allel

Republic of the Philippines

House of Representatives
Quezon City

TIME _& #30
BY

TWENTIETH (20 CONGRESS

First Regular Session

House BILL No, _1911

Introduced by: Rep. MARIA VANESSA C. AUMENTADO

EXPLANATORY NOTE

The Constitution mandates under Article Il, Section 20, that, “The State
recognizes the indispensable role of the private sector, encourages private
enterprise, and provides incentives to needed investments.”

{tis in this light that this bill seeks to establish a special economic zone
in the Province of Bohol, specifically, the Northern Bohol Special Economic
Zone In the Municipalities of Ubay, Talibon, Buenavista and Getafe, Bohol.

The towns of Ubay, Talibon, Buenavista and Getafe are located at the
northern part of Bohol, bounded by Camotes Sea to the North, Bien Unido to
East, Inabanga on the West and Talibon on the Northwest side of Bohol.
These towns offers investors, local residents and foreigners a plethora of
opportunities in agriculture, tourism, business and other trade investments.

The proposed measure also seeks to develop the afore mentioned
municipalities into a decentralized, self-reliant and self-sustaining agro-
industrial, commercial, financial, investment and tourism centers by attracting
legitimate and productive local and foreign investments. Further, this bill
seeks to generate multiplier industries to augment local government
revenues. It will also afford employment opportunities for the local residents
and its neighboring municipalities and city.

With the establishment of the Northern Bohol Ecozone, the vision for
Ubay, Talibon, Buenavista and Getafe to become a more progressive agro-


industrial, tourists’ haven and globally competitive local government units will
‘soon be realized.

Worth mentioning is that this bill has been approved on Third Reading
by the House of Representatives during the 19" Congress.

In view of the foregoing, immediate approval of this bill is eamestly
sought.

MARIA VANESSA C. AUMENTADO
Bohol — Second (2") District

vu


Republic of the Philippines

House of Representatives
Quezon City

TWENTIETH (20 CONGRESS
First Regular Session

HOUSE BILL NO. 1911

SSeS

Introduced by: Rep. MARIA VANESSA C. AUMENTADO

a

AN ACT ESTABLISHING A SPECIAL ECONOMIC ZONE IN THE
PROVINCE OF BOHOL, CREATING FOR THE PURPOSE THE
NORTHERN BOHOL SPECIAL ECONOMIC ZONE AUTHORITY, AND
APPROPRIATING FUNDS THEREFOR

Be it enacted by the Senate and House of Representatives of the Philippines
in Congress assembled:

CHAPTER |
GENERAL PROVISIONS

SECTION 1.Short Title. - This Act shall be known as the “Northem
Bohol Special Economic Zone Act."

SEC. 2. Declaration of Policy. — It is hereby declared the policy of the
State to actively encourage, promote, induce and accelerate the sound and
balanced industrial, economic and social development of the country in order
to provide jobs to the people especially those in the rural areas, increase
productivity and individual and family income, and thereby improve the level
and quality of living conditions through the establishment, among others, of
special economic zones and freeport in suitable and strategic locations in the
country and through measures that will attract legitimate and productive
foreign investments.

CHAPTER I
CREATION OF THE ECONOMIC ZONE


SEC. 3. Creation of the Special Economic Zone. — In pursuit of the
foregoing declared policy and subject to the concurrence of the concerned
local government units (LGUs) of Bohol affected by the zone, there is hereby
established a special economic zone in the Municipalities of Ubay,
Buenavista, Talibon and Getafe to be known as the Northern Bohol Special
Economic Zone, hereinafter referred to as the Northern Bohol Ecozone. The
specific metes and bounds of the Northern Bohol Ecozone shall be more
particularly defined in a presidential proclamation that shall be issued for this
purpose.

