Extension of the Period of Availment of Incentives.
Section 34
SEC. 34. Extension of the Period of Availment of Incentives. —The Board may extend the period of availment of fiscal incentives by any registered enterprises by a period to be determined by the Board, subject to any of the following criteria: The registered enterprise has suffered heavy financial losses and is m a distressed condition; The registered enterprise has suffered operational damage due to force majeure that has impaired its viability; The registered enterprise has not fully enjoyed the incentives granted to it for reasons beyond its control; The project of the registered enterprise has a gestation period which goes beyond of availment of needed incentives; and The operations of the registered enterprise has been subjected to unforseen changes in government policies, particularly, protectionism policies of importing countries, and such other supervening factors which would affect the competitiveness of the registered firm.