Section 13
SEC. 13. Section eighty-seven of the same Act is hereby amended to read as follows: "SEC. 87. Executive Officers; Compensation. — The Chief Executive of the Bank shall be the President, who shall be chosen and may be removed by the Board of Directors with the advice and consent of the President of the Philippines. His salary shall be fixed by the Board of Directors with the approval of the President of the Philippines. The President shall be assisted by Vice Presidents as may be required, whose appointments and removal shall be approved and whose salaries shall be fixed by the Board of Directors upon recommendation of the President of the Bank. "SEC. 87-A. Duties and Powers of the President. — The President of the Bank shall, among others, execute the policies, measures, orders and resolutions promulgated by the Board of Directors and supervise and administer the operations of the Bank. He shall be the legal representative of the Bank and shall make all contracts, enter into all necessary obligations on behalf of the Bank required or permitted by this Decree. He shall report periodically to the Board of Directors the main facts concerning the operations of the Bank, and recommend changes of policies which may to him seem best. He shall furnish, upon request of the President of the Philippines, any information in his possession regarding the operations of the Bank.