SEC. 4. Governing Principles. - The Northern Bohol Ecozone shall
be managed and operated by the Northern Bohol Special Economic Zone
Authority, hereinafter referred to as the NBEZA created under Section 5 of
this Act, under the following principles:

(a) Within the framework and limitations of the Constitution and the
applicable provisions of the Local Government Code, the Northern
Bohol Ecozone shall be developed into and operated as a
decentralized, self-reliant and self-sustaining _ industrial,
commercial/trading, agro-industrial, tourism, banking, financial and
investment center with suitable residential areas;

(b) The Northern Bohol Ecozone shall be provided with transportation,
telecommunications and othe: facilities needed to attract legitimate and
productive investments, generate linkage industries and employment
opportunities for the people of the Province of Bohol;

(c) The Northern Bohol Ecozone may establish mutually beneficial
economic relations with other entities or enterprieee within the country
or, subject to the administrative guidance of the Department of Foreign
Affairs (DFA), the Philippine Economic Zone Authority (PEZA) or the
Department of Trade and industry (DTI), with foreign entities or
enterprises;

(d) Foreign citizens and companies owned by non-Filipinos in whatever
proportion may set up enterprises in the Northern Bohol Ecozone,
either by themselves or in joint venture with Filipinos in any sector of
industry, international trade and commerce within the Northern Bohol
Ecozone;


(e) Goods and capital equipment including spare parts are subject to the
tax incentives provided under Title XIII of the National Internal Revenue
Code (NIRC) of 1997, as amended;

(f) The areas comprising fhe Northem Bohol Ecozone may be expanded
or reduced when necessary. For this purpose, the Northern Bohol
Ecozone, in consultation with the LGUs, shall have the power to
acquire either by purchase, negotiation or condemnation proceedings,
any private land within or adjacent to the Northern Bohol Ecozone for
the following purposes: (1) consolidation of lands for the Northern
Bohol Ecozone development; (2) acquisition of right-of-way to the
Northern Bohol Ecozone; and (3) the protection of watershed areas
and natural assets valuable to the prosperity of the Northern Bohol
Ecozone;

(g) Goode manufactured by a Northern Boho! Ecozone enterprise shall be
made available for immediate retail sale in the domestic market,
subject to the payment of corresponding taxes on raw materials and
other regulations that may be formulated by the NBEZA, together with
the PEZA, the Bureau of Customs (BoC) and the DTI in accordance
with the NIRC of 1997, as amended, and the Tariff and Customs Code
of the Philippines, as amended. However, in order to protect domestic
industries, a Negative List of industries shall be drawn up and regularly
updated by the PEZA. Enterprises engaged in industries included in

such Negative List shall not be allowed to sell their products locally;
and

(h) The defanse of the Northern Bohol Ecozone and the security of its
perimeter fence shall be the responsibility of the national government in
coordination with the Northern Bohol Ecozone and the LGUs. For this
purpose, a special defense team shall be organized to define its power,
duties and responsibilities.

CHAPTER Ill
GOVERNING STRUCTURES
SEC. 5. Creation of the Northern Bohol Special Economic Zone
Authority, — There is hereby created a body corporate to be known as the
5


Northern Bohol Special Economic Zone Authority, hereinafter referred to as
the NBEZA, which shall manage and operate the Northen Bohol Ecozone in
accordance with the provisions of this Act. This corporate franchise shall
expire in fifty (50) years counted from the first year after the effectivity of this
Act, unless otherwise extended by Congress. It shall be organized within one
hundred eighty (180) days after the effectivity of this Act.

SEC. 6. Capitalization. The NBEZA shall have an authorized capital
stock of two billion (2,000,000,000) no- par shares with a minimum issue of
Ten Pesos (P10.00) each, the majority shares of which shall be subscribed
and paid for by the national goverment and the LGUs embracing the
Northern Bohol Ecozone. The Board of Directors of the NBEZA may, with the
written concurrence of the Secretary of Finance, sell shares, representing not
more than forty per centum (40%) of the capital stock of the NBEZA to the
general public under such policy as the Board and the Secretary of Finance
may determine. The national government and the LGUs shall, in no case,
own tess than sixty per centum (60%) of the total issued and outstanding
capital of the NBEZA.

The amount necessary to subscribe and pay for the shares of the
national government to the capital stock of the NBEZA shall be included in the
annua! General Appropriations Act. For LGUs, the funds shall be taken from
their internal revenue allotment and other local funds.

SEC. 7. Principal Office of the NBEZA. - The NBEZA shall maintain its
principal office in the Municipality of Ubay, Bohol, but it may establish

branches within the Philippines as may be necessary for the proper conduct
of its business.

