Executive Order No. 288 (1987)

Sections 3, 4, and 6 of Presidential Decree No

Sec. 1. Sections 3, 4, and 6 of Presidential Decree No. 205 as amended by Presidential Decree No. 1061 are hereby amended to read as follows:

"Sec. 3. Organizational Location and Domicile. The principal office of the Academy shall be established at Metropolitan Manila. The Academy may also have branches or offices at such other place or places within or without the Philippines, as the operations and activities of the Academy may require."

"Sec. 4. Board of Trustees. The governance and policy direction of the Academy shall be vested in, and its powers exercised by, a Board of Trustees, which shall be composed of eleven members representing the following:

(a) Office of the President;

(b) Department of Finance;

(c) Department of Education, Culture and Sports;

(d) Department of Budget and Management;

(e) Department of Agriculture;

(f) Department of Environment and Natural Resources;

(g) Department of Health;

(h) Department of Agrarian Reform;

(i) National Economic and Development Authority;

(j) Civil Service Commission;

(k) The Academy.

The Trustees shall elect from among themselves the Chairman and Vice-Chairman of the Board.

The Trustees shall receive per diem as may be authorized for every meeting of the Board and its Executive Committee actually attended, in addition to reasonable transportation and representation expenses, subject to existing rules and regulations."

"Sec. 6. Executive Committee. There shall be an Executive Committee consisting of the President of the Academy and four other members to be elected by the Board of Trustees from the membership of the Board. Members of the Executive Committee, other than the President of the Academy, shall hold office for terms of two yeas, unless at the time of election a shorter term is specified, and shall be eligible for re-election. The Board shall elect the Chairman of the Executive Committee from the membership of the Committee."

A new Section 7-A is hereby added, after Section 7 of the Presidential Decree No

Sec. 2. A new Section 7-A is hereby added, after Section 7 of the Presidential Decree No. 205, as amended, to read as follows:

"Sec. 7-A. Board of Visitors. The Academy shall have a Board of Visitors to be composed of the heads of the financial institutions which constitute the founding members of the Academy, as follows:

(a) The Chairman of the Development Bank of the Philippines, Chairman;

(b) The Governor of the Central Bank of the Philippines;

(c) The President of the Government Service Insurance System;

(d) The Administrator of the Social Security System;

(e) The President of the Philippine National Bank;

(f) The President of the Land Bank of the Philippines.

The Board of Visitors shall have authority to conduct a review of the policies, programs and operations of the Academy and make suggestions with respect to its desired thrust and orientation."

A new Section 9-A is hereby added , after Section 9 of Presidential Decree No

Sec. 3. A new Section 9-A is hereby added , after Section 9 of Presidential Decree No. 205, as amended, to read as follows:

"Sec. 9-A. Funding Sources. The Academy shall be financially self-sufficient, and its funds shall come from the following sources:

(a) Revenue generated from its operations;

(b) Donations, bequests and similar financial contributions; and

(c) Others, such as investments and interest income.

Separability

Sec. 4. Separability. Any portion or provision of this Executive Order that may be declared unconstitutional shall not have the effect of nullifying other portions or provisions hereof as long as such remaining portions or provisions can still subsists and be given effect in their entirety.

Repealing Clause

Sec. 5. Repealing Clause. All laws, rules and regulations or parts thereof inconsistent with the provisions of this Executive Order are hereby repealed or modified accordingly.

Effectivity

Sec. 6. Effectivity. This Executive Order shall take effect immediately.

DONE in the City of Manila, this 25th of July, in the year of Our Lord, nineteen hundred and eighty-seven.