Section 30Sec./Art. 30

Applicability of the Government Procurement Reform Act. - All procurement activities of the MIC shall be subject to, and governed by, the provisions of Republic Act No. 9184, otherwise known as the "Government Procurement Reform Act" and its implementing rules and regulations, except the engagement of professional, or technical services necessary for the selection of investments under Section 8 hereof, such as fund management, investment analysis, advisory and underwriting, securities brokerage and dealership, and capital market and equity research analysis: Provided, That the selection process to be adopted by the MIC for the engagement of the foregoing professional and technical services shall be open and competitive, and approved by the Board.