Section 1
SECTION 1. Subsections (b), (i) and (j) of Section 8 of Republic Act Numbered Fifty-One Hundred Eighty-Six are hereby amended to read as follows: "SEC. 3. * * * "Registered Enterprise" shall mean a corporation (1) incorporated, organized and existing under Philippine laws, (2) of which, except as provided in Section nineteen of this Act, at least sixty per cent (60%) of the capital stock outstanding and entitled to vote is owned and held by Philippine Nationals, and at least sixty percent (60%) of the members of the Board of Directors are citizens of the Philippines, (3) engaged in a preferred area of investment, and (4) duly registered with the Board of Investments; Provided, however, That the term registered enterprise shall not include commercial banks, savings and mortgage banks, rural banks, savings and loan associations, building and loan associations, development banks, trust companies, investment banks, finance companies, brokers and dealers in securities, consumers cooperatives and credit unions, and other business organizations whose principal purpose or principal source of income is to receive deposits, lend or borrow money, buy and sell or otherwise deal, trade or invest in common or preferred stocks, debentures, bond or other marketable instruments generally recognized as securities, or discharge other similar intermediary, trust or fiduciary functions; neither shall the term include business organization whose exclusive or principal purpose is to buy goods and merchandise and resell the same in substantially the same form in which bought. * * * * * * * * "Measured Capacity" shall mean the estimated additional volume of production or service which the Board determines to be desirable in each preferred and pioneer area of investment, in order to supply the needs of the economy at reasonable prices, taking into account the export potential of the area. Measured capacity shall not be less than the amount by which the measurable market demand exceeds the existing productive capacity in said preferred and pioneer areas nor shall measured capacity be so much in excess of measurable market demand as to foster or encourage overcrowding in any such area. For export market industries, the Board shall base measured capacity on the availability of domestic raw materials after deducting the needs of the domestic market therefor. In no case, however, shall measured capacity be construed so as to result in a monopoly in any preferred or pioneer area of investment which would unduly restrict trade and fair competition. "Tax Credit" shall mean any of the credits against taxes and/or duties extended to a registered enterprise by this Act, to evidence which a tax credit certificate shall be issued by the Secretary of Finance. Unless otherwise provided herein, the tax credit certificate may be used by the registered enterprise to pay taxes, duties, charges and fees due to the national government in connection with its registered operations. A tax credit certificate shall be non-transferable; it may be used by the registered enterprise only for as long as it enjoys the benefits and incentives provided for in this Act, but may not be used so as to result, in effect, in a refund."