Reorganizing the Board of Directors of the Philippine Export and Foreign Loan Guarantee Corporation

EXECUTIVE ORDER NO. 536 May 18, 1979

REORGANIZING THE BOARD OF DIRECTORS OF THE PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION

WHEREAS, the Development Bank of the Philippines and the Philippine Overseas Construction Board are among the agencies of the Government involved and actively participating in the operations of the Philippine Export and Foreign Loan Guarantee Corporation;

WHEREAS, under Presidential Decree No. 550, as amended by Presidential Decree No. 1080, creating the Philippine Export and Foreign Loan Guarantee Corporation, the Development Bank of the Philippines and the Philippine Overseas Construction Board are not represented in its Board of Directors; and

WHEREAS, in order to be more effective in achieving the purposes for which the Philippine Export and Foreign Loan Guarantee Corporation was created, it is necessary that the Development Bank of the Philippines and the Philippine Overseas Construction Board be duly represented in its Board of Directors;

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

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Summary of Executive Order No. 536

Reorganizing the Board of Directors of the Philippine Export and Foreign Loan Guarantee Corporation

- The Development Bank of the Philippines and the Philippine Overseas Construction Board are actively involved in the operations of the Philippine Export and Foreign Loan Guarantee Corporation. (Preamble)
- Under Presidential Decree No. 550, as amended by Presidential Decree No. 1080, the Development Bank of the Philippines and the Philippine Overseas Construction Board are not represented in the Board of Directors of the Philippine Export and Foreign Loan Guarantee Corporation. (Preamble)
- To achieve the purposes of the Philippine Export and Foreign Loan Guarantee Corporation effectively, it is necessary that the Development Bank of the Philippines and the Philippine Overseas Construction Board be represented in its Board of Directors. (Preamble)

Provisions:

- The Minister of Agriculture and the Minister of Natural Resources shall be replaced as Members of the Board of Directors of the Philippine Export and Foreign Loan Guarantee Corporation by the Chairman of the Development Bank of the Philippines and the Chairman of the Philippine Overseas Construction Board. (Section 1)
- The President of the Philippines may designate a Vice-Chairman from among the members of the Board, who shall assist the Chairman and act in his stead in case of absence or incapacity. (Section 2)
- The Executive Order shall take effect immediately. (Section 3)