Republic Act No. 4775

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section one of Republic Act Numbered Thirty-eight hundred fifty-six is amended to read as follows:

"Sec. 1. Declaration of Policy.— It is hereby declared to be the policy of Congress to adopt accelerated measures and to utilize to the maximum local resources and talents to bolster agro-industrial development through the leadership, guidance and support of the Government. To this end, cognizant of the necessity of grouping together regional areas having similar economic and geographical basis, the provinces grouped together as one region comprising the Island of Panay and the Province of Romblon, hereinafter referred to as the region, shall constitute a Regional Development Authority for the purpose of conducting economic surveys to determine its agricultural and industrial potentialities and mapping out and implementing plans and programs to effect the coordinated and integrated efforts of various government agencies, as well as private entities engaged in activities conducive to rapid regional agro-industrial development; of providing active leadership in the establishment of pioneering industrial, agricultural or similar enterprises and lending financial, managerial and/or technical assistance to existing or prospective ventures within the region."

Section 2

Section twelve of the same Act is amended to read as follows:

"Sec. 12. Board of Directors—Composition.— The corporate powers of the Authority shall be vested in and exercised by a Board of Directors herein referred to as the Board, which shall be composed of five members including its chairman, appointed by the President of the Philippines with the consent of the Commission on Appointments.

Section 3

This Act shall take effect upon its approval.

Approved: June 18, 1966.