Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
House Bill No. _____ 
___________________________________________________________________ 
Introduced by Representative PABLO JOHN F. GARCIA     
___________________________________________________________________ 
EXPLANATORY NOTE 
The importance of cooperative banks in furnishing capital, credit, and other 
financial services to our grassroots sectors cannot be overstated. They have been 
instrumental in the upliftment of the quality of Filipino life and are primary allies in the 
fight against impoverishment. Cooperativism empowers and emboldens–a nation 
cannot call itself strong if the humble among its people remain feeble. 
The Cooperative Development Authority (“CDA”) reports that as of 28