Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. The position of Government Corporate Counsel is hereby declared distinct and separate from that of the Solicitor General. The Government Corporate Counsel, who shall be appointed by the President of the Philippines with the consent of the Commission on Appointments, shall head the Office of the Government Corporate Counsel as presently constituted. He shall have the rank and privileges of an Undersecretary of Department and shall receive compensation of twelve thousand pesos per annum. He shall have full control and supervision over all legal divisions maintained separately by Government owned or controlled corporations with respect to handling of legal matters.
Section 2. The positions of two assistant government corporate counselors are hereby created with a salary of nine thousand and eight thousand four hundred pesos per annum, respectively who shall be appointed by the Secretary of Justice upon recommendation of the Government Corporate Counsel.
Section 3. There is hereby appropriated, out of the savings of prior years’ appropriations assessed upon Government-owned or controlled corporations, the sum of forty thousand pesos or so much thereof as may be necessary, to pay for the salary and other expenses incidental to the separation of the position of Government Corporate Counsel and the creation of two assistant government corporate counselors.
Section 4. All Acts or parts thereof as may be inconsistent with the provisions hereof are hereby repealed or modified accordingly.
Section 5. This Act shall take effect upon its approval.