REPUBLIC OF THE
BOARD OF INVESTMENTS
Industry and
NOTICE
Notice is hereby given that the Board has approved the following General Policies and Specific Guidelines to Implement the 2006 Investment Priorities Plan (IPP):
Section I
GENERAL POLICIES
The grant of incentives to firms under the 2006 IPP is subject to the powers of the Board pursuant to Article 7 paragraph 3 of EO 226, quoted as follows, to wit:
“ART 7. Powers and Duties of the Board. x x x
(3) Process and approve applications for registration with the Board, imposing such terms and conditions it may deem necessary to promote the objectives of this Code, including refund of incentives when appropriate, restricting availment of certain incentives not needed by the project in the determination of the Board, x x x,”.
I. EQUITY OWNERSHIP
II. EQUITY REQUIREMENT
• In general, the minimum equity required to finance the project applied for registration with the BOI shall be equal to 25% of project cost.
• Equity could be in the form of paid-up capital or retained earnings that has been or will be converted into paid-up capital of the applicant firm.
III. REGIONAL DISPERSAL OF INDUSTRIES
The dispersal of economic activities in the countryside is encouraged. Unless provided for in these guidelines, projects locating in the NCR are provided limited incentives. Accordingly, projects locating in Less Developed Areas (LDAs) are granted additional incentives, as follows:
• Six (6) year income tax holiday (ITH) regardless of status (pioneer or non-pioneer) or type of project (new or expansion);
• Additional deductions from taxable income equivalent to 100% of expenses incurred in the development of necessary and major infrastructure facilities.
LESS DEVELOPED AREAS
CAR Abra, Apayao, Ifugao, Kalinga, Mt. Province
2 Quirino, Nueva Vizcaya
4 Aurora, Marinduque
5 Masbata
6 Guimaras
7 Siquijor
8 Biliran, Eastern Samar, Southern Leyte
ARMM Basilan, Maguindanao, Sulu, Tawi-Tawi
NOTE: The BOI may, on a case-to-case basis, consider areas within any province not listed as a LDA subject to the provision of Article 40 of EO 226.
Complementary to the provision of the law granting maximum incentives to registered enterprises in LDAs, firms that locate in congested urban centers may be given limited incentives
IV. EXEMPTION FROM THE LOCATIONAL RESTRICTION
1. Projects that will locate in government industrial estates declared as such by national law or by presidential proclamation prior to 01 Jan 1989, as follows:
a. Dagat-Dagatan (P.D. 569 dated 30 Oct 1974)
b. Vitas Industrial Estate, Tondo (E.O. 1086 dated 31 Jan 1986, as amended/expanded through Presidential Proclamation No. 39 dated 09 Sep 1992 and Proclamation 465 dated 01 Aug 1994) (Vitas Industrial Estate/Smokey Mountain)
c. Bagong Silang Industrial Estate, Caloocan City (Presidential Proclamation No. 843 dated 26 Jul 1971)
d. Food Terminal Inc., Taguig (LOI 900 dated 25 Jul 1979)
e. Navotas Fishing Port Complex (E.O. 772 dated 08 Feb 1982)
2. Projects that will engage in service type activities.
3. Export-oriented projects
In general, a project may be considered as export-oriented when at least fifty percent (50%) of production output/services rendered is for export, if Filipino-owned, and seventy percent (70%), if foreign-owned. Revenues from services rendered to foreign tourists may be considered as export sales.
4. Modernization projects
5. New and expansion projects in support to export-oriented jewelry enterprises engaged in electroplating, gemstone appraisal and certification, assaying and hallmarking
7. Projects of micro and small enterprises (MSEs)
V. EXPORT ACTIVITIES
This covers the production/manufacture of non-traditional export products and services in support of exporters as identified under the Medium-Term Philippine Development Plan 2004-2010 (MTPDP) or the Philippine Export Development Plan 2005-2007 (PEDP).
To qualify for incentives, industrial goods should have undergone manufacturing. Production of industrial goods and products from recycled materials involving simple processing covering any or a combination of activities such as but not limited to cleaning, sorting, cutting, shredding, pulverizing, grinding, crushing, compacting, dissolving and filtration are not qualified for registration.
The BOI may, if national interest requires, withhold registration of projects engaged in the export of a product including industry inputs that are in short supply domestically.
