Thursday, December 04, 2008 SC creates investment promo board
KORONADAL CITY -- A special body to promote trade and investment potentials in South Cotabato was created by the Provincial Government, Governor Daisy P. Avance Fuentes said.
Called the South Cotabato Investment and Promotion Board, it was created through Executive Order 21 issued by Fuentes, who said the board's creation was in line with the province's revised investment code.
Based on the resolution that set the approval of the revised South Cotabato Investment Code of 1999, the board was mandated to "formulate a sustaining policy that would encourage and support private investments, consistent with the development thrust of the province."
The board, which is chaired by the governor, was tasked to "promulgate the rules and regulations necessary to implement the code, taking into consideration the cultural, economic, religious, technological and environmental aspects of the community; review and approve applications for registration not exceeding 30 days upon receipt thereof."
It was also mandated to "identify and promote investment priority areas and recommend appropriate incentives and support measures; formulate short and medium-term investment promotion plans; submit to the provincial governor the duly approved budget proposals and related expenditures for its operation and exercise other powers and functions as may be necessary for the effective implementation of the code."
The resolution also provided for the establishment of the South Cotabato Investment Promotion Center to complement the board's operations.
The heads of the Provincial Board's committees on trade and industry, finance and budget and appropriations were designated as co-vice chairs. (BSS)
