WHEREAS, the Cement Industry Authority was constituted on January 11, 1973 to exist for a period of three years under Presidential Decree No. 94;

WHEREAS, the Cement Industry Authority has helped rationalize the Philippine cement industry and improved performance of the industry in providing an adequate and continuous supply of cement to the country, generating foreign exchange earnings from exports and contributing to development of the national economy;

WHEREAS, subject to the approval of the President, the Department of Industry adopts and implements the guidelines for rationalization of certain industries to ensure maximum utilization of industrial capacity and orderly productive growth of said industries:

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree the following amendments to Presidential Decree No. 94:

SECTION 1. Section 1 of the Decree is hereby amended to read as follows:

Section 1. The Board of the Cement Industry Authority shall be composed of the Secretary of the Department of Industry as Chairman, and the heads of the Central Bank of the Philippines, Department of Finance, Department of Trade, and Development Bank of the Philippines, or their representatives, as members. Two representatives from the producing sector of the industry as may be recommended by the appropriate association of the cement industry may be designated by the President as members of the Board of the Authority. The secretariat of the Authority shall be provided by the Board of Investments.

SEC. 2. Section 2 of the Decree is hereby amended to read as follows:

Section 2. The Cement Industry Authority shall continue to exist for a period of three years from January 11, 1976.

SEC. 3. Effectivity—This decree shall take effect immediately upon its approval.

Done in the City of Manila, this 24th day of March, in the year of Our Lord, nineteen hundred and seventy-six.