EIGHTEENTH CONGRESS OF THE 
)
REPUBLIC OF THE PHILIPPINES 
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Second Regular Session 
)
• iOrftff i;i! !<?' "• • ’ri;
SENATE
S. B. No. 2048
*21 FEB 10 P3:15
INTRODUCED BY SENATOR CHRISTOPHER LAWRENCE "BONG" T. GO
AN ACT
PROVIDING FOR GOVERNMENT FINANCIAL INSTITUTIONS UNIFIED 
INITIATIVES TO DISTRESSED ENTERPRISES FOR ECONOMIC RECOVERY 
(GUIDE)
EXPLANATORY NOTE
The COVID-19 pandemic posed one of the largest health and economic shocks 
In recent history. In a bid to prioritize the health and safety of the people, the National 
Government Imposed strict community quarantine measures In Luzon and key areas 
In VIsayas and Mindanao. This enabled us to reinforce and enhance the capacity of 
our healthcare system In effectively managing the pandemic.
While life-saving, the restrictions came at a great cost to the economy, directly 
affecting the livelihoods of millions of workers and businesses all over the country. 
Many micro, small, and medium enterprises (MSMEs), which are the primary 
employers of the country, have suffered due to constrained economic activity and the 
dip In consumer confidence. Strategically Important companies (SICs) that contribute 
significantly to the country's gross domestic product (GDP) have likewise been facing 
solvency Issues due to the pandemic.
As a result, the country's GDP fell by 16.9 percent and the unemployment rate 
rose to 17.7 percent In the second quarter of 2020. The Philippine economy registered 
3.6 million job cuts and 1.4 trillion pesos In foregone output as of the first semester 
of 2020.
Thus, providing timely and effective assistance to MSMEs and SICs Is crucial to 
ensuring a strong economic recovery. A prolonged period of struggling operations 
could result In a vicious cycle characterize by deteriorating credit profiles, reduced 
Investments, continued job losses, financial market disruptions, and eventually deeper 
economic losses.


To this end, the Government Financial Institutions Unified Initiatives to 
Distressed Enterprises for Economic Recovery (GUIDE) bill aims to strengthen the 
capacity of the Land Bank of the Philippines (LandBank) and the Development Bank 
of the Philippines (DBP) in order to provide much-needed access to credit and financial 
assistance to distress^ businesses, including MSMEs, SICs, and other businesses 
affected by the pandemic.
LandBank and DBP shall be authorized to create a special holding company 
which aims to assist in the rehabilitation of SICs heavily affected by the COVID-19 
pandemic. Equity participation in this special holding company may be held by 
qualified private sector investors. However, to ensure that the policies and objectives 
under the proposed bill are effectively carried out, LandBank and DBP are mandated 
to maintain at least a majority ownership over the special holding company until such 
time that they have recovered or will be able to recover their investment.
The special holding company shall be authorized to invest or place funds in 
equity, execute convertible loans, or purchase convertible bonds and/or other 
securities. In said SICs. To ensure that such Investments are properly utilized, as well 
as to ensure the successful rehabilitation of SICs, the legislative measure imposes 
strict conditions on the investee company such as requiring that the number of 
employees are not reduced beyond a certain level, limiting its ability to declare 
dividends, restricting the increase in salary and other benefits of the board and its 
senior executive officers, and ensuring that investments of LandBank and DBP are 
not diluted and time-bound with a definite exit mechanism.
The bill will also help lower the overall cost of borrowing for MSMEs. MSME 
support is a critical job-saving intervention, as these enterprises hire approximately 9 
million people or 63% of the workforce. Government financial institutions shall be 
mandated to expand their credit programs in order to assist affected MSMEs in 
meeting their liquidity needs. In particular, LandBank and DBP are mandated to 
expand their loan programs as well as rediscount loans and other credit 
accommodations to affected MSMEs In the agriculture, infrastructure, service, and 
manufacturing industries.
In view of the urgent need to support hard-hit enterprises and restore 
employment for millions of Filipino workers to ensure a strong economic recovery, 
the approval of this measure is earnestly sought.
