Question & AnswerQ&A (Republic Act No. 4690)
The primary policy declared is to promote the balanced and accelerated growth of the Bicol Region through government leadership, guidance, and support within the context of national social and economic development plans.
It is a government-created body corporate established to implement and draw necessary development plans for the Bicol Region as outlined in the Act.
In the City of Legaspi.
To implement approved plans for agro-industrial development, formulate plans if the National Economic Council fails, provide planning assistance to investors, recommend financing priorities for projects, approve regional development plans, engage in industrial/agro ventures, act as holding company to subsidiary corporations, and report annually to government authorities.
The Company’s exercise of authority to carry out development objectives shall be deemed exclusive over other governmental bodies regarding such authority.
The Company can exercise the right of eminent domain in the name of the Republic of the Philippines for acquiring real estate necessary for its purposes.
An authorized capital of Three hundred million pesos divided into three million shares at one hundred pesos par value, fully subscribed by the Republic of the Philippines, with specific appropriations starting with Thirty million pesos upon approval and additional appropriations over nine years.
The board must pass a resolution and obtain approvals from the President, Secretary of Finance, National Economic Council, and Monetary Board; bonds shall not exceed fifty million pesos total with individual issues capped at ten million pesos and sales conditions applied to further issuances.
The Board consists of seven members appointed by the President with Commission on Appointments' consent, with preference for residents and representation from the six Bicol provinces.
They cannot practice any profession or business related to the Company's functions, nor have financial interests in contracts or privileges granted by the Company during their term.
The Auditor General is the ex-officio auditor but appoints a representative; audits are on a post-audit basis with internal auditing as the Company’s responsibility; results are transmitted to the Board, President, and Congress.
The Company is exempt from all taxes incidental to its operations; subsidiaries have graduated tax liability starting from the sixth year of operation and full tax obligation by the tenth year; bonds and obligations issued are exempt except from inheritance and gift taxes.