Section 2
SEC. 2. Section five of the same Act is hereby amended to read as follows: "SEC. 5. Composition of the Monetary Board. — The powers and functions of the Central Bank shall be exercised by a Monetary Board, which shall be composed of seven members, as follows: "(a) The Governor, who shall be the Chairman of the Monetary Board. The Governor shall be appointed for a term of six years by the President of the Philippines with the consent of the Commission on Appointments. Whenever the Governor is unable to attend a meeting of the Board, the Senior Deputy-Governor shall act as Chairman; "(b) The Secretary of Finance. Whenever the Secretary of Finance is unable to attend a meeting of the Board, he shall designate an undersecretary to attend as his alternate; "(c) The Director General of the National Economic 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; "(d) The Chairman of the Board of Investments. Whenever the Chairman of the Board of Investments is unable to attend a meeting of the Board, he shall designate a governor of the Board of Investments to attend as his alternate; "(e) In lieu of any of the officials named in subsection 'c' or 'd' above, such head of any other financial or economic agency or department of the Government as the President of the Philippines may determine; "(f) Three part-time members from the private sector, to be appointed for terms of six years by the President with the consent of the Commission on Appointments: Provided, however, That the first members appointed under the provisions of this subsection shall have terms of office of two, four and six years, respectively. "In making appointments to the Monetary Board, the President of the Philippines shall base his selection on the integrity, experience and expertise of the appointee."