SEC. 8. Powers and Functions of the NBEZA. -The NBEZA shall have
the following functions:
(a) Operate, administer, manage and develop the Northern Bohol
Ecozone according to the principles and provisions set forth in this Act;
(b) Recommend to the President of the Philippines the issuance of a
proclamation to fix and delimit the site of the Northern Bohol Ecozone;
6


(c) Register, regulate and supervise the enterprises in the Northern
Bohol Ecozone in an efficient and decentralized manner, subject to
existing laws;
(d) Coordinate with LGUs and exercise general supervision over the
development plans, activities and operations of the Northem Bohol
Ecozone;
{e) Authorize or undertake, on its own or through others, and regulate
the establishment, operation and maintenance of public utilities,
services, and infrastructure in the Northern Bohol Special Economic
Zone such as shipping, barging, stevedoring, cargo handling, hauling,
warehousing, storage of cargo, port services or concessions, piers,
wharves, bulkheads, bulk terminals, mooring areas, storage areas,
roads, bridges, terminals, conveyors, water supply and storage,
sewerage, drainage, airport operations in coordination with the Civil
Aeronautics Board, and such other services or concessions or
infrastructure necessary or incidental to the accomplishment of the
objectives of this Act:
(f} Regulate and undertake the establishment, operation and
maintenance of utilities, other services and infrastructure in the Northern
Bohol Ecozone such as, but not limited to, heat, light and power, water
supply, telecommunications, transport, toli roads and bridges, port
services, etc. and to fix just, reasonable and competitive rates, fares,
charges and prices thereof;
(g) Construct, acquire, own, lease, operate and maintain on its own or
through contracts, franchise, licenses, bulk purchase from the private
‘sector or permits under any of the schemes allowed in Republic Act No.
6957, the Build-Operate-Transfer Law, as amended, or joint venture,
adequate facilities and infrastructure required or needed for the
operation and development of the Northem Boho! Ecozone, in
coordination with appropriate national and local government authorities
and in conformity with applicable laws thereon;
(h) Operate on its own, either directly or through licenses to others,
tourism-related activities and sports facilities, such as golf courses and
others, under priorities and standards set by NBEZA;
7


(i) Subject to the approval of the President of the Philippines and the
Monetary Board of the Bangko Sentral ng Pilipinas (BSP), upon the
recommendation of the Department of Finance (DOF), to raise or borrow
adequate and necessary funds from local or foreign sources to finance
its projects and programs under this Act and for that purpose, to issue bonds,
promissory notes and other forms of securities, and to secure the same by a
guarantee, pledge, mortgage, deed of trust or an assignment of all or part of its
property or assets;
(j) Provide security for the Northern Bohol Ecozone in coordination with
the national and local governments. Military forces sent by the national
government for the purpose of defense shall not interfere in the internal
affairs of the Northern Bohol Ecozone and expenditures for these military
forces shall be borne by the national government. For this purpose, the
NBEZA may establish and maintain its security forces and firefighting
capability or hire others to provide the same;
(k) Protect, preserve, maintain and develop the forests, beaches, coral
and coral reefs, and maintain ecological balance within the Northern
Bohol Ecozone;
()) Create, operate and/or contract to operate such functional units or
offices of the NBEZA as it may deem necessary;
(m) Adopt, alter and use a corporaie seal; contract, lease, buy, acquire,
own or otherwise dispose of personal and/or real property of whatever
nature; sue and be sued; and otherwise carry out its functions and
duties as provided for in this Act;
(n) Issue certificates of origin for products manufactured or processed in
the Northern Bohol Ecozone in accordance with prevailing rules of origin
and the pertinent regulations of the PEZA, the DTI and/or the DOF;
{o) Issue working visas renewable every two (2) years to foreign
executives and foreign technicians with highly specialized skills which no
Filipino possesses, as certified by the Department of Labor and
Employment (DOLE);
(p) Report to the Bureau of Immigration (Bl) the names of the foreigners
who have been granted permanent resident status and working visas
within thirty (30) days after issuance of such grant;

8


(q) Exercise such powers as may be essential, necessary or incidental to
the powers granted to it as well as those that shall enable it to carry out,
implement and accomplish the purposes, objectives and policies, of this
Act; and

(f) Issue rules and regulations consistent with the provisions of this Act
as may be necessary to accomplish and implement the policies,
purposes, and objectives provided herein.