SENATOR CHRISTQtPHER LAWRENCE "BONG" T. GO


EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
Second Regular Session
‘IR-Hirr of i.ir
SENATE
S. B. No. 2048
’21 FEB 10 P3:15
Ri:cn.v.r.GV:
INTRODUCED BY SENATOR CHRISTOPHER LAWRENCE "BONG" T. GO
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AN ACT
PROVIDING FOR GOVERNMENT FINANCIAL INSnTUTIONS UNIFIED 
INITIATIVES TO DISTRESSED ENTERPRISES FOR ECONOMIC RECOVERY 
(GUIDE)
Be it enacted by die Senate and House of Representatives of the Philippines, in 
Congress assembled:
Section 1. Tide. - This Act shall be known as the "Government Financial 
Institutions (GFIs) Unified Initiatives to Distressed Enterprises for Economic Recovery 
(GUIDE) Act."
Sec. 2. Declaration of Policy. - The substantial disruption of the economy due 
to the community quarantine measures restricted the operation of numerous 
businesses.
The State recognizes the role of these businesses composed of micro, small 
and medium enterprises (MSMEs) and strategically important companies in providing 
employment to the Filipino people and in supporting the Philippine economy. Thus, it 
is essential that these enterprises are given necessary access to credit and financial 
assistance. It is hereby declared the policy of the State to protect employment and 
assist distressed enterprises in order to reinvigorate the economy.
Sec. 3. Definition of Terms. - As used in this Act:
(a) Agribusiness value chain refers to a set of actors/players, such as farmers, 
fisherfolk, traders, suppliers, processors, and aggregators, who make up 
the linked sequence of value-adding activities undergone by an agricultural 
product when converted from raw material to the final form it is presented 
to the consumers;


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(b) Micro, Small and Medium Enterprise (MSME) refers to any business activity 
or enterprise engaged in industry, agribusiness and/or services, whether 
single proprietorship, cooperative, partnership or corporation whose total 
assets, inclusive of those arising from loans but exclusive of the land on 
which the particular business entity's office, plant and equipment are 
situated, must have value falling under the following categories:
miCTO
small
medium
not more than PhP3,000,000 
PhP3,000,001 - PhP15,000,000 
PhP15,000,001 - PhP100,000,000
(c) Senior executive officers refer to top management officials exercising 
responsible and critical roles, as may be described further in the rules and 
regulations to be issued to implement this Act.
(d) Strategically Important Companies or SICssheW have the meaning ascribed 
in Section 9(b) of this Act.
CHAPTER 1
Development Bank of the Philippines
Sec. 4. Loan Assistance Program of the Development Bank of the Philippines 
(DBP). — The DBP shall expand its loan program for qualified MSMEs affected by the 
COVID-19 pandemic under this Act and MSMEs covered under Republic Act No. 11494 
or "the Bayanihan to Recover as One Act": Provided, That such loans shall be granted 
In accordance with the rules and regulations to be issued to implement this Act and 
the following guidelines:
(a) Eligible MSMEs under this Act should be engaged In infrastructure, service 
industry, and/or manufacturing business; and
(b) The loans granted hereunder should comply with the applicable prudential 
standards and regulations of the BSP.
The DBP shall likewise extend loans to local government units (LGUs) subject 
to existing rules and regulations.
Sec. 5. DBP Rediscounting and other Programs. — Subject to applicable 
prudential standards and regulations of the Bangko Sentrai ng Pilipinas (BSP), the 
DBP may rediscount loans and other credit accommodations to enterprises 
enumerated in Section 4(a) of this Act, granted by BSP- supervised financial 
Institutions (BSRs), the Small Business Corporation (SBC), and those granted 
pursuant to credit programs of the Department of Agriculture-Agricultural Credit Policy 
Council (DA-ACPC) to MSMEs affected by the COVID-19 pandemic engaged in 
infrastructure, service industry, and/or manufacturing business.


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The DBP may undertake other similar activities as may be provided under the 
rules and regulations to be Issued to implement this Act.
