"The elections of sangguniang barangay and sangguniang kabataan officials set on May 14, 2002, as provided by law, is hereby postponed and reset to the second Monday of May 2005 and the subsequent barangay elections to be held every five (5) years thereafter. Rationale: It should be prudent, and practical, to postpone the barangay and kabataang barangay elections next year to 2005, a year after the presidential elections. The amount to be earmarked for the barangay and kabataang barangay elections may then be utilized to complete COMELEC's modernization program, thus ensuring fair and accurate voting and the speedy counting thereof in the elections of our national and local officials."