Powers and Duties of the Board.
Section 16
SEC. 16. Powers and Duties of the Board. — The Board shall meet as often as may be necessary, but not than once each week on such day as it may fix. Notice of special meeting shall be given all members of the Board and proof of such notice shall be spread upon the minutes. The presence of three (3) members shall constitute a quorum; and the affirmative vote of (3) members in a meeting validly held shall be necessary to exercise its powers and perform its duties, which shall be as follows: Draw up annually an investment priorities plan in the manner prescribed in Section eighteen which shall be the basis for the implementation of this Act; Promulgate such rules and regulations as may be necessary to implement the intent and provisions of this Act, which rules and regulations shall take effect thirty (30) days after their publication in two (2) newspapers of general, circulation in the Philippines; Process and approve, imposing such terms and conditions as it may deem necessary to promote the objectives of this Act, including refund of incentives availed or to be availed by an enterprise in amounts to be determined by the Board, applications for registration under this Act, and issue the proper certificate of registration upon payment of the necessary fees, which shall not exceed two hundred pesos; After due hearing, decide controversies concerning the implementation of this Act that may arise between registered enterprises or investors therein and government agencies within thirty (30) days after the controversy has been submitted for decision: Provided, That the investor or the registered enterprise may appeal the decision of the Board within fifteen (15) days from receipt thereof to the Court of First Instance of the City of Manila or of the city or province where the principal office of the registered enterprise is located, in the manner provided for by the Rules of Court in cases of this nature; Recommend to the Commissioner of Immigration the entry into the Philippines for employment of foreign nationals as permitted in Sections seven and eight of this Act; Periodically check and verify, either by inspection of the books or by requiring regular reports, the proportion of the participation of Philippine Nationals in a registered enterprise to ascertain compliance with its qualification to retain registration under this Act; Periodically check and verify the compliance by registered enterprises with the provisions of this Act, with the rules and regulations promulgated under this Act and with the terms and conditions of registration; After notice and hearing, cancel the registration or suspend the enjoyment of incentive benefits of any registered enterprise or require refund of incentives enjoyed by such enterprise including interest and monetary penalties, for (1) failure to maintain the qualifications required by this Act for registration, or (2) for willful or grossly negligent violation of any provision of this Act, of the rules and regulations issued under this Act, or the terms and conditions of registration, or of laws for the protection of labor or of the consuming public: Provided, That the registered enterprise affected by the order of cancellation or suspension may appeal within fifteen (15) days from the receipt of the order to the Court of First Instance of the City of Manila or of the city or province where the principal office of the registered enterprise is located; Appoint, discipline and remove, and determine the compensation of its technical staff and other personnel: Provided, That except as to the technical staff and such other positions as the Board may declare to be highly technical or primarily confidential, all positions in the Board are subject to the provisions of the Civil Service Law and Rules, but are exempt from the regulations of the Wage and Position Classification Office; Prepare or contract for the preparation of feasibility and other pre-investment studies for pioneer areas either upon its own initiative or upon the request of Philippine Nationals who commit themselves to invest therein and show the capability of doing so, and upon condition that in no case shall the expenditure of the Board exceed one hundred twenty-five thousand pesos (P125,000) per study: Provided, That if venture is implemented, then the amount advanced by the Board should be repaid within five (5) years from the date the commercial operation of said enterprise starts; Require registered enterprises to list their shares of stock in any accredited stock exchange or directly offer a portion of their capital stock to the public and/or their employees; Recommend to the National Economic Development Authority guidelines for the rationalization of certain industries whose continued operation will result in the dislocation of and/or overcrowding in said industries, thus retarding economic growth, and upon approval thereof, the Board shall have the power to implement the same and in appropriate cases, recommend to the President, after due hearing and notice, to restrict, either totally or partially, the importation of any equipment or raw materials for firms in the industry not conforming with the prescribed guidelines. In appropriate cases and upon approval of the National Economic Development Authority, suspend the nationality requirement provided for in this Act or any other nationalization statute in case of international complementation arrangements for the manufacture of a particular product on a regional basis to take advantage of economies of scale; Within four (4) months after the close of the fiscal year, submit annual reports to the President and Congress, with copies to each member thereof, which shall cover its activities in the administration of this Act, including recommendations on investment policies; and Generally, exercise all the powers necessary or incidental to attain the purposes of this Act."