Section 5
Sec. 5. Subject to the approval of the President of the Philippines, the board shall appoint a manager and fix his compensation, which shall not exceed eighteen thousand pesos per annum. The Manager shall, subject to the approval of the board, appoint such technical, clerical, and other employees as may be necessary: Provided, That all appointments for the positions with compensation of two thousand four hundred pesos per annum, or more shall be subject to the approval of the President of the Philippines.