Section 4Sec./Art. 4

A new section of R.A. No. 7042, as amended, is inserted as Section 4-A to read as follows:

"SEC. 4-A. Powers and Functions of the IIPCC. -

(a) To establish both a medium-and-long-term Foreign Investment Promotion and Marketing Plan (FIPMP), coordinating all xisting investment development plans and programs under the BOI, PEZA, and various investment promotion agencies (IPAs), LGUs, and other agencies, as delinated in Section 4-B of this Act;

(b) To design a comprehensive marketing strategy and campaign, promoting the country as a desirable investment area;

(c) To support inbound and outbound foreign direct and trade missions for new international markets to explore the country as a possible location to do business;

(d) To encourage and support research and development in priority areas indicated by the FIPMP;

(e) To monitor actual performance against measurable and timebound targets in the FIPMP, to include job generation;

(f) To submit annual evaluation and reports to the President of the Philippines and the Congress regarding the activities of the IIPCC;

(g) To establish and regularly update an online database including a directory of ready local partners from priority sectors under the FIPMP, as a tool for promoting investments and business matching in local supply chains; and

(h) To support local government efforts to promote foreign direct investments, expedite compliance with national requirements and address investors in their different localities involved with said foreign investments.