Section 1
SECTION 1. Any general or special law to the contrary notwithstanding, the President may, on his own, initiative or upon recommendation of the Fiscal Incentives Review Board, modify and/or revise any fiscal incentive granted under any statute when any of the following conditions exist: When it is reasonably evident that the incentives granted are no longer adequate, necessary or appropriate. When there is need to modify incentive privileges in the light of technological, economic and social changes; or When there is need to redesign the tax incentive schemes to obviate unemployment and avoid economic and social dislocation.