May 17, 1991

EXECUTIVE ORDER NO. 458

DEVOLVING THE POWERS AND FUNCTIONS OF THE BOARD OF INVESTMENTS OVER INVESTMENTS WITHIN THE

WHEREAS, Section 27, Article XIII of

WHEREAS, the Oversight Committee created under the said

NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by law, do hereby order:

Transfer of Powers and Functions. The following powers and functions of the Board of Investments (BOI) over investments within the acd

A. Approval/denial of applications for registration under the

B. Supervision of enterprises duly registered with the ARG, and including those enterprises previously registered with the Board of Investments;

C. Cancellation of certificates of registration of enterprises registered with the ARG, and including those enterprises previously registered with the BOI;

D. Evaluation of incentives to be availed by enterprises registered with the ARG;

E. Take over the operations of the Regional Extension Offices of the BOI, pertaining to:

1. Evaluation of applications for registration;

2. Special tax credit on raw materials and supplies, net value earned and net local content and domestic capital equipment;

3. Employment of foreign nationals;

4. Income Tax holiday; cda

5. Reduced income tax; and

6. Supervision of registered projects.

F. Assume promotion of investments within the ARMM consistent with the Investments Priorities Plan.

G.

SECTION 2. Investment Priorities Plan. The ARG shall be guided by the annual Investments Priorities Plan in the determination of incentives to be granted to investors.

SECTION 3. Regional Investment Priorities Plan. The ARG shall prepare a Regional Investment Priorities Plan consistent with Articles 27 to 31, Chapter II of the

The preferred areas of investment to be listed in the Regional Investment Priorities Plan shall be based on long-run comparative advantage, taking into account the value of social objectives and employing economic criteria along with market, technical, and financial analysis. The Regional Investment Priorities Plan as formulated shall be integrated in the national Investment Priorities Plan upon the approval of the President.

SECTION 4. Implementing Rules and Regulations. Pursuant to the powers and functions devolved to the ARG, it shall adopt the rules and procedures of the Board of Investments without prejudice to the promulgation of its own rules and regulations.

SECTION 5. Technical Assistance. The Board of Investments shall provide technical assistance to the ARG in setting up the Regional Board of Investments Office and in the training of personnel which shall be a prerequisite before all applications shall be awarded to the ARG. cdt

SECTION 6. Effectivity. This Executive Order shall take effect fifteen (15) days after publication in one national newspaper of general circulation and one (1) local newspaper of general circulation in the ARMM.

DONE in the City of Manila, this 17th day of May, in the year of Our Lord, Nineteen Hundred and Ninety-One.

Published in the Official Gazette, Vol. 87 No. 33 Page 4689 on August 19, 1991.