Extension Of Validity Date Of Certificate Of Entitlement To Subsidy

August 2, 1991 FIRB RESOLUTION NO. 023-91 SUBJECT : Extension Of Validity Date Of Certificate Of Entitlement To Subsidy WHEREAS, there are a number of subsidy availments which are not effectively utilized by their beneficiaries because of the expiry and/or near-expiry of the validity dates of the Certificate of Entitlement to Subsidy (CES) corresponding thereto; WHEREAS, the foregoing situation is caused by a number of factors, the most pervasive of which is the time lag involved in the documentation of claims for subsidy availment, reconciliation of claims and accounts between the beneficiaries of subsidy availment and the revenue collecting agencies, among others; WHEREAS, applications for extension of the validity date of their CES are initiated by the concerned beneficiaries in order to address the aforesaid problem; WHEREAS, there is a need on the part of the Fiscal Incentives Review Board to treat such applications quite apart from those referring to original request for subsidy availment; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That all applications for extension of validity date of Certificates of Entitlement to Subsidy shall no longer be subject to the usual FIRB evaluation procedures and shall instead be referred immediately to the FIRB Chairman for his consideration and approval, subject to the following conditions: 1. Extension shall in no case go beyond the last day of the current budget year; and 2. There shall be no change in the amount of subsidy availment as originally endorsed, and in any of the conditionalities prescribed for said subsidy availment. aisadc (SGD.) JESUS P. ESTANISLAO Secretary of Finance Chairman FIRB Reference : FIRB Meeting dated August 1, 1991