Section 15Sec./Art. 15

Section 292 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 292. Extent of Authority to Grant Tax Incentives. - The Fiscal Incentives Review Board or the Investment Promotion Agency, shall grant the appropriate tax incentives provided in this Title to RBEs only to the extent of their approved registered project or activity under the Strategic Investment Priority Plan (SIPP), taking into consideration the infusion of investment capital, generation of direct local employment which takes into account Republic Act No. 11962, otherwise known as the 'Trabaho Para sa Bayan Act', and other standard and project-specific performance metrics of the registered project or activity that may be imposed by the Fiscal Incentives Review Board or the concerned Investment Promotion Agency."