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The proposed amendatory ordinance provides the creation of an Investment Advisory Board chaired by the city mayor to manage and supervise the investments program and approve the registration of eligible projects.

At present, the Investment Evaluation Committee only recommends and evaluates applications for investment incentives.

Under the proposed legislation, local investment priority areas approved by the Investments Advisory Board can benefit from these fiscal incentives.

Councilor Goking said the proposed amendments will be thoroughly reviewed by the legislative body.

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