Section 10
SEC. 10. Board of Directors; Compositions. The powers and functions of the Corporation shall be exercised by a Board of Directors, hereinafter referred to as the ‘Board’ which shall be composed of NINE (9) members, as follows: (a) The Secretary of Finance, who shall be the Chairman of the Board. Whenever the Secretary of Finance is unable to attend a meeting of the Board, he shall designate an undersecretary to attend as his alternate, who shall not act as Chairman. (b) The President of the Corporation, who shall be the Vice-Chairman of the Board, shall assist the Chairman and act in his stead in case of absence or incapacity. (c) The Secretary of Industry. Whenever the Secretary of Industry is unable to attend a meeting of the Board, he shall designate an undersecretary to attend as his alternate. (d) THE SECRETARY OF TRADE. WHENEVER THE SECRETARY OF TRADE IS UNABLE TO ATTEND A MEETING OF THE BOARD, HE SHALL DESIGNATE AN UNDERSECRETARY TO ATTEND AS HIS ALTERNATE. (e) THE GOVERNOR OF THE CENTRAL BANK OF THE PHILIPPINES. WHENEVER THE GOVERNOR OF THE CENTRAL BANK OF THE PHILIPPINES IS UNABLE TO ATTEND A MEETING OF THE BOARD, HE SHALL DESIGNATE THE SENIOR DEPUTY GOVERNOR OR A DEPUTY GOVERNOR AS HIS ALTERNATE. (f) The Director-General of the National Economic and Development Authority. Whenever the Director-General is unable to attend a meeting of the Board, he shall designate a Deputy Director General of the Authority to attend as his alternate. (g) THE CHAIRMAN-PRESIDENT, PHILIPPINE EXPORT COUNCIL. WHENEVER THE CHAIRMAN-PRESIDENT OF THE PHILIPPINE EXPORT COUNCIL IS UNABLE TO ATTEND A MEETING OF THE BOARD, HE SHALL DESIGNATE THE VICE-PRESIDENT, PHILIPPINE EXPORT COUNCIL, TO ATTEND AS HIS ALTERNATE. (h) THE SECRETARY OF NATURAL RESOURCES. WHENEVER THE SECRETARY OF NATURAL RESOURCES IS UNABLE TO ATTEND A MEETING OF THE BOARD, HE SHALL DESIGNATE AN UNDERSECRETARY TO ATTEND AS HIS ALTERNATE. (i) THE SECRETARY OF AGRICULTURE. WHENEVER THE SECRETARY OF AGRICULTURE IS UNABLE TO ATTEND A MEETING OF THE BOARD, HE SHALL DESIGNATE AN UNDERSECRETARY TO ATTEND AS HIS ALTERNATE.