VI. PROMOTION OF MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES (MSMEs)
In line with the Medium Term Philippine Development Plan (MTPDP), the BOI promotes the development of micro, small and medium-sized enterprises (MSMEs) on account of their contribution to employment generation, countryside development, and the cultivation of the Filipino entrepreneurial spirit.
VII. ASSISTANCE TO MICRO, SMALL AND MEDIUM-SIZED PROJECTS
(In addition to the incentives under E.O. 226)
1. Assistance in the preparation of simplified project report for BOI registration;
2. Availability of an exchange and assistance facility that identifies MSME support companies of a registered enterprise, thereby encouraging intra-sector linkages;
3. Technical assistance through BOI’s regular programs and other supporting industries promotion program;
4. Assistance in sourcing financing support;
5. Assistance to overseas contract workers who will engage in MSME activities; and,
6. Promotion of specific area of economic activities that will support export and priority programs of the government that encourage inter-sector linkages.
VIII. POLICIES ON PROJECT TYPE AND STATUS
1. New Projects
Other than the normal definition of a new project, i.e., one to be undertaken by a newly formed/incorporated enterprise, the following are deemed new projects:
a. Project to be established by an existing enterprise with existing business operation(s) entirely distinct and different from the proposed project in terms of either final product or service, production process, equipment or raw materials;
b. Project to be established by an existing enterprise along the same line of business as any of its existing operations, provided:
1. The new project will involve the establishment of a completely new line which may be put up in a site either outside or contiguous to its existing premises or compound; and
2. There is new investment in fixed assets and working capital, whether through stockholders’ equity and/or loan.
Investment in additional facility that will result in the increase of production capacity using the firm’s existing line is considered as expansion.
“Complete Line” covers production from processing of raw materials to produce the goods including quality control and packing.
“Facility” refers to the space or area, physical structure and equipment provided for a particular purpose or segment of the production process.
c. Projects with assets acquired from PMO/GFIs/GOCCs:
This covers projects involving assets purchased/leased from the Privatization and Management Office (PMO), government financial institutions (GFIs) and government owned or controlled corporations (GOCCs), or entities wherein the government has ownership or interest.
Pioneer status may be granted to:
• Projects utilizing purchased assets with new investment of at least the PhP equivalent of US$100M covering acquisition cost (contract price), pre-operating cost, rehabilitation cost, if any, and working capital, or
• Projects utilizing leased assets with new investment of at least the PhP equivalent of US$20M covering upfront lease payment equivalent to 1 year upon signing of contract, pre-operating cost, rehabilitation cost and working capital.
d. When an existing facility is closed and a new one will be opened:
When an enterprise closes its existing facility/project and puts up the same activity in another location or place, which may involve the utilization of some of the existing machinery and equipment, the said activity may be registered as New, subject to the following conditions:
1. New investment in fixed assets and working capital, of at least 100% of the value of the firm’s fixed assets based on AFS prior to closure, shall be put up by the proponent, whether through stockholders’ equity and/or loan; and,
2. If the existing project is registered with the BOI, the enterprise should notify the Board of the cessation of operations, and the existing registration shall be cancelled prior to the registration of the new project.
e. Projects that will involve the utilization of an existing idle facility or plant through lease, purchase or lease-purchase arrangement:
These projects are subject to the following:
1. New investments shall be equivalent to:
• At least 100% of the total value of the idle facility/plant being leased/purchased based on the latest AFS; or
• 100% of the original value of the idle facility/plant if at least 50% of the facility/plant is depreciated based on the latest AFS;
New investment shall refer to capital infusion for the rehabilitation of the idle plant/machinery, acquisition of new machinery, furniture and fixture and the like, including cost of lease equivalent to upfront lease payment of 1 year or cost of purchasing the idle plant and working capital.
2. 85% of the original rated capacity of the existing idle facility or plant should be attained; and,
3. If the existing project is registered with the BOI, the enterprise should notify the Board of the cessation of operations, and the existing registration shall be cancelled prior to the registration of the new project.
f. A non-BOI registered project that will involve the reactivation of operations provided that the facility: (a) has been idle for at least one (1) year or (b) have been rendered inoperable due to substantial damages/losses caused by force majeure.
The applicant should submit to the Board a notarized certification from the owner of the idle plant/facilities confirming that the same subject of application has been idle for at least one (1) year.
