Section 4
SEC. 4. Section 5 of the same Decree is hereby amended to read as follows: "SECTION 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 six (6) ex-officio members, namely: the General Manager or Governor of the Metropolitan Manila Commission who shall act as Chairman, the Secretary of Public Works, Transportation and Communications (or the successor Department with respect to Transportation) who shall act as Vice-Chairman, the Secretary of National Defense, the Secretary of Industry, the Secretary of Finance, the Secretary of Public Highways, and one (1) other member to be appointed by the President of the Philippines. The appointive director shall serve for a term of two (2) years. "The ex-officio members of the Board shall designate any official in their office who shall serve as alternate members. They shall attend the meetings 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."