RA 10055, Secs 7 & 8

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RA 10055, Secs 7 & 8

Post by eeperez on Sun May 30, 2010 9:23 am

secs 7 & 8 of RA 10055 states:

"In case of commercialization by public RDIs (under Sec 8 ) (and Government Financial Institutions under Sec 7), it shall, subject to existing laws requiring transparency and accountability, the Commission on Audit (COA) Rules and Regulations and as required under Article IX, Section 20 of this Act, be allowed to directly negotiate agreements for the commercialization of IPs (Intellectual Properties); Provided, That it shall obtain a written recommendation from the Secretary of the DOST and secure a fairness opinion report from an independent third party body composed of experts from the public and private sectors as may be determined by the DOST.

The fairness opinion report shall contain a statement expressing the opinion of the body as to the fairness to the RDI of the proposed transaction, particularly its financial terms. The report shall include, but must not be limited to, the provisions in Section 7(e), Paragraph 2; Provided, however, That it shall not be precluded from resorting to other modes of commercialization as allowed by all applicable laws."

my query is if the above provision is within the ambit of the GPPB and if so, are there any plans for proposed guidelines

this is a very new provision in philippine laws. to date, only 2 laws (including the one above) have this provision

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