The rehabilitation cost should be at least 50% of the total value of plant, property and equipment excluding land.
g. Projects of Micro and Small Enterprises operating for less than one (1) year
These are projects of micro and small enterprises with total project cost of not more than PhP15 million that have been in commercial operation for less than one year.
h. Multi-phased projects
Projects where capacity build-up will be implemented in several stages may be registered on a per phase basis. The first phase may be registered as a new project and the succeeding phases may be registered as new or expansion in accordance with the general policies on project types (see foregoing Item VIII)
i. Upgrading/rehabilitation of existing infrastructure projects
The cost of upgrading/rehabilitation of existing infrastructure projects should be at least 90% of the cost of the activity to be registered. If the cost of upgrading/rehabilitation is less than 90%, the project may be registered as a modernization activity.
2. Expansion Projects
These are activities involving the same products of or services rendered by an existing firm, as follows:
a. Projects that will involve the installation of additional capacity-determinant equipment within the same existing plant or facility of the enterprise
b. Projects that will involve the modernization and rehabilitation of an existing facility of activities listed in the IPP that will result to increase in the existing capacity
Income tax holiday for items (a) and (b) shall be subject to base-figure equivalent to the firm’s highest production volume or sales value in the last three (3) years prior to the filing of the application for registration of the project.
3. Modernization or Rehabilitation Projects
a. These are projects engaging in the activities listed in the IPP, if applicable.
b. In general, modernization programs shall be completed within two (2) years from date of registration.
c. Modernization or rehabilitation projects must result in any of the following:
i. Substantial reduction of production cost; or
ii. Significant increase in production efficiency including debottlenecking; or
iii. Meaningful upgrading of product quality;
iv. Utilization of latest technology; or
d. The incremental income resulting from modernization/rehabilitation shall be entitled to ITH subject to a base figure equivalent to the current operating capacity or sales of the firm at the time of filing of application for registration.
e. The computation of ITH for projects without increase in capacity is as follows:
i. for single product/activity
New Investment (in US$)
Rate of Exemption (ROE) = ----------------------------------------------------- x 100
Total Investments (existing + new)
relative to the concerned plant (in US$)
ii. for multiple products/activities or when ITH entitlement of other products/ activities has lapsed:
Sales of the Product subject of retooling
% Share to Total Sales = -------------------------------------------------------- x 100
Total Sales
New Investment (in US$)
ROE = ------------------------------------------------------------------- x 100
Total Investments (existing + new)
Relative to the concerned plant (in US$)
Where:
• The ROE shall be fixed for the ITH entitlement period.
• The exchange rate shall be the existing rate at the time of actual investment.
• For purposes of determining existing investments, the Total Fixed Assets relative to the concerned plant including the land on which the project is situated shall be based on the latest audited financial statements at the time of application for registration.
• The % share in Total Sales shall be based on actual sales values for the year of availment.
4. Existing Export Projects
Existing producers that will export part of production may qualify for registration with limited incentives, i.e., Tax Credit and/or VAT zero rating of their exported products, under certain conditions.
IX. PROJECTS CRITICAL TO THE ENVIRONMENT
1. New and expansion projects shall be required to secure an Environmental Compliance Certificate pursuant to P.D. No. 1586 (Philippine Environmental Impact Statement System).
2. All projects that will involve handling, transport, processing and/or storage of toxic, hazardous substances and/or nuclear wastes shall be subject to the provisions of R.A. No. 6969 (Toxic and Hazardous Substances and Nuclear Wastes Control Act of 1990) and such other laws and/or relevant Presidential issuances.
X. ESTABLISHMENT AND OPERATION OF CENTERS OF EXCELLENCE
Center of Excellence (COE) shall serve as venue for any of the following:
• Knowledge and skills development through the provision of training facilities and programs.
The COE shall offer continuing education for purposes of acquiring new skills and/or providing advanced training in the area of excellence it is in. This may involve the establishment of specialized schools, finishing schools and schools offering bridging courses/programs. Only the courses/trainings/programs catering to the activities or created in support of the activities listed in the IPP, except those identified to be not applicable to COE, may qualify for registration and may be granted incentives.
The course offered by COE shall be accredited either by CHED (for academic institutions) or by TESDA or other appropriate accrediting bodies (for occupational skills).
• Research and development and other productivity enhancement activities;
• Technology scanning, selection and adoption;
• Incubation program; or
• Common service facilities.
