Section 2Sec./Art. 2

Declaration of policy. – Recognizing that the jewelry industry has the potential for more employment generation, enhance tax collection efficiency, increase the industry linkages with the other sectors of the economy, and to increase our foreign exchange earnings through exports and import substitutes, it is hereby declared to be the policy of the State to support, promote and encourage the growth and development of the predominantly, small and medium scale jewelry industries. Toward this end, the State shall undertake to encourage the development of the jewelry industry:

a) by promoting and encouraging local jewelers to join the formal sector by making the jewelry industry sector a partner in the task of building up the small and medium enterprises through the establishment of an adequate support structure and the creation of a business environment conducive to the viability, legalization and development of the jewelry sector;

b) by adopting appropriate tax incentives and programs necessary for the acceleration and growth of the industry; and

c) by promoting and institutionalizing the effective promotion and participation of associations of the jewelry industry and cooperatives particularly in the advancement of the skills and craftsmanship of Filipino workers therein.