EXECUTIVE ORDER NO. 717 - 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:

Section 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 one year or after their successors are duly elected and qualified, and who shall be paid a per diem of two hundred fifty pesos for each meeting of the Board of Directors.”