SEC. 9. Board of Directors. - The powers of the NBEZA shall be
vested in and exercised by a board of directors, hereinafter referred to as the
Board, which shall be composed of the following:

(a) The Chairperson who shall, at the same time, be the administrator of

the NBEZA;

{) A Vice-Chairperson who shall come from among the members of the

Board;
(c) The members who shall consist of:

(1) The governor of the Province of Bohol;

(2) The mayors of the municipalities of Ubay, Buenavesta, Talibon
and Getafe;

(3) One (1) representative from the domestic investors;

(4) One (1) representative from the foreign investors;

(5) One (1) representative from among the workers in the Northern
Bohol Ecozone.

The governor and the mayors of the municipalities of Ubay, Buenavista,
Talibon and Getafe shall serve as ex officio members of the Board, whose
terms in the Board correspond to their terms of office.

The Chairperson-Administrator and the members of the Board, except
the ex officio members, shall be appointed by the President of the Philippines
to serve for a term of six (6) years unless sooner remove for cause, dies, or
resigns voluntarily. In case of death, resignation, or removal for cause, the
replacement shall serve only the unexpired portion of the term.

Except for the representatives of the business and labor sectors, no
person shall be appointed by the President of the Philippines as a member of

9


the Board unless one is a Filipino citizen, of good moral character, of proven
probity and integrity, and a degree holder in any of the following fields:
economics, business, public administration, law, management, or their
equivalent, and with at least ten (10) years relevant working experience
preferably in the field of management or public administration.

The members of the Board, except the ex officio members, shall each
receive per diem at rates to be determined by the Department of Budget and
Management in accordance with existing rules and regulations: Provided,
however, That the total per diem collected each month shall not exceed the
equivalent per diem for four (4) meetings. Unless and until the President of
the Philippines has fixed a higher per diem for the members of the Board,
‘such per diem shall not be more than Ten Thousand Pesos (P10, 000.00) for
every Board meeting.

SEC. 10. Powers and Duties of the Chairperson —Administrator.-
The Chairperson-Administrator shall have the following powers and duties:

{a) Direct and manage the affairs of the NBEZA in accordance with the
policies of the Board;

(b) Establish the interna! organization of the NBEZA under such
conditions that the Board may prescribe;

(c) Submit an annua! budget and necessary supplemental budget to the
Board for approval;

(a) Submit within thirty (30) days after the close of each fiscal year an

annual report to the Board and such other reports as may be
required;

(e) Submit to the Board for its approval policies, systems, procedures,
rules and regulations that are essential to the operation of the
Northern Boho! Ecozone;

(f) Create a mechanism in coordination with relevant agencies for the

promotion of industrial peace, the protection of the environment, and
the advancement of the quality of life; and

(g) Perform such other duties as may be assigned by the Board or which
are necessary or incidental to the office.

10


SEC. 11. Organization and Personnel. - The Board of Directors of the
NBEZA shall provide for its organization and staff. Upon the
recommendation of the chairperson-administrator, the Board shall appoint and
fix the remuneration and other emoluments of its officers and employees in
accordance with existing laws on compensation and position classification:
Provided, That the Board shall have exclusive and final authority to promote,
transfer, assign or reassign officers of the NBEZA, any provision of existing
law to the contrary notwithstanding: Provided, further, That the chairperson-
administrator may carry out removal of such officers and employees.

The officers and employees of the NBEZA, including all members of
the Board, shall not engage directly or indirectly in partisan political activities
nor take part in any election, except to vote.

No officer or employee of the NBEZA, subject to civil service laws and
regulations, shalt be removed or suspended except for cause, 26 provided by
law.

SEC. 12. Legal Counsel. - The NBEZA shall have its own internal
legal counsel who shall be under the supervision of the Government
Corporate Counsel. When the exigencies of its businesses and operations
demand it, the NBEZA may engage the services of an outside counsel either

on a case to case or on a fixed retainer basis.

CHAPTER IV
INCENTIVES TO ECOZONE ENTERPRISES AND INVESTORS

Sec. 13. Incentives to Registered Enterprises. — Registered
enterprises of the NBEZA may be entitled to pertinent fiscal incentives
granted under Title XIII (Tax Incentives) of the National Internal Revenue
Code of 1997, as amended.

