Law Summary

Creation of the Board of Management

• Legal Principle: This Executive Order establishes a Board of Management under the Department of Commerce and Industry.
• Purpose: The Board is tasked with overseeing and managing the Philippines' participation in international trade fairs, expositions, and government-sponsored local trade fairs.
• Authority: The Order is issued by President Ferdinand E. Marcos, exercising the powers vested in him by law.

Composition of the Board

• Members: The Board will consist of:
  • Secretary of Commerce and Industry (Chairman)
  • Undersecretary of Commerce (Executive Director)
  • Director of Commerce
  • Administrator of NACIDA
  • Commissioner of the Board of Travel & Tourist Industry
  • Director of Standards
  • Presidents of various chambers (e.g., Philippine Chamber of Industries, Philippine Chamber of Commerce, etc.).

Functions and Responsibilities

• Advisory Role: The Board advises the Secretary of Commerce and Industry in the management and operation of Philippine participation in international fairs.
• Financial Assistance: It assists in soliciting financial support from government entities for participation in fairs.
• Fundraising Authority: The Board is authorized to conduct fundraising campaigns to support its objectives, with collected funds deposited as a trust fund under the Department of Commerce and Industry.
• Record Keeping: The Executive Director must maintain comprehensive records of participation and fundraising activities, which are subject to audit by the Auditor General or a representative.

Administrative Duties

• Space Allocation: The Executive Director is responsible for apportioning booth spaces for Filipino participants, subject to the Secretary's approval.
• Implementation of Regulations: The Board will implement rules, regulations, and plans as approved by the Secretary of Commerce and Industry.

Financial Management and Oversight

• Books of Accounts: The Board is required to keep accurate books of accounts related to fundraising and expenditures.
• Audit Requirements: Financial records must be available for audit by the Auditor General, ensuring transparency and accountability.

Key Takeaways

• The Executive Order creates a structured Board to enhance Philippine participation in international trade fairs.
• It outlines the composition, responsibilities, and functions of the Board, emphasizing financial management and record-keeping.
• The establishment of a trust fund for fundraising reflects the government's commitment to supporting local industries in international markets.
• The Order mandates strict auditing and transparency measures to ensure proper utilization of funds.