Republic Acts1 min read
Section 7Sec./Art. 7
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Section 6 of Republic Act No. 7652 is hereby amended to read as follows:
"Section 6. Termination of Lease Contract. - In case of failure to commence the investment project within three (3) years from the signing of the lease contract, the FIRB, Board of Investments (BOI), or the relevant IPA, as applicable, shall order the lessee to explain the delay and if merited, require such lessee to commence the project within a reasonable period. Failure to comply with the order and to initiate the project within the period provided may, after due notice and hearing, cause the revocation of all entitlements granted under this Act."
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