Sec. 6. Increase in DBF's Authorized Capital Stock. — Section 7 of Executive 
Order No. 81, as amended by Republic Act No. 8523, otherwise known as "The 1986 
Revised Charter of The Development Bank of The Philippines", as amended, is hereby 
further amended to read as follows:
"Section 7. Authorized Capital Stock-Par Value. The capital stock of the 
Bank shall be [Thirty-five billion pesos - (P35/00Q;000,-O00;00)] ONE 
HUNDRED BILLION PESOS (PHP100/000,000,000.00) to be 
divided into [Throo-hundrod fifty-million (350,000,000)] ONE BILLION 
(1,000,000,000) common shares with par value of One hundred 
pesos (PhPlOO.OO) per share, which shall be fully subscribed by the 
ftNational gGovernment: [Upon-the-cffectivity-of-this -GhortGrT-thG 
National Govornmcnt-shalMnitially subscribG to OnG hundred twonty- 
fivG-miHiorK-^^STQQQjQOO) eommorv-sharGG of stock worth-Twelve billion
five-hundrod -million pesos (P12,500,000,000.00)7-FivG-billion -i3Gsos 
(P5;000;00(^,000.00) of which -shall—bo doomect-paid for by the 
govGmmGnt-and-thG-balancG-shall-bG-paid-for-by-the-gevGrnment out
of-thG-stock dividends to- bo -dGclarGd by -thG- Bank from-its
unappropriatGd-rGtaincd Gamings:-Providcd/-:rhatthc-dividGnds-ducthG
national goyornmont-pursuant-to Ropublic-Act No. 7656 shall first-bo 
pa\dv] PROVIDED, THAT THE PRESIDENT OF THE PHILIPPINES 
MAY APPROVE THE INCREASE IN THE CAPITALIZATION OF 
THE BANK, UPON THE RECOMMENDATION OF THE BOARD AND 
THE CONCURRENCE OF THE SECRETARY OF FINANCE, UP TO 
SUCH AN AMOUNT AS MAY BE NECESSARY TO ATTAIN THE 
OBJECTIVES OF THIS CHARTER."
CHAPTER 2
Land Bank of the Philippines
Sec. 7. Loan Assistance Program of the Land Bank of the Philippines 
(LandBank,). — The LandBank shall expand its loan program for qualified MSMEs 
affected by the COVID-19 pandemic under this Act and those covered under Republic 
Act No. 11494 or "the Bayanihan to Recover as One Act": Provided, That such loans 
shall be granted in accordance with the rules and regulations that shall be issued to 
implement this Act and the following guidelines:
(a) Eligible MSMEs under this Act should be engaged in activities in the 
agribusiness value chain; and


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(b) The loans granted hereunder should comply with the applicable prudential 
standards and regulations of the BSP.
The LandBank shall likewise extend loans to LGUs subject to existing rules and 
regulations.
Sec. 8. LandBank Rediscounting and other Programs. — Subject to applicable 
prudential standards and regulations of the BSP, the LandBank may rediscount loans 
to eligible MSMEs engaged In activities in the agribusiness value chain granted by 
BSFIs, the SBC, and those granted pursuant to credit programs of the DA-ACPC to 
MSMEs affected by the COVID-19 pandemic.
The LandBank may undertake other similar activities for purposes of this Act 
as may be provided under the implementing rules and regulations to be issued.
CHAPTER 3
Special Holding Company
Sec. 9. Creation of Investment Vehicie. — To ensure that Strategically 
Important Companies (SICs) remain solvent, the LandBank and DBP are hereby 
authorized to invest in, or enter into a joint venture agreement to incorporate a special 
holding company (the "SHC") that is a stock corporation to be organized under 
Republic Act No. 11232, otherwise known as "The Revised Corporation Code of the 
Philippines," within six (6) months beginning from the date of effectivity of the rules 
and regulations of this Act, or effectivity of applicable revenue regulations, whichever 
comes later. The establishment, administration, and operation of the SHC shall be 
governed by the following principles:
(a) The purpose of the SHC is to rehabilitate SIC affected by the COVID-19 
pandemic which are experiencing temporary solvency issues;
(b) SICs are investee companies that are nationally significant, or those with 
high economic returns or high employment potential, and which are 
engaged in any of the following "strategically important Industries or 
sectors," such as, but not limited to, agriculture, construction, education, 
food industry, healthcare, infrastructure, low-cost and socialized housing, 
manufacturing, power and energy, product distributor/retailer, services, 
tourism and hospitality, transportation and logistics, water and sanitation, 
and other industries to be identified in the rules and regulations issued to 
implement this Act: Provided, That a SIC must be able to demonstrate 
upstream and downstream linkages to other firms and/or industries, 
substantial employment to the community, and exhibit high degree of 
process efficiency, cost efficiency, product quality, and environmental 
soundness: Provided, furtiier, That a SIC can show proof of temporary


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solvency problems due to the pandemic, finandal soundness prior to the 
pandemic, and credible and sound financial rehabilitation plan.
