WHEREAS,
recent developments, particularly the rise in the costs of oil and its
by-products is expected to result in changes in the cost structure of
industries making it necessary for the Board of Investments to
undertake a detailed review and examination of the desirability of each
investment area and project listed in the Investment and Export
Priorities Plans; chanroblesvirtualawlibrary
WHEREAS, the above task will take sometime to be accomplished making it
difficult for the Board of Investments to submit the Investment and
Export Priorities Plans within the deadline provided for in the
Investment Incentives Act;chanroblesvirtualawlibrary
WHEREAS, in order to give the Board of Investment ample time to study
the exigencies presently confronting the country's industries and in
order to provide for similar contingencies in the future, it is
necessary that the President be authorized to extend the period for the
submission of the Investment and Export Priorities Plan as provided in
R.A. No. 5186. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081, dated September 21, 1972, and General Order
No. 1, dated September 22, 1972, as amended, do hereby order and decree
the following measure: chanroblesvirtualawlibrary
The first paragraph of Sec. 18 of Republic Act numbered five thousand
one hundred eighty six is hereby amended to read as follows:cralaw:red
"Sec. 18. Preferred and Pioneer Areas of Investment.
— Within one hundred twenty (120) days after its organization and not
later than the end of January of every year thereafter, the Board of
Investments shall submit to the President, through the national
Economic and Development Authority, an Investment Priorities Plan as
defined in Section three, paragraph (K) of this Act; Provided, That the
deadline for such submission may be extended by the President upon
recommendation of the National Economic and Development Authority."
This Decree shall take effect immediately.
Done in the City of Manila,
this 29th day of January, in the year of Our Lord, nineteen hundred and
seventy-four.
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