INVESTMENT INCENTIVES BOARD
Section 3. – The Municipality Investment Incentives Board. There is hereby created the Miagao Investment Incentives Board ( MIIB ) to carry out the provisions of this ordinance.
Section 4. – Composition of the Board. The Board shall be composed of the following:
1. Chairman – Municipal Mayor
2. Vice Chairman – Chairman, SB Committee on Trade and Industry
- Municipal Treasurer or his representative, who shall act as the Secretary of the Board;
- Municipal Planning and Development Officer or his representative;
- Municipal Assessor or his representative;
- President of the Miagao Business Club;
- President of the Miagao Retailers Association;
- Two (2) Members of the Sangguniang Bayan to be chosen by it;
- Municipal Tourism Officer
Provided that the membership of the board may be increased or decreased by the Sangguniang Bayan ( SB ) through the recommendation of the Board as it may deem necessary for the effective implementation of the provisions of this ordinance.
Section 5. Meeting and Quorum of the Board. The Board shall meet at least once every quarter or as maybe necessary, at such day and time as it may fix. The presence of the majority of the membership (which is 50 % + 1) shall constitute quorum to transact business. Section 6. Powers and function of the Board. The board shall establish policies and guidelines which will encourage domestic and foreign investments and business activities consistent with the development needs of the Municipality. Pursuant to this, the Board shall be vested with the following powers and functions:
a) To promulgate the rules, regulations and guidelines implementing this ordinance;
b) To identify other priority or preferred investment areas and/or activities to be promoted as well as recommend to the Sangguniang Bayan appropriate incentives and support measures which shall be extended to new and existing investors in order to attract new investments or expansions in those areas/activities;
c) Adopt a short and medium term investment program which shall specify the list of priority investment areas /activities and the corresponding incentives and support measures;
d) To designate a secretariat of the Board and to supervise the same in its operations specifically in the implementation of the provisions of this ordinance;
e) To secure additional funding and resources to supplement the budgetary support provided by the Municipality for the operation and implementation of this ordinance.
f) To enter into any agreement with other government agencies, private sector organizations for the purpose of simplifying the systems, procedures, requirements on investments and business operation in the Municipality of Miagao, subject to the approval of the Sangguniang Bayan.