Section 8March 20, 2007, Sec./Art. 8

Administration, Implementation and Monitoring of Incentives. The governing authorities shall be responsible for the administration and implementation of the incentives granted to their respective registered enterprises. They shall submit to the Department of Finance (DOF) their respective annual tax expenditures based on the computed costs in terms of revenue forgone on the tax incentives granted to their registered enterprises. For proper monitoring, the DOF shall create a single database of all incentives provided by all these authorities. The DOF shall monitor and review the incentives granted and submit an annual report to the President.