Section 2
SEC. 2. Section 5 of Presidential Decree No. 492, as amended, is hereby further amended to read as follows: "SEC. 5. Board of Directors.—The Corporation shall be governed and its activities shall be directed, controlled and managed by a Board of Directors that shall be composed of eight (8) ex-officio members, namely: the General Manager or Governor of the Metropolitan Manila Commission, who shall act as Chairman; the Minister of Transportation & Communications, who shall act as Vice Chairman; the Minister of National Defense; the Minister of Industry; the Minister of Finance; the Minister of Public Highways; and the Chairman of the Development Bank of the Philippines. The ex-officio members of the Board shall designate any official in their office who shall serve as alternate members. They shall attend the meeting of the Board whenever their principals are absent or the said positions are vacant and shall receive the same benefits and privileges as their principals."