Pursuant  to Board  Resolution  No. 33-44,  Series  of 2017,  and  as a matter  of policy, the following policies SHALL NO LONGER APPLY to all BOI-registered projects, regardless of date of registration:

1. Stockholders ™  equity requirement  equivalent to 25% of the total project cost (75-25 debt to equity ratio) and submission of proof of compliance before availment of ITH.
   
   
2. Submission  of proof of financial close for the project within one (1) year or two (2) years for power generation projects from date of registration.
   
   
3. Net income qualified for ITH availment shall not be a result of gross revenues exceeding 10% of the projected gross revenue represented by the firm in its application.
   
   
4. For power generation projects, only revenue from power generated and sold to other entities and/or communities  based on bilateral contracts  approved by the ERC may be entitled to ITH.
   
   
5. At  the  time  of  actual  availment  of  the  ITH  bonus  year,  the  derived  ratio should not exceed US$10,000.00 to one worker.

The aforementioned  policy  shall  take  effect  immediately  upon  publication  in a newspaper of general circulation.

Approved, 15 December 2017.