A RESOLUTION APPROVING THE RENEWAL FOR ONE YEAR OF THE TYPE OF TRANSFER EXTENDED TO COMPANIES BELONGING TO THE TEXTILE INDUSTRY SECTOR

WHEREAS, BOI-registered textile companies and industry groups
requested the extension/renewal of the type of transfer privileges
provided under the October 13, 2000 Memorandum of Agreement between the
DOF and BOI on the transferability of TCCs issued under EO 226;

WHEREAS, the Memorandum of Agreement under October 13, 2000 provides
for the transfer of TCC to any BOI-registered transferees or government
financial institutions and the second or subsequent transfer from the
first TCC transferee;

WHEREAS, companies belonging to the textile industry currently
enjoy the privileges under the Memorandum of Agreement dated October 13,
2000 by virtue of EXCOM Resolution No. 285-40-2008 dated 11 February
2008, which authorized the renewal and extension until 10 February 2009
of the type of transfer that has been extended to companies belonging to
the textile industry sector under EXCOM Res. No. 279-38-2007 and Res.
No. 282-39-2007;

WHEREAS, the Indo Phil Group of Companies, the Textile Mills
Association of the Philippines (TMAP) and the Taiwan Association
(Phils.), Inc. ( TAPI) requested the OSS-CENTER and the BOI to extend
the transferability of their TCCs to any BOI-registered enterprise and
government financial institution for another two years;

WHEREAS, per Memorandum of Agreement dated October 13, 2000, the BOI
is tasked to assess whether or not an industry sector is in distress,
and shall notify and/or endorse to the OSS-CENTER whether a particular
industry sector is in distress;

WHEREAS, the BOI has informed the CENTER that the textile industry is
still in distress based on its assessment of the prevailing economic
conditions and that the Board favorably endorses the request of TMAP and
TAPI for the two-year extension of the CENTER’s IRR governing the
transfer of TCCs of textile companies;

NOW, THEREFORE, for and in consideration of the above premises, BE IT RESOLVED, as it is hereby resolved, that the type of transfer that has been extended to companies
belonging to the textile industry sector under EXCOM Resolution No.
285-40-2008 is hereby renewed for another one year or until February 10,
2010 only. SO ORDERED.”

Adopted: 10 Feb. 2008

(SGD.) USEC. ESTELLA V. SALES
Chairperson, DOF

(SGD.) EXEC. DIR. LUCITAP. REYES
Member, BOI

(SGD.) DEP. COMM. GREGORIO CHAVEZ
Member, BOC

(SGD.) ASST. COM. JAMES H. ROLDAN
Member, BIR

(SGD.) EXEC. DIR. VILLAMOR VENTURA S. PLAN
Member, OSS-Center