REPUBLIC OF THE PHILIPPINES
OFFICE OF THE PRESIDENT
BY THE PRESIDENT OF THE REPUBLIC OF THE PHILIPPINES
EXECUTIVE ORDER NO. 63
EXECUTIVE SUPERVISION OVER THE PHILIPPINE NATIONAL BANK AND THE AGRICULTURAL AND INDUSTRIAL BANK AND EXERCISE OF POWERS, DUTIES AND FUNCTIONS WHICH BY LAW PERTAIN TO THE BOARDS OF DIRECTORS THEREOF BY THE MINISTER OF FINANCE.
Pursuant to the powers vested in me by Act No. 10 to effect changes in the different ministries, bureaus, offices, agencies and instrumentalities of the Government, including government-owned or controlled corporations, and to transfer activities and functions from one ministry, bureau, office, agency or instrumentality to another, for the purpose of promoting simplicity, efficiency and economy in the operation of the Government, I, JOSE P. LAUREL, President of the Republic of the Philippines, do hereby order –
SECTION 1. The Minister of Finance shall have executive supervision over the Philippine National Bank and the Agricultural and Industrial Bank.
SEC. 2. The powers, duties and functions which by law pertain to the boards of directors of the said Banks shall be assumed and exercised by the Minister of Finance in accordance with such policies as may be formulated by the said Minister and approved by the President of the Republic of the Philippines.
SEC. 3. Sections 5 and 10 of Executive Order No. 24, dated December 31, 1943, and Executive Order No. 32, dated January 26, 1944, are hereby amended accordingly.
Done in the City of Manila, this 29th day of June, in the year of Our Lord, nineteen hundred and forty-four, and of the Republic of the Philippines, the first.
(SGD.) JOSE P. LAUREL
President of the Republic of the Philippines
By the President:
(SGD.) PEDRO SABIDO