Section 4August 8, 1991, Sec./Art. 4

Definitions of Terms. – Unless otherwise provided for in this Act:

(a) "Iron and steel industry" refers to the preparation, smelting, crushing, soaking, blooming, slabbing, melting, firing, rolling, casting, shaping, plating, galvanizing and all other processes involved in transforming raw materials (i.e. iron ore, coke, limestones, flourspar, dolomite and silica) into semi-finished products (i.e. ingots, slabs, blooms and billets) and/or semi-finished products into finished products (products in their final physical state like hot-rolled coils and strips, plates and sheets).

(b) "Backward integration" refers to the process by which the development or increased production of a product or products in a certain stage in the industry results into the development of increased production of products in preceding stages.

(c) "Forward integration" refers to the process by which the development or increased production of a product or products in a certain stage in the industry results into the development or increased production of products in succeeding stages.

(d) "Upstream industries" refers to industries which produce and/or process raw materials for the manufacture of semi-finished products.

(e) "Downstream industries" refer to industries which process semi-finished products for the manufacture of finished products, or industries that use the finished products.

(f) "Less developed areas" refers to those geographic areas included in the list prepared by the Board of Investments after consultation with the National Economic and Development Authority and other appropriate government agencies, taking into consideration the following criteria; low per capita domestic product; low level of investments; high rate of unemployment and/or underemployment; and level of infrastructure development including its accessibility to developed urban centers.