Section 8. Compensation of Chairman and the Board Members. —

The chairman and members of the Board shall receive a monthly compensation of no less than twelve thousand pesos (P12,000.00): Provided, That the chairman shall receive a monthly compensation of ten percent (10%) more: Provided, further, That such compensation shall be increased or modified pursuant to the General Appropriations Act of the year: Provided, furthermore, That they shall receive other benefits that may be provided for by law.