(c) Equity participation in the SHC may be offered to, and held by, qualified 
private sector investors, including multilaterai companies and lending 
institutions, as may be determined by the LandBank and DBP: Provided, 
That majority ownership of the total outstanding capital stock in the SHC 
shaii be held by the LandBank and DBP until such time that they have 
recovered or will be able to recover their investment in the SHC;
(d) The LandBank and the DBP shaii dispose of their stockholdings in the SHC 
to qualified private sector investors as they may determine. The LandBank 
and DBP shall provide equal opportunity for equity participation in the SHC 
to all qualified investors, including multilaterai companies and lending 
institutions. When private shareholdings in the SHC reaches fifty percent 
(50%) of the total outstanding capital stock, the stockholders thereof shall 
cause the adoption and registration with the Securities and Exchange 
Commission (SEC) of the company's amended articies of incorporation 
within three (3) months from such transfer of ownership;
(e) The SHC, as a government-owned or controlled corporation (GOCC), and 
the investments of DBP and LandBank therein, shaii be subject to the power 
of the Commission on Audit (COA) to audit and examine GOCCs and the 
investments of government in corporations: Provided, That the audit of the 
SHC by the COA shall not preclude the SHC from engaging the services of 
a private auditing firm when equity participation in the SHC is offered to 
qualified private investors: Provid^, further. That even if the services of 
the latter are availed of, the audit report of the COA shaii serve as the 
report for purposes of compliance with audit requirements as required of a 
GOCC under applicabie iaw;
(f) The SHC shaii devise mechanisms that shaii protect the government's 
investment, such as issuing a special class or series of shares, or entering 
into sharehoiders' or voting share agreements for the purpose as provided 
in the rules and regulations Issued to Implement this Act.
Sec. 10. Powers of the Investment Vehicie. — The SHC shall have the powers 
granted to a stock corporation under Republic Act No. 11232. Furthermore, the power 
of the SHC to invest shall be subject to the following investment guidelines:
(a) To avoid undue risk concentration from excessive exposures, the 
investment of the SHC in an investee company and the total investment in 
companies belonging to the same industry or sector shall be subject to a 
ceiling in relation to its net income or capital as prescribed under the 
implementing rules and regulations;


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(b) The SHC can only Invest in corporations engaged in strategically important 
industries or sectors that are experiencing temporary solvency Issues 
because of the COVID-19 pandemic, such as those with considerable impact 
on the economy;
(c) Such investment shail be in the form of (i) limited equity participation by 
subsaiption or acquisition of shares, (ii) execution of convertible loans or 
purchase of convertible bonds; and/or (iii) Investment In such other 
securities as may be issued by the investee corporations, acceptable to the 
DBF and LandBank; and
(d) The investee company is eligible based on the requirements in this Section 
and in Section 13 of this Act.
Sec. 11. Board of Directors oftiie SHC- The powers and authority of the SHC 
shall be vested In, and exercised by a Board of Directors, hereinafter referred to as 
the "Board," composed of nine (9) members, as follows:
(a) The Seaetary of Finance, as ex-officio Chairperson;
(b) The President of the LandBank;
(c) The President of DBP;
(d) The President or Chief Executive Officer of the SHC;
(e) Two (2) Independent Directors;
(f) Three (3) directors who shall be appointed by the LandBank, DBP, and the 
private equity lnvestor(s), if any. In proportion to the voting shares held in 
the SHC
The members of the Board shall elect from among themselves the Vice 
Chairperson. The ex-officio members of the Board may designate their respective 
representatives who shall exercise the powers of a director.
