Resolution Granting Companies Belonging to the Textile Industry a Two-Year Final Extension of the Transfer Privileges Under the BOI-DOF Memorandum of Agreement on TCC Transferability

February 14, 2011 OSS CENTER EXECUTIVE COMMITTEE RESOLUTION NO. 311-48-2011 RESOLUTION GRANTING COMPANIES BELONGING TO THE TEXTILE INDUSTRY A TWO-YEAR FINAL EXTENSION OF THE TRANSFER PRIVILEGES UNDER THE BOI-DOF MEMORANDUM OF AGREEMENT ON TCC TRANSFERABILITY WHEREAS, the 13 October 2000 Memorandum of Agreement (MOA) between the Department of Finance (DOF) and the Board of Investments (BOI), as amended on 14 February 2006 and 9 March 2006, allows a company belonging to a distressed industry sector to transfer its TCC to any BOI-registered transferee or government financial institution, and avail of second TCC transfers; WHEREAS, companies belonging to the textile industry enjoyed the above-mentioned TCC transfer privileges up to 10 February 2011 pursuant to EXCOM Resolution No. 301-45-2009 (dated 11 December 2009); WHEREAS, the Taiwan Association (Phils.), Inc., Federation of Indian Chambers of Commerce (Phil.), Inc. and other textile companies requested the BOI and OSS Center for a two-year extension/renewal of the transfer privileges granted to the textile industry under EXCOM Resolution No. 301-45-2009; WHEREAS, under the MOA, the BOI assesses whether or not an industry sector is in distress, and notifies/endorses to the CENTER such industry sector that is in distress; ESIcaC WHEREAS, in its letter dated 28 January 2011, the BOI endorsed its FINAL favourable recommendation to the OSS CENTER granting the request of textile companies "for the two-year extension or until 10 February 2013 of the CENTER's IRR governing the transfer of TCCs of textile companies." WHEREAS, granting the request would help the ailing Philippine textile and garment companies pending passage of necessary laws including the Save Our Industries Act in the United States; NOW, THEREFORE, for and in consideration of the above premises, BE IT RESOLVED, as it is hereby resolved, the FINAL EXTENSION/RENEWAL of the transfer privileges allowed the distressed textile industry under EXCOM Resolution No. 301-45-2009, adopted on 11 December 2009, is granted up to and until 10 February 2013. Approved, this 14th day of February 2011, in Manila, Philippines. (SGD.) PETER L. CALIMAG Assistant Secretary Acting Chairman, DOF (SGD.) LUCITA P. REYES Executive Director Member, BOI (SGD.) JAMES H. ROLDAN Assistant Commissioner Member, BIR (SGD.) VILLAMOR VENTURA S. PLAN Executive Director Member, CENTER