Sec. 1. The Board of Investments shall be vested with the authority to extend the period of availment of incentives by any registered enterprise for a period not exceeding five (5) years and/or increase the rate of tax exemption of registered enterprises under R.A. 5186, R.A. 6135 and 1159, to not more than fifty per cent (50%) of the tax exemption enjoyed by such registered enterprises prior to the increase, subject to any or all of the following criteria:
(1) The registered enterprise has suffered heavy financial losses and is in a distressed condition.
(2) The registered enterprise has suffered operational force majeure that has impaired its viability.
(3) The registered enterprise has not fully enjoyed the incentives granted to it by the BOI for reasons beyond its control.
(4) The project of the registered enterprise has a gestation period which goes beyond the period of availment of needed incentives.
(5) The operation of the registered enterprise has been subjected to unforseen changes in government policies, particularly, protectionism policies of importing countries, and such other supervening factors which would affect the competitiveness of the registered firm.