a fiscal incentives review board is hereby created for the purpose of determining what subsidies and tax exemptions should be modified , withdrawn , revoked or suspended , which shall be composed of the following officials : chairman - secretary of finance members - secretary of industry - director general of the national economic and development authority - commissioner of internal revenue - commissioner of customs the board may recommend to the president of the philippines and for reasons of compatibility with the declared economic policy , the withdrawal , modification , revocation or suspension of the enforceability of any of the abovestated statutory subsidies or tax exemption grants , except those granted by the constitution .