SECTION 1. Section 7 of Republic Act No. 8794 is hereby amended to read as follows:

"SEC. 7. Disposition of Monies Collected. - All monies collected under this Act shall be remitted to the National Treasury under a special account in the General Fund to be earmarked solely for the construction, upgrading, repair, and rehabilitation of roads, bridges, and road drainage to be included in the annual General Appropriations Act."

SEC. 2. Section 9 of the same act is hereby repealed.

SEC. 3. Section 9 of the same act is hereby numbered as Section 8 and amended to read as follows:

"SEC. 8. Implementing Rules and Regulations. - The secretaries of the DBM, DPWH, and the DOTr, shall jointly, within thirty (30) days from the effectivity of this Act, and any amendments thereto, promulgate the rules and regulations to implement and carry out the intent, objectives, purposes, and provisions of this Act, as amended, including such structural and procedural improvements in the systems and agencies concerned as may be necessary to ensure the prudent, wise, effective, and efficient utilization of the special funds established under this Act, as amended."

SEC. 4. The succeeding sections of the same Act are hereby renumbered accordingly.

SEC. 5. Abolition of the Road Board. - The Road Board created under Republic Act No. 8794 is hereby abolished.

SEC. 6. Absorption of Affected Personnel, Separation and Retirement Benefits. - The Department of Public Works and Highways (DPWH) shall, as needed, absorb the employees of the secretariat of the abolished Road Board, without diminution of their salaries and other benefits. Employees who are separated from the service as a result of the abolition of the Road Board and its secretariat shall receive separation benefits under the provisions of Republic Act No. 6656: Provided, That those who are qualified to retire under existing laws shall be allowed to retire and receive retirement benefits to which they may be entitled under applicable laws, rules and regulations.

SEC. 7. Transfer of Rights, Assets, and Liabilities. - The DPWH shall, by virtue of this Act, be subrogated to all the rights and assume all the obligations and liabilities of the Road Board, and all records, property, assets, equipment, and funds of the Road Board, including unexpended appropriations or allocations, shall be transferred to the DPWH.

SEC. 8. Congressional Oversight Committee. - There is hereby created a Congressional Oversight Committee to monitor the implementation of Republic Act No. 8794, as amended, and the use of the special funds established therein. The Committee shall be composed of five (5) Members of the House of Representatives and five (5) Senators to be appointed by the Speaker of the House of Representatives and the President of the Senate, respectively: Provided, That one (1) Member of the House of Representatives and one (1) Senator shall come from the Minority of each House of Congress. The Committee shall be jointly chaired by a Member of the House of Representatives and a Senator designated by the Speaker of the House of Representatives and the President of the Senate, respectively.

SEC. 9. Separability Clause. - If any provision or part of this Act is declared unconstitutional or invalid, the remaining parts or provisions not affected thereby shall remain in full force and effect.

SEC. 10. Repealing Clause. - All laws, decrees, orders, rules and regulations, and other issuances or parts thereof inconsistent with the provisions of this Act are hereby repealed or modified accordingly.

SEC. 11. Effectivity. - This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in a newspaper of general circular.

Approved,           

(SGD.) RODRIGO ROA DUTERTE
    President of the Philippines