Once the private shareholdings In the SHC reaches fifty percent (50%) of the 
total outstanding capital stock, subject to the proviso of Chapter 3, Section 9(c) of 
this Act, the company shall cease to be a GOCC, the ex-officio directors will cease to 
be members of the Board, and the membership of the Board shall be based on the 
election of the directors by the voting shares held by the shareholders, pursuant to 
the provisions of Republic Act No. 11232.
The Board shail provide for an organization and staff of officers and employees 
of the SHC and fix their remunerations and other emoluments. All positions In the SHC 
shall be governed by the compensation, position classification system, and 
qualification standards approved by the Board based on a job analysis of actual duties 
and responsibilities. The compensation plan shall be comparable with the prevailing 
compensation plans in the private sector and shall be subject to periodic reviews once 
every two (2) years, without prejudice to early merit or Increases based on the SHC's 
productivity and profitability. The SHC, being a GCXC, shall therefore be exempt from


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existing iaws and the ruies and reguiations on compensation, position ciassification, 
and quaiification standards in the government service.
Sec. 12. Responsibility of the Board and die Employees of the SHC— The 
Board shaii set appropriate standards and corporate governance for the investee 
companies that the SHC wiii invest in. The Board shaii likewise institute mechanisms 
to oversee that such standards are followed by the investee company.
The general rule and the exception therefrom on the liability of public officers 
as provided in Sections 38 and 39 of Chapter 9, Book 1 of the Revised Administrative 
Code of 1987 shall apply to the members of the Board and other personnel of the 
SHC Unless the actions or omissions of the SHC, members of the Board and its other 
personnel are finally adjudged to be in wilful violation of this Act, performed in evident 
bad faith or with gross negligence, they shall be held free and harmless to the fullest 
extent permitted by law from any liability, and they shall be indemnified for any and 
all liabilities, losses, claims, demands, damages, deficiencies, costs and expenses of 
whatsoever kind and nature that may arise In connection with the exercise of their 
powers and performance of their duties and functions.
Sec. 13. Requirements for the Investee Company. — To be eligible, the 
investee company must not be a party to any pending tax-related cases in court for 
tax collection or tax evasion, must not be a debtor In any bankruptcy proceeding prior 
to the enhanced community quarantine period, and must not be insolvent and is 
capable of being rehabilitated as determined by the SHC
The agreement between the SHC and the investee company must contain the 
following minimum conditions:
(a) The investee company must not reduce the number of employees beyond 
the percentage prescribed by the SHC;
(b) The investee company shall not, without prior authority from the SHC, be 
allowed to issue stock dividends and repurchases during the term of the 
investment;
(c) The investee company shall not issue cash dividends during the term of the 
investment;
(d) The investee company must not increase the salaries, benefits and other 
forms of remuneration of its senior executive officers and members of its 
board;
(e) The investee company shall not provide or grant senior executive officers 
and members of its Board separation pay or retirement pay: Provided, That 
any amount received by the senior executive officers and members of the 
board which is In violation of the foregoing shall be returned;
(f) The investee company shall not incur Irregular, unnecessary, excessive, 
extravagant or unconsdonable expenditures such as entertainment, events, 
office/facility renovations, aviation/transportation services and other 
activities;


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(g) The ownership of the SHC in the investee company shali not be diluted and 
a provision protecting the value of the shares of the SHC from market 
transactions such as stock splits, mergers and other forms of reorganization 
and recapitalization shall be included in the agreement; and
(h) The investment in the investee company shall be time-bound with a definite 
exit mechanism.
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Provided, Anther, That additional conditions and provisions may be imposed 
by the SHC to ensure that the investment will be properly utilized and ensure the 
successful rehabilitation of the Investee company.
