Chapter 6 Regional Economic Zone Authority SEC. 16. The Regional Economic Zone Authority (REZA) as created by MMA Act 154, otherwise known as the Autonomous Region in Muslim Mindanao Special Economic Zone Act of 2003, is hereby placed as an attached agency of the Department of Trade and Industry and shall be implemented in accordance with its Implementing Rules and Regulations. Chapter 7 The Regional Board of Investments (RBOI) SEC. 17. Declaration of Investment Policies. - The development of the regional and national economy shall be promoted in consonance with the principles and objectives of achieving global competitiveness; fostering economic efficiency; encouraging and supporting investments that promote region-wide development and create productive and quality employment. Accordingly, the Autonomous Regional Government shall; (1) Create and maintain a stable market and responsive investment policies that encourage and support private sector investments; (2) Extend fiscal and non-fiscal incentives to promote investments that significantly contribute to the attainment of the region‟s and country‟s development objectives; (3) Grant incentives based on a system that is clear and simple to administer, timebounded and performance-based taking into consideration the need to be competitive in attracting foreign investments; (4) Enact and adopt an integrated, cohesive and comprehensive investment incentives law that shall be implemented by a single administering agency, whenever applicable, and shall be recognized as the governing statute on the grant of investment incentives; and (5) Undertake investment promotion initiatives deemed crucial to the attainment of its investment goal and objective. SEC. 18. Powers and Duties of the Board. - The Board shall be the policy making body of the RBOI and shall be responsible for the regulation and promotion of investments in the Autonomous Region in Muslim Mindanao. Its powers shall include the following: (1) Promulgate such rules and regulations as may be necessary to implement the intent and provisions of the Regional Investments & Incentives Code; (2) Process and approve, deny, suspend, revoke applications for registration with the Board, imposing terms and conditions as it may deem necessary to promote the objectives of the Regional Investments & Incentives Code, including the refund and forfeiture of incentives when appropriate, restricting availment of certain incentives not needed by the project upon the determination of the Board, require performance bonds from RBOI accredited bonding companies, and payment of application, registration, publication and other necessary fees when warranted; 163