Section 5Sec./Art. 5

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

"SEC. 4-B. Development of the Foreign Investment Promotion and Marketing Plan (FIPMP). - A comprehensive and strategic Foreign Investment Promotion and Marketing Plan (FIPMP) shall be developed by the IIPCC for the medium five-year and the long-term ten-year plan Provided, That it is based on competitive advantages, natural resources, skill and educational development, traditional linkages, and international market potential, and it is fully consistent with the strategic investment priorities plan under Title XIII of the National Internal Revenue Code, as amended: Provided, further, That an online portal containing the FIPMP shall thereafter be uploaded, containing further details such as the IIPCC's procedure, contacts, schedules, among others.

Said database should also include a directory of local enterprises capable and willing to partner with potential foreign investors. The IIPCC shall consult local chambers of commerce, sectoral, business groups, and other individual partners whenever foreign applicants seek partners, subcontractors, suppliers, and other local business counterparts.

Similarly, Department of Education (DepEd), CHED, TESDA, Department of Labor and Employment (DOLE), the Professional Regulation Commission (PRC), and other training agencies involved in education and skills development shall likewise direct curriculum and training efforts toward manpower requirements of the FIPMP.

The IIPCC shall coordinate with the concerned government agencies to ensure their alignment with the FIPMP.

DTI shall promulgate such rules and regulations necessary to implement this provision."