Other Incentives Acts.
Section 23
SEC. 23. Other Incentives Acts.—After the promulgation and designation of the preferred areas of investments and/ or pioneer industries under this Act, the Board of Industries created by Republic Act Numbered Three thousand one hundred twenty-seven, as amended, shall not accept any application for the exemptions provided for in the said Act, except (1) from persons, firms, or corporations that had been granted tax exemptions under the said Act prior to the effective date of this Act; (2) from persons, firms or corporations whose applications were pending approval at the time of the approval of this Act; (3) from persons, firms or corporations with applications which are necessary implementations or necessary consequences of Nos. 1 and 2; and (4) from persons, firms or corporations who are engaged in industries entitled to the benefits of said Republic Act Numbered Three thousand one hundred twenty-seven, which are not within the preferred areas of investments under this Act. (b) A registered enterprise under this Act which is entitled to benefits under other laws shall be entitled, to the extent of its registered capacity, to such of the benefits granted under this Act as are not granted by said other laws and to such benefits granted under the latter as are not granted under the former.