I 
CHAPTER 4
Incentives and Exemption Privileges of the DBP, LandBank, and the SHC
Sec. 14. Tax Exemptions and Fee Pnviieges. - Any existing law to the contrary 
notwithstanding, the following shall be exempt from documentary stamp tax, capital 
gains tax, creditable withholding income tax, value-added tax, gross receipts tax, and 
such other taxes that may be imposed under Republic Act No. 8424, or the "National 
Internal Revenue Code of 1997," as amended, whichever is applicable pursuant to the 
regulations to be issued by the Department of Finance (DOF), upon the 
recommendation of the Bureau of Internal Revenue (BIR):
(a) Loan assistance program, rediscounting and other programs of the DBP and 
LandBank under Chapters 1 and 2 of this Act, respectively, including dation 
in payment {dacion en pagd) by the borrower or by a third party in favor 
of the DBP and the LandBank; and
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(b) Transactions of the SHC as to its:
(i) 
I subscription or acquisition of shares;
(ii) 
j execution of convertible loans or purchase of convertible bonds;
(iii) 
j investment in such other securities as may be issued by the investee
I corporations, acceptable to DBP and LandBank; and
(iv) 
J acquisitions of assets of an investee company.
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Transfer of properties in the abovementioned transactions shall also be subject
to the following, in lieu of the applicable fees:
(a) Fifty percent (50%) of the applicable mortgage registration and transfer 
fees on the transfer of real estate mortgage and security interest to and 
from DBP, LandBank, or the SHC, as imposed in accordance with the 
existirig circulars of the Land Registration Authority (LRA);


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(b) Fifty percent (50%) of the filing fees for any foreclosure initiated by the 
DBP and LahdBank in relation to loan assistance and rediscounting 
programs as prescribed by the Rules of Court; and
(c) Fifty percent (50%) of the land registration fees prescribed under the 
existing circulars of the LRA.
The tax exemptions and fee privileges in this Section cannot be enjoyed by any 
person not a party to the above transactions except in cases of subsequent transfers 
by the DBP, LandBank, or the SHC to a third party of rediscounted loans and other 
credit accommodations, properties, shares and other assets, acquired pursuant to the 
said transactions.
The incentives enumerated herein may be availed of for a period of three (3) 
years from the date of effectivity of the applicable implementing rules and regulations 
or of the applicable revenue regulations, whichever comes later: Provided, That the 
tax exemption and fee privileges of subsequent transfers may be availed of for a 
period of three (3) years from the date of acquisition by the DBP, LandBank, or the 
SHC; Provided, farmer, That the Secretary of Finance may extend such period by a 
maximum of three (3) years: Provided, hnaiiy. That once the SHC ceases to be a 
GOCC, its tax exemptions and fee privileges under this clause shall be automatically 
revoked.
Sec. 15. Emergency Procurement under the Government Procurement Reform 
Act. — In order to ensure the expeditious implementation of their mandates under 
this Act, procurement activities undertaken by the LandBank, DBP, and the SHC in 
light of the COVID-19 pandemic and pursuant to their mandate and functions as 
defined in this Act, shall adopt the rules under Negotiated Procurement under 
Emergency Cases under Section 53(b) of Republic Act No. 9184, or the "Government 
Procurement Reform Act" for a period of three (3) years from the effectivity of the 
implementing rules and regulations to be issued under Chapter 5, Section 20 of this 
Act.
Sec. 16. Other Exemptions of the SHC— The SHC shall be exempt from the 
provisions of Republic Act No. 10149, or the "GOCC Governance Act of 2011."
Further, transactions by the SHC shall be exempt from the provisions of 
Republic Act No. 10667, or the "Philippine Competition Act" for a period of three (3) 
years from its incorporation: Provided, That this exemption shall only apply to 
acquisitions of assets of an investee company by the SHC pursuant to its powers under 
this Act.
Any provision of law to the contrary notwithstanding, the disposal of assets of 
an investee company by the SHC pursuant to their mandate and functions, as well as 
the disposal of shares, assets, or investments by LandBank or DBP, or both, in the


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SHC, shall be exempt from the provisions of laws and regulations on government 
disposal of assets.
Sec. 17. Prohibition Against Injunction. - No court, other than the Court of 
Appeals and the Supreme Court, shall issue any temporary restraining order, 
preliminary Injunction, preliminary mandatory injunction, status quo order, stay order, 
commencement order, or any other issuance of injunctive relief against the sale or 
acquisitions of assets of an investee company by the SHC, or the disposal of assets of 
an investee company by the SHC, including judicial or extrajudicial foreclosure sales 
or execution sales.
