AMENDING SECTION EIGHTEEN OF REPUBLIC ACT NUMBERED FIVE THOUSAND ONE HUNDRED EIGHTY-SIX, OTHERWISE KNOWN AS THE INVESTMENT INCENTIVES ACT

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;

WHEREAS, the above task will take some time 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; and

WHEREAS, in order to give the Board of Investments 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 Plans
as provided in Republic Act No. 5186;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of all the 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:

The first paragraph of Section 18 of Republic Act Numbered Five
Thousand One Hundred Eighty-six is hereby amended to read as follows:

“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.