The NBEZA shall likewise provide the following incentives to registered
enterprises located therein to the extent of the activity/project:

(2) _ Tax treatment of the Goods and Services. — The treatment of
goods and services in the Northern Bohol Ecozone shall be as follows:

li


(1) Tax Treatment of Merchandize. - The free trade/Freeport zone
shall be operated and managed as a separate customs territory

ensuring free flow or movement of goods within, into and
‘exported out of the free trade/freeport zone. Importation of raw
materials and capital equipment are tax and duty free. However,
exportations or removal of goods from the free trade/Freeport
zone to the other parts of the Philippine territory shall be subject
to customs and internal revenue regulations:

0)

(il)

(ii)

(iv)

Merchandize purchased by a registered Northern Bohol
Ecozone enterprise, from the customs territory and
subsequently brought into the export processing zone, shall
be considered as export sales and exportation thereof shall
be entitled to the benefits allowed by law for such
transaction;

Domestic merchandize sent from the Northern Bohol
Ecozone to the customs territory shall, whether or not
combined with or made part of other articles likewise of local
origin or manufactured in the Philippines while in the export
processing zone, be subject to internal revenue laws of the
Philippines as domestic goods sold, transferred, or disposed
of for jocal consumers;

Merchandize sent from the Northern Bohol Ecozone to the
customary territory shail, whether or not combined with or
made part of other articles while in the zone, be subject to
rules and regulations governing imported merchandise. The
duties and taxes shall be based on the value of said
imported materials, except when the final product is exempt;
Articles produced or manufactured in the Northern Bohol
Ecozone and exported therefrom shall, on subsequent
importation into the customs territory, be subject to the
import laws applicable to like articles manufactured in a
foreign country; and


(v) Unless the contrary is shown, merchandise taken out of the
export processing zone shall be considered for tax purposes:
to have been sent to customs territory.

(2) Tax Treatment of Services —

(i) Sale of services by an entity from the customs territory to a
registered ecozone or free trade enterprise, or by another
ecozone or freeport enterprise to another ecozone or freeport
enterprise shall be treated as indirect export and, hence,
entitled to the benefits allowed by law for such transaction; and

(ji). Sale or service by a registered ecozone or Freeport enterprise
to the customs territory shall be subject to applicable internal
revenue laws and regulations.

(b) Bonded Warehousing System. - Registered export-oriented
enterprise shall have access to the utilization of the bonded warehousing
system in accordance with the rules and regulations of the BoC.

(c) Employment of Foreign Nationals. — Subject to the provisions
of Section 29 of Commonwealth Act No. 613, otherwise known as “The
Philippine Immigration Act of 1940°, as amended, a registered enterprise
may employ foreign nationals in supervisory or technical positions for a
period not exceeding ten (10) years from its registration. Provided, That
when the majority of the capital stock of a registered enterprise is owned by
foreign investors, the positions of the president, treasurer, and general
manager or their equivalents may be retained by foreign nationals beyond
the period set forth herein and such officer is the owner or a stockholder
‘owning at least ten percent (10%) of the outstanding capital stock of the
registered enterprise and shall retain the owner or maintains the
‘stockholdings therein.

Foreign nationals under employment contract within the purview of this
incentive, their spouses and unmarried children uder twenty one (21) years
of age, who are not excluded by Section 29 of Commonwealth Act No. 613,
as amended, shall be permitted to enter and reside in the Philippines during

1B


the period of employment of such foreign nationals. They shall be issued
multiple-entry visas, renewal every two (2) years, and shall be allowed to
enter and leave the Philippines without further documentary requirements
other than valid passports or other travel documents in the nature of
passports

The foreign nationals admitted herein, as well as their respective
spouses and dependents, shall be exempt from: {i) obtaining alien
certificates of registration and emigration clearance certificates; and (ii)
securing the alien employment permits (AEP) and all types of clearances,
permits, licenses or their equivalents required by any government

department or agency.

SEC. 14. Incentive to Investors. — Any foreign national covered under
subsection (c) of Section 14 of this Act, who invests an amount of One
Hundred Fifty Thousand US Dollars (US$150,000.00), either in cash and/or
equipment, in a registered enterprise shall be entitled to an investor’s visa:
Provided, That, the investor

(a) is at least eighteen (18) years of age;

(b) has not been convicted of a crime involving moral turpitude;

(©) is not afflicted with any loathsome, dangerous or contagious disease; and

(d) has not been institutionalized for any mental disorder or disability:

Provided, further, That in securing the investor's visa, the alien-applicant

shall be entitled to the same privileges provided for under Section 16(c),

fast paragraph.

