Summary of Executive Order No. 680
Increasing the Number of Directors of the National Development Company
- The number of directors of the National Development Company (NDC) is increased from 7 to 9. (Section 1)
- The new composition of the Board of Directors is as follows:
• Minister of Industry (as Chairman)
• Minister of Finance
• Minister of Energy
• Minister of the Budget
• Governor of the Central Bank of the Philippines
• Chairman of the Development Bank of the Philippines
• Vice Chairman of the Board of Investments
• General Manager of the Company
• One (1) representative of the private sector appointed by the President (Section 1)
Rationale
- The NDC is a major corporate vehicle of the Government empowered to invest in enterprises where government investment is necessary to foster national economic development. (Preamble)
- There is a need for close coordination between the NDC and the Ministry of the Budget, the Central Bank of the Philippines, and the Board of Investments to facilitate attainment of NDC's development objectives. (Preamble)
Increasing the Number of Directors of the National Development Company
- The number of directors of the National Development Company (NDC) is increased from 7 to 9. (Section 1)
- The new composition of the Board of Directors is as follows:
• Minister of Industry (as Chairman)
• Minister of Finance
• Minister of Energy
• Minister of the Budget
• Governor of the Central Bank of the Philippines
• Chairman of the Development Bank of the Philippines
• Vice Chairman of the Board of Investments
• General Manager of the Company
• One (1) representative of the private sector appointed by the President (Section 1)
Rationale
- The NDC is a major corporate vehicle of the Government empowered to invest in enterprises where government investment is necessary to foster national economic development. (Preamble)
- There is a need for close coordination between the NDC and the Ministry of the Budget, the Central Bank of the Philippines, and the Board of Investments to facilitate attainment of NDC's development objectives. (Preamble)