Section 4Sec./Art. 4

Presidential Awards for Inventions.- Presidential awards for inventions consisting of Cash Rewards shall be granted to patented inventions in the Philippines to be chosen by a screening committee with members consisting of technical representatives from the Department of Science and Technology, the Filipino Inventors Society, the Department of Agriculture, and the Department of Environment and Natural Resources.

Outstanding inventors shall be divided into four (4) categories with the corresponding cash rewards as follows:

1. Inventions. (i) First prize, One hundred thousand pesos (P100,000.00); (ii) Second prize, Fifty thousand pesos (50,000.00);and (iii) Third prize, Twenty thousand pesos (P20,000.00) ;

2. Utility Models. (i) First prize, Fifty thousand pesos (P50,000 . 00); (ii) Second prize, Twenty thousand pesos (P20,000.00); and (iii) Third prize, Ten thousand pesos (P10,000.00) ;

3. Industrial Design. (i) First prize, Fifty thousand pesos (P50,000 . 00); (ii) Second prize, Twenty thousand pesos (P20,000.00) and (iii) Third prize, Ten thousand pesos (P10,000.00) ;

4. Creative Research, (i) First prize, Twenty thousand pesos (P20, 000.00) ; (ii) Second prize, Ten thousand pesos (P10,000 . 00); and (iii) Third prize, Five thousand pesos (P5,000.00);

A round-trip ticket fare in addition to necessary and reasonable expenses but not more than Three Hundred Pesos (P300.00) a day shall be provided to all provincial awardees. Upon recommendation of the Screening Committee, all winners may be sent by the Philippine Government to other countries where their winning inventions or areas of interest are advanced.

The Screening Committee may adjust the cash awards and the additional expenses aforecited subject to the approval of the Institute.

ARTICLE III

TAX INCENTIVES AND TAX EXEMPTIONS