As a holder of an investor's visa, a foreign national shall be entitled to
reside in the Philippines while his investment subsists. For this purpose, the
foreign national shall submit an annual report, in the form duly prescribed for
the purpose, to prove that he has maintained his investment in the country.
Should said alien withdraw his investments from the Philippines, then the
investor's visa issued to him shall automatically expire.

SEC. 15. Tax Exemptions. — All donations made by any person r entity
in favor of the NBEZA shall e exempt fro the payment of the donor's tax and


the same shall be considered as deductible from the gross income of the
donor, pursuant to the NIRC of 1997, as amended.

SEC. 16. Banking Rules and Regulations. - Banks and financial
institutions to be established in the Northern Bohol Ecozone shall be under
the supervision of the BSP and shall be subject to existing banking laws, rules
and regulations

SEC. 17. Remittance of Earnings. - In the case of foreign investments,
a registered enterprise in the NBEZA shall have the right to remit earnings
from the investment in the currency in which the investment was originally
made and at the exchange rate prevailing at the time of remittance, subject to
the provisions of Republic Act No. 7653, otherwise known as the New Central
Bank Act, as amended.

CHAPTER V
NATIONAL GOVERNMENT AND OTHER ENTITIES

SEC. 18. Interpretation/Construction. - The powers, authorities and
functions that are vested in the NBEZA are intended to decentralize
governmental functions and authority and promote an efficient and effective
working relationship among the Northern Bohol Ecozone, the national
government and the LGUs.

SEC. 19. Supervision and Coordination of Development Plans. —
For purposes of policy direction and coordination, the Northern Boho!
Ecozone shall be under the direct contro! and supervision of the Office of the
President of the Philippines. Provided, That the grant of fiscal incentives shall
be subject to the provisions of Title XI! of the National Internal Revenue Code
of 1987, as amended.

SEC. 20. Authority of the Bureau of Customs to Examine the
Entry and Exit of imported Articles in the Northern Bohol Economic
Zone. - The BoC, in coordination with the appropriate government agencies
such as, but not limited to, the Departments of Trade and Industry,
Agriculture, Transportation, Information and Communications Technology,

15


and Health shall have the authority to examine the entry and exit of imported
articles in the Norther Bohol Special Economic Zone for the purpose of
determining: (i) the quantity and description of subject imported articles, and
(ii) the compliance with the sanitary and agricultural requiremenis.

SEC. 21. Relationship with the Regional Development Council. —
The NBEZA shall determine the development goals for the Northern Bohol
Ecozone within the framework of national development plans, policies and
goals. The administrator shall, upon approval by the Board, submit the
Norther Bohol Ecozone plans, programs and projects to the Regional
Development Council for inclusion and inputs to the overall regional
development plan.

SEC. 22. Relationship with LGUs. - Except as herein provided, the
LGUs comprising the Northern Bohoi Ecozone shall retain their basic
autonomy and identity. The municipalities of Ubay, Talibon, Buenavista and
Getafe shall operate and function in accordance with the Local Government
Code of 1991. in case of any conflict among the NBEZA and the
municipalities of Ubay, Buenavista, Talibonand Getafe on matters affecting
the Northern Bohol Ecozone other than defense and security matters, the
decision of the NBEZA shall prevail.

SEC. 23. Auditing. - The Commission on Audit shall appoint a
representative who shall be a full-time auditor of the NBEZA and assign such
number of personnel as may be necessary to assist said representative in the
performance of his/her duties. The salaries and emoluments of the assigned
auditor and personnel shall be in accordance with pertinent laws, rules and
regulations.

CHAPTER VI.
MISCELLANEOUS

SEC. 24. Applicability Clause. — The provisions of Sections 30 to 41
of Republic Act No. 7916, otherwise known as “The Special Economic Zone

16


Act of 1995”, as amended, on leases of lands and buildings, land conversion,
shipping and shipping register, protection of the environment, termination of
business, registration of business enterprise, one-stop shop center, and on
industrial harmony in the ecozones shall apply to the NBZE.

SEC. 25. Separability Clause. - \f any provision of this Act shall be
held unconstitutional or invalid, the other provisions not otherwise affected
shall remain in full force and effect.

SEC. 26. Repealing Clause. — All laws, executive orders or
issuances, or any part thereof which are inconsistent herewith are hereby
repealed or amended accordingly.

SEC. 27. Effectivity Clause. - This Act shall take effect fifteen (15)
days after its publication in the Official Gazette or in a national newspaper of

general circulation.

Approved,