XI. INDUSTRY CLUSTERS
Industry Cluster refers to geographical concentration of interconnecting companies, specialized suppliers, service providers, firms in related industries and associated institutions (universities, standard agencies, and trade associations) in particular fields that compete but also cooperate. It will enhance industrial competitiveness, promote investments in the countryside, develop micro, small and medium enterprises (MSMEs), and support the One Town, One Product (OTOP) Program. These apply to the following listed activities in the IPP:
3. Information and Communications Technology;
4. Electronics;
5. Motor Vehicle Products;
6. Energy;
7. Infrastructure;
8. Tourism;
12.Fabrication of Machinery and Equipment;
14. Iron and Steel;
17.Activities covered under Bilateral Agreements;
Industry Clusters may cover the following activities:
1. Services comprising a portion of the manufacturing process
2. Sub-assembly/fabrication of parts/components of the final product
3. Product testing and inspection
• Compliance with ISO/IEC Guide 25; and
• Accredited with the Bureau of Product Standards within the first year of registration.
4. Repair, maintenance and calibration of machinery and equipment used by export-oriented companies utilizing high-technology processes
Industry cluster shall cover horizontal and vertical linkages. In general, horizontal and vertical linkages are limited to first-tier activities. For wholly-obtained raw materials for vertical-forward linkages under “Agribusiness”, “Industrial Tree Plantation” and “Mining”, vertical-forward linkages may go beyond first-tier activities.
XII. POLICY ON INTERNATIONAL CERTIFICATION
All enterprises that will register under 2006 IPP are encouraged to acquire international certification such as ISO 9000 certification, Quality Standards (QS) or other similar certifications to improve efficiency and global competitiveness.
Enterprises are encouraged to submit a timeframe of activities leading to the certification as a measure to monitor each enterprise’s progress towards achieving accreditation status.
XIII. POLICY ON EQUIPMENT
As a general rule, the acquisition of brand new equipment and the use of production processes/ equipment that meet environmental standards apply.
XIV. POLICY ON SUPPORT SERVICE PROVIDERS
Support service providers catering to activities with manpower requirements for resident licensed key personnel (such as but not limited to captains, pilots, first and second officers, A & B mechanics, planners and engineers), which supply is considered in critical condition as to pose a security risk, may also qualify for registration.
XV. POLICY ON PROJECTS LOCATING IN THE AUTONOMOUS REGION OF MUSLIM MINDANAO
Projects locating in the Autonomous Region of Muslim Mindanao (ARMM) should register with the BOI-ARMM.
XVI. PROJECTS WITH SOVEREIGN GUARANTEE
All projects with sovereign guarantee and/or guaranteed rate of return shall not be entitled to income tax holiday (ITH).
Section II
SPECIFIC GUIDELINES
I. PREFERRED ACTIVITIES
A. Agribusiness
B. Healthcare and Wellness Products and Services
C. Information and Communications Technology
This covers ICT services, ICT-enabled services and ICT support services
ICT Services – software development (system software, middleware, application software/systems)
ICT-enabled Services – refer to business lines that can be transformed and delivered through the means of ICT infrastructure. These include call/contact centers, medical/legal/corporate transcription, computer graphics/animation, engineering design, back-office operations or business process outsourcing/ knowledge process outsourcing (BPO/KPO) activities, such as but not limited to: general accounting & bookkeeping services; expense and revenue reporting/sales auditing; financial analysis and auditing; payroll processing; travel & expense management, HR application development & management; data entry/data processing; inventory control; technology support; litigation support; server management; content conversion.
Expansion Project of Existing IT Companies:
Registration for expansion of existing/current ICT projects must comply with all of the following criteria:
1. additional employment
2. additional investment
Following are the qualifications for pioneer status for all ICT projects:
1. introduces a major innovation in software development
2. with project cost of at least the Philippine Peso equivalent of US$2.5 million to be put up during the first year of operations
D. Electronics
This covers all segments within the value-chain structure of the industry such as Original Design Manufacturing (ODM), electronics manufacturing services (EMS), the manufacture of electronic products (except home appliances), IC design, the manufacture of parts and components of electronic products including the inputs for the manufacture of such components, and the manufacture of production supplies (e.g., molds and dies, precision tools, etc.) used by the electronics industry. This also covers the establishment and operation of Centers of Excellence, test and other service facilities catering to the electronic industry.
