RA 3518 Section 8

President and Vice-Presidents—Appointment and removal—Salaries.

Section 8

SEC. 8. President and Vice-Presidents—Appointment and removal—Salaries.— The chief executive of the Bank shall be the President who shall be chosen by the Board of Directors and, during the first five years of Transition already mentioned, with the advice and consent of the president of the Philippines. He shall be assisted by an Executive Vice-President and such number of Vice-Presidents who shall be elected and may be removed by the Board of Directors. The President and the Executive Vice-President shall possess practical experience in banking or finance as executives for at least five year's. The salaries of the President and the Executive Vice-President shall be fixed by the Board of Directors but, in no case, shall it be more than thirty thousand (P30,000.00) pesos and twenty-five thousand (P25,000.00) pesos yearly, respectively. THE PRESIDENT—POWERS AND DUTIES

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Other provisions in RA 3518

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026

CitationRA 3518 Section 8 (LawPlayer, data as of July 4, 2026)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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