Executive Order No. 673 (2007) — in view of the multifarious requirements, functions, duties and responsibilities of the Administrator of the SBMA,—Executive Order No. 340, series of 2004,—reorganized the SBMA Board and provided for the position of Chairman of the SBMA Board separate and distinct from that of the Administrator;

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Section 1

Section 1 -—Section 1 of—Executive Order, series of 2004—shall heretofore read as follows:

"The Chairman of the Board of Directors of the Subic Bay Metropolitan Authority (SBMA) shall be appointed by the President while the SBMA Administrator shall serve as—ex-officio—Vice-Chairman of the SBMA Board.

The compensation of the SBMA Chairman as head of agency shall be the same as that of the Administrator."

Section 2

Section 2 -—This Executive Order shall take effect immediately.

City of Manila,—30 October 2007

(Sgd.) GLORIA M. ARROYO

By the President:

(Sgd.) EDUARDO R. ERMITA Executive Secretary