1. Manufacture and test of electronic products
Electronic products includes sub-assemblies and finished products which may be classified but not limited to the following sub-sectors of the electronics industry:
c) Telecommunications
d) Communications and Radar
h) Automotive Electronics
2. Manufacture of parts and components of electronic products including the inputs for the manufacture of such components
This covers all inputs of electronic products including the materials for the production of such parts and components.
3. Manufacture of production supplies to be used exclusively by the electronics industry
This covers items that are necessary for the production of electronic products and its parts and components such as but not limited to molds and dies, precision tools, anti-static suits, etc.
4. Research and Development (R&D)
This covers research and development activities relating to the electronics sector.
5. IC design and its related training requirements and other design engineering services
6. Establishment and operation of Centers of Excellence, test and other service facilities catering to the electronics industry
Other service facilities cover activities such as repair, maintenance and calibration of production equipment, repair of electronic devices and equipment for re-export.
7. Original Design Manufacturing (ODM)
This covers activity wherein both the design and manufacture of a product must be done in the Philippines. Products may be manufactured by the same company, which designed it or may be subcontracted to other Philippine-based manufacturers.
Companies proposing to engage in said activity should have a functioning R&D unit as certified by DOST-ASTI.
Prior to availment of ITH, any of the following documents must be submitted: trademark, copyright, patent, maskworks, or such other related materials that prove ownership of the intellectual property/design.
E. Motor Vehicle Products
This covers the production and/or manufacture of motor vehicle parts and components, and the manufacture or assembly of motor vehicles provided that the activity includes a program for the development of motor vehicle parts and components. This also covers the establishment and operation of Centers of Excellence that support the development of he motor vehicle industry.
a) Manufacture/Assembly of Motor Vehicles
Applicants must be registered participants under E.O. 156 and must comply with its guidelines.
Projects complying with any of the following may qualify for Pioneer status:
• At least US$100M (for Passenger Cars, Commercial Vehicles and Buses) and US$4M (for motorcycles) new investments, which may include acquisition of existing assets or facilities.
• Exports at least 10,000 units (for Passenger Cars and Commercial Vehicle); 30,000 units (for motorcycle) and 500 units (for buses) per annum of completely-built-up (CBU) motor vehicles.
• At least US$20M (for Passenger Cars, Commercial Vehicles and Buses) and US$1M (for motorcycles) incremental investments for Modernization/Expansion projects.
• Manufacture of generic vehicles (e.g., ASEAN CARS) that are designed/suited for Asian market;
• Manufacture/assembly of a basic Philippine Utility Vehicle with high local value added.
In the availment of fiscal incentives under E.O. 226, the firm should comply with its commitments under E.O. 156.
b) Manufacture of parts and components of motor vehicles;
Projects complying with any of the following may qualify for Pioneer status:
• Manufacturing of transmission, engines and tool & die for chassis and engine manufacturing;
• Cross-border investment merger between companies across border involving a strong component company merging with a weak Philippine-based company; Provided, that surviving company will make use of Philippine facilities for global sourcing.
• Common facilities for forging parts and components of motor vehicle in compliance with Article 17, E.O. 226;
• Supporting industries for the manufacture of transmission/engine/common service facilities for forging of motor vehicle parts and components; Provided, that the supporting industries will have supply and/or service contract/s with the manufacturers of transmission/engine/common service facilities for forging of motor vehicle parts and components in compliance with Article 17, E.O. 226.
• Design customized to ASIAN needs in autos, trucks and buses.
F. Energy
This covers the exploration, development, and/or utilization of energy. This also covers activities using energy technologies leading to energy efficiency and conservation in accordance with the program of the Department of Energy. All applications for registration shall be endorsed by the DoE that shall include projects’ compliance with world-class environmental standards.
This covers exploration or development of indigenous and/or renewable energy, utilization of such energy in power generation, and energy efficiency and conservation activities.
