Section 5
SEC. 5. Section 8 is hereby reapealed in its entirety and a new provision to be known as Section 8 is hereby inserted which shall read as follows: "SEC. 8. Operating Expenses.—For the operating expenses of the authority, the Board of Directors may appropriate out of the authority's revolving fund a sum not exceeding two million pesos during the fiscal year. A standing annual appropriation of two million pesos is hereby authorized to be appropriated in the General Appropriations Act for the current fiscal year, which amount shall be used to reimburse the authority of the total expenses actually incurred out of the two million pesos for operating expenses during the preceding fiscal year, which reimbursement shall accrue to the revolving fund. The unexpended balance of the appropriation for operating expenses shall automatically revert to said revolving fund at the end of each fiscal year and whatever net income of the authority, if any, shall also accrue to the revolving fund. However, the Board of Directors may appropriate, in addition to the two million pesos operating expenses herein authorized, such amount as may be necessary to augment the operating expenses of the authority: Provided, That such additional appropriation shall be subject to the approval of the President, upon the recommendation of the National Economic and Development Authority.