"The Investments and Incentives Code of the Philippines". This bill will result to one governing stature regulating the grant of incentives by all investment promotion agencies of the government. It will harmonize and simplify the administration offiscal and non-fiscal incentives to promote foreign and domestic investments. It proposes a clear, simple, time-bound, performance-bas ed and competitive set of incentives comparable with those of other countries in the region. It also offers new incentives like the 12-year income tax holiday for certain kinds of projects or an option to avail of the net operating loss carry-over or accelerated depreciation. It provides for a shortened processing period of application, registration and getting oof clearance, among others.