4. Energy efficiency and conservation activities that may qualify for registration are:
a) Production of fuel blends (such as but not limited to coco bio-diesel and bio-ethanol) – This involves the construction of new plants or the retrofit and expansion of existing facilities.
b) Services involving energy labeling and efficiency standards for appliances, vehicles, electrical devices and equipment (such as but not limited to activities that aim to promote awareness on vehicle fuel efficiency, and to improve efficiency and performance of appliances, equipment and other energy consuming devices)
d) Conversion shops providing all of the following services: converting, retrofitting, repairing and maintaining CNG/LPG Vehicles in accordance with relevant Philippine National Standard (PNS) and procedures that shall provide warranties to stakeholders; Projects with at least the Philippine Peso equivalent of US$200,000 may qualify for registration
e) Installation and operation of CNG/LPG refueling stations and related infrastructures and facilities as endorsed by the DOE. Projects costing at least the Philippine Peso equivalent of US$500,000 may qualify for pioneer status. Foreign-owned corporations must comply with the Retail Trade Law (R.A. 8762)
Except for item (a), ITH incentives shall only be applicable to the income derived from the services rendered by the energy service companies to its client.
DOE endorsement shall include project’s compliance with the DOE’s energy efficiency and conservation program.
The following may qualify for pioneer status:
a) Projects utilizing new and clean technology; or
b) Projects that cost at least Php1.0 billion.
G. Infrastructure
This covers the establishment of infrastructure of the following:
• Logistics
- Intelligent Transport System (ITS);
• Other infrastructure projects under the BOT Law with project cost of Php 1B and below
6. Logistics
This covers the following:
d) Intelligent Transport Systems (ITS)
Intelligent Transport Systems (ITS) are state-of-the-art technologies used to assist motorists and public transport service providers in increasing their operational efficiency, road management, traffic accident Monitoring and real time-information system in terms of the following applications: travel scale/patterns/characteristics information, traffic management, passenger demand management, road management, advance driving assistance, critical freight locator system, “eco-driving system”, electronic fare transactions and incident/hazard response.
Application for registration must be endorsed by the LTFRB or DOTC.
H. Tourism
I. Shipbuilding/Shipping
J. Jewelry
K. Fashion Garments
L. Machinery and equipment, raw materials and intermediate inputs in support of the activities listed in the IPP
II. MANDATORY INCLUSIONS
A. Industrial Tree Plantation under P.D. 705
B. Iron and Steel under R.A. 7103
C. Exploration, Mining, Quarrying and Processing of Minerals under R.A. 7942
D. Publication or Printing of Books or Textbooks under R.A. 80471
E. Refining, Storage, Marketing and Distribution of Petroleum Products under R.A. 8479
F. Ecological Solid Waste Management under R.A. 90031
G. Clean Water Act under R.A. 9275
H. Rehabilitation, Self-Development and Self-Reliance of Disabled Persons under R.A. 7277
I. R.A. 6957 - Build, Operate and Transfer (BOT) Law as amended by R.A. 7718 (for projects in excess of Php 1 Billion)
J. Activities covered under Bilateral Agreements
III. EXPORT ACTIVITIES
This covers export producers, service exporters and activities in support of exporters.
A. Manufacture of Export Products/Services
1. Manufacture of Export Products
This covers the production/manufacture of non-traditional export products with capability to export at least 50% of its output, if Filipino-owned, or at least 70%, if foreign-owned.
To qualify for incentives, industrial goods for export should have undergone manufacturing and mineral products for exports should have undergone processing. Production of industrial goods involving simple processing covering any or a combination of activities such as but not limited to cleaning, sorting, cutting, shredding, pulverizing, grinding, crushing, compacting, dissolving and filtration are excluded.
The BOI may, if national interest requires, withhold registration of an export product including industry inputs that are in short supply domestically.
2. Export of Services
Eligible enterprises shall qualify as a service exporter provided that revenues are paid in foreign currency.
For service exporters, to be eligible for pioneer status, an enterprise must engage in a specific activity that is new in the country.
Mere deployment of people or individual practice of profession abroad shall not qualify for registration.
B. Activities in Support to Exporters
This covers the following:
1. Services comprising a portion of the manufacturing process;
2. Sub-assembly of parts/components of the final export product;
3. Fabrication of parts/components of final products wherein the raw materials are provided by the direct exporter;
4. Product testing and inspection; and,
5. Repair and maintenance.
IV. Projects under the Retention, Expansion and Diversification (R.E.D.) Program)
V. Relocation Activities
These general policies and specific guidelines shall take effect immediately upon publication in a newspaper of general circulation.
(SGD) RAUL V. ANGELES
Executive Director
Industry Development Group
Published: Manila Times, 07 September 2006
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