Question & AnswerQ&A (Republic Act No. 4132)
The policy is to foster the accelerated and balanced growth of Northern Samar within the context of national social and economic development plans, through government leadership, guidance, and support.
It is a government corporation created to plan, coordinate, and implement socio-economic development projects in Northern Samar.
Its purposes include conducting resource surveys, drafting development plans, providing assistance to investors, coordinating projects, engaging in pioneering ventures, advising on population resettlement, and reporting annually to the National Economic Council and Congress.
Yes, it may exercise the right of eminent domain in the name of the Republic of the Philippines to acquire real estate necessary for its purposes.
The authorized capital is one hundred million pesos, to be fully subscribed by the Republic of the Philippines, funded through appropriations from the National Treasury, bond issues, loans, and other government income sources.
Members must be Filipino citizens of unquestioned integrity, knowledgeable in socio-economic development, and may include economists, planners, and financial and management experts.
Board members cannot engage in partisan political activities, practice related professions or businesses during their term, or have financial interests in contracts or special privileges granted by the Authority.
The President of the Philippines may suspend or remove members only for cause; courtesy resignations are not required.
Appointments and employment are based on merit and fitness, following a comprehensive merit system established by the Authority and conforming to Civil Service rules.
Contracts must provide that employees are paid not less than the higher of the legal minimum wage or prevailing wage for similar work in the vicinity.
The Authority is exempt from all taxes related to its operations, except its subsidiaries which are subject to graduated taxation five years after establishment; notes and bonds issued are also tax-exempt except for inheritance and gift taxes.
It operates as an independent corporation subject only to the supervision of the President of the Philippines.
The Authority can enter into contracts, organize subsidiary corporations, borrow funds, and perform any act necessary for socio-economic development, particularly pioneering ventures beyond the scope of private enterprises.