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"Biotechnology Industry Development Act Of 2010"
Transcript of "Biotechnology Industry Development Act Of 2010"
"BIODIVERSITY" refers to the variability among living organisms from all sources, including terrestrial, marine, and other aquatic ecosystems, and the ecological complexes of which they are part, such as diversity within species, between species and of ecosystems.
"BIOINDUSTRY" or "BIOTECHNOLOGY-BASED INDUSTRY" consists of companies involved in research, development, manufacture and sale of materials such as cell cultures, catalysts, genetic materials, immune response materials, biochemicals, enzymes, proteins, bioactive molecules, genetically engineered organisms, and equipment specifically used in biological and genetic research. It also includes service organizations performing consulting, testing, processing, and storage of such products;
"BIOTECHNOLOGY" refers to a set of tools and procedures involving living organisms or parts thereof that produces a product or service;
"START-UP" refers to a newly established biotech company for profit. Manage a Biotechnology Research Fund that will support off-Center research and development relevant to its corporate objectives as well as support a research fellowship and training program Powers, Functions and Duties of the President - the President shall be directly responsible to the Board, and shall have the following powers, functions and duties: to exercise over-all supervision and direction over the implementation of all research, development and marketing programs of the Center, and in general, to supervise and direct the management. operation and administration of the Center;
to draft a program of operation for the implementation of all activities necessary to attain the objectives of the Center subject to the approval of the Board;
to execute contracts, incur obligations, acquire and dispose of assets and deliver documents on behalf of the Center within the limits of the authority delegated to him by the Board;
to implement and enforce policies, decisions, orders, rules and regulations adopted by the Board; and
to exercise such other powers and functions and perform such duties as may authorized or assigned by the Board. COMPOSITION OF THE BOARD OF DIRECTORS - the Center shall have a corporate structure and be governed by a Board of Directors(hereafter the "Board") composed of: SECTION 2: SECTION 3: CHAPTER II
THE PHILIPPINE BIOINDUSTRY R&D CENTER SECTION 1: Develop and market competitive, biologically-based technologies and products; THIS ACT SHALL BE KNOWN AS "THE BIOTECHNOLOGY INDUSTRY DEVELOPMENT ACT OF 2010" CHAPTER 1
TITLE, DECLARATION OF POLICY AND OBJECTIVES Functions of the Board of Directors -the Board shall exercise the following powers and functions: A Biotechnology Guarantee Fund in the amount of Five hundred Million Pesos(P500,000,000.00) is hereby established to provide guarantee for venture capital invested in biotechnology companies to define and approve the programs, plans, policies, procedures and guidelines for the Center in accordance wit its purposes and objectives, and to control the management, operation and administration of the Center;
to approve the Center's organizational structure, staffing pattern, operating and capital expenditure, and financial budgets, prepared in accordance with the corporate plan of the Center;
to approve salary ranges, benefits, privileges,bonuses, and other terms and conditions of service for all officers and employees of the Institute, upon recommendation of the President;
to appoint, transfer, promote, suspend,remove or otherwise discipline any subordinate officer or employee of the Center, upon recommendation of the President; President and other Officers The center shall be headed by a President who shall be appointed by the Board. He/she shall serve at the pleasure of the Board of Directors.
The President shall be assisted by a Vice-President and such other Program Managers as the Board may determine to carry out the purposes and objectives of the Center. the Secretary of the Department of Trade and Industry(DTI) as the ex-officio Chairperson;
the President of the Center;
three(3) business leaders;
two(2) respected scientists, in any one the relevant fields of molecular biology, biotechnology, genetics, biochemistry, chemistry or chemical/bioprocess engineering Initially, the members of the board shall be selected by the Chairperson based on a set of criteria to be determined and from nominations submitted by the Biotechnology Coalition of the Philippines(BCP), Chamber of Herbal Industries of the Philippines, Inc.(CHIPI), and Philippine Food Processors and Exporters Organization Inc. (PhilFoodex). SEC. 5. The Philippine Bioindustry Research and Development Center SEC. 6. Functions of the Center Harness Philippine biodiversity in developing competitive products for the world market; Conduct contract research and provide technical services to the public; Establish state of the art facilities for research and study CHAPTER III
THE BIOTECHNOLOGY GUARANTEE FUND CHAPTER IV
INCENTIVES FOR BIOTECH COMPANIES AND COMPANY START-UPS A biotech company shall, for a period of five(5) years from the time it is subject to corporate income tax, deduct the funds expended in R&D within the country from its taxable income. Biotech companies can also avail of the incentives granted to companies registered as Barangay Micro Business Enterprises(BMBEs) in accordance with Republic Act No. 9178; or registered with the Philippine Economic Zone Authority(PEZA) in accordance with Republic Act No. 7916 or Board of Investments(BOI) in accordance with Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987, as amended After the income tax holidays provided by such instruments have expired, R&D expenditures of the biotech companies can then be used as tax deduction. CHAPTER V
MISCELLANEOUS PROVISIONS Repealing Clause - the pertinent provisions of Republic Act No. 9147, otherwise known as The Wildlife Resources Conservation and Protection Act; and all other laws presidential decrees or issuance, executive orders, presidential proclamations, rules and regulations or parts thereof inconsistent with provisions of this Act, are hereby repealed, modified or amended accordingly. Separability Clause - if any provision of this Act is declared unconstitutional, the same shall not affect the validity and effectivity of the other provisions hereof. Effectivity - this Act shall take effect fifteen(15) days after its publication in at least two(2) newspapers of general circulation. (cc) photo by medhead on Flickr "BIOTECHNOLOGY INDUSTRY DEVELOPMENT ACT OF 2010" Ceilo Grace Cepeda Cherryl Gumonod Rosal Jane Ruda