WHEREAS, the Department of Foreign Affairs, whose primary tasks are, among others, the promotion of Philippine exports to markets  abroad and the encouragement of foreign investments into the Philip pines, is fully prepared to be involved in, and be utilized by, the Export and Investment Development Council (EIDC) in discharging the latter's functions to provide advice on export and investment development efforts of the government; review and assess the country's export and investment performance; identify main bottlenecks and problems in all areas affecting the development of exports and investments; and provide advice or specific measures to remove bottlenecks and problems.

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by law, do hereby amend Section 1 of Executive Order No. 499 dated December 23, 1991, to read as follows:

"Section 1. Composition. The Export and Investment Development Council shall be composed of the following:

1. Secretary of Trade and Industry ....................... Chairman
2. Secretary of Finance ........................................ Vice-Chairman
3. Secretary of Foreign Affairs ............................. Member
4. Director-General of NEDA ............................. Member
5. Governor of the Central Bank
   of the Philippines ............................................. Member
6. Four (4) Representatives of the
   Private Sector ................................................ Members".

This Executive Order shall take effective immediately.

Done in the City of Manila, this 29th day of May, in the year of Our Lord, nineteen hundred and ninety-two.

By the President:

(Sgd.) FRANKLIN M. DRILON
Executive Secretary