CHAPTER 5
Miscellaneous Provisions
Sec. 18. Ratios, Ceiiings, and Limitations. — For purposes of this Act, the 
Monetary Board may exempt DBP and LandBank from such ratios, ceilings and 
limitations, provided under Republic Act No. 8791 or the "The General Banking Law 
of 2000," for a period as may be determined by the Monetary Board, subject to 
conditions as may be prescribed by the Monetary Board such as, but not limited to, 
the adoption of appropriate risk management measures to mitigate risks that may 
arise from the implementation of this law.
Sec. 19. Appropriations. — The amount of Ten Billion Pesos 
(PhP10,000,000,000.00) is hereby appropriated out of any funds actually available in 
the National Treasury of the Philippines not otherwise appropriated, as certified by 
the National Treasurer, to fund the following:
(a) 
The amount of Two Billion Five Hundred Million Pesos 
(PhP2,500,000,000.00) for the implementation of Chapters 1 and 3 of this Act: 
Provided, That this amount shall be applied as additional paid-up capital of the DBP, 
for the purposes of lending under the loan assistance program to qualified MSMEs, its 
rediscounting and other programs, and the creation of the SHC: Provided, further, 
That DBP can also utilize funds appropriated under Section 10 of Republic Act No. 
11494 or "the Bayanihan to Recover as One Act" for the implementation of Chapter 1 
of this Act; Provided,finaiiy, That the total amount of PhP2,500,000,000.00 can be 
fully utilized, if required, for the equity infusion in the SHC; and
(b) 
The amount of Seven Billion Five Hundred Million Pesos 
(PhP7,500,000,000.00) for the implementation of Chapters 2 and 3 of this Act: 
Provided, That this amount shall be applied as additional paid-up capital of LandBank, 
for the purposes of lending under the loan assistance program to qualified MSMEs, 
rediscounting and other programs of LandBank, and the creation of the SHC: 
Provided,further, That LBP can also utilize funds appropriated under Section 10 of 
Republic Act No. 11494 or "the Bayanihan to Recover as One Act" for the 
implementation of Chapter 2 of this Act; Provided, finaiiy. That the total amount of
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PhP7,500,000,000.00 can be fully utilized, if required, for the equity infusion in the 
SHC;
Sec. 20. Implementing Rules and Regulations— Within thirty (30) days from 
the effectivity of this Act, the DOF, together with the BIR, the BSP, the SEC, the DBP, 
and the LandBank shall jointly promulgate the necessary rules and regulations for the 
effective implementation of this Act: Provided, That the DOF may call upon any agency 
to provide information or assistance in the drafting of the rules and regulations: 
Provided, further, That within thirty (30) days from the effectivity of this Act, the DOF, 
upon recommendation of the BIR, shall promulgate the revenue regulations 
implementing the fiscal incentives under this Act.
Sec. 21. Oversight Committee. - There is hereby created a Joint Congressional 
Oversight Committee (JCOC) to oversee, monitor, and evaluate the implementation 
of this Act. The JCOC shall be composed of five (5) members each from the House of 
Representatives and from the Senate. The JCOC shall be co-chaired by the 
Chairpersons of the House Committee on Banks and Finandal Intermediaries and the 
Senate Committee on Banks, Financial Institutions and Currencies.
The Speaker and the Senate President shall designate the other four members 
of the JCOC of the House and the Senate from among the members of the House 
Committee on Banks and Rnandal Intermediaries and the Senate Committee on 
Banks, Rnandal Institutions, and Currendes, at least one member of which shall be 
from the minority.
Sec. 22. Separability Clause. - If any provision of this Act is held 
unconstitutional or invalid, ail other provisions not affected thereby shall remain valid.
Sec. 23. Repealing Qause. - All laws, decrees, executive orders, rules and 
regulations or parts thereof, which are inconsistent with this Act, are hereby repealed, 
amended or modified accordingly.
Sec. 24. Effectivity. - This Act shall take effect immediately upon its publication 
in the Official Gazette ox In a newspaper of general circulation.
Approved,
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