money directly from international finance institutions. In the late 1970s up to the early 1980s, however, its viability was undermined by numerous non-performing accounts. In 1986, former Philippine President Corazon Aquino issued Executive Order No. 81, which reorganized the bank and gave it a new charter. All non-performing assets and liabilities were subsequently transferred to the government. DBP undertook an institutional strengthening program, including a thorough revision of its credit process, as well as employee training programs towards the intensive implementation of its new lending thrusts. DBP likewise reopened its lending windows for housing, agriculture and SMEs. In 1995, DBP was granted an expanded banking license and attained universal banking status. Former Philippine President Fidel Ramos signed Republic Act 8523 in 1998, amending DBP's 1986 charter. Among the major provisions incorporated in the new DBP charter were the increase of authorized capital stock from P5-billion to P35-billion, and the creation of the position of President and CEO. In February 2016, former Philippine President Benigno Aquino III approved the merger of DBP with state-owned Land Bank of the Philippines, with pending approval from the Bangko Sentral ng Pilipinas and written consent of the Philippine Deposit Insurance Corporation. However, as of September 2016, the proposed DBP-Landbank merger has been canceled for implementation by the Governance Commission for GOCCs (GCG). Organization The affairs and business of DBP are directed and its properties managed and preserved and its corporate powers exercised by a board of directors consisting of nine members, all appointed by the President of the Philippines. The term of office of the chairman, president and the members of the board of directors are for a period of one year or until such time as their successors are appointed. The chairman of the board is appointed by the President of the Philippines from among the members of the board: provided, that the positions of chairman of the board and president of DBP are not to be held by the same person. The DBP chairman presides at meetings of the board, while the president of the bank serves as vice-chairman of the board, and as such, assists the chairman and acts in his stead in case of absence or incapacity. The chief executive officer of DBP is the president, who is elected by the board of directors from among themselves with the advice and consent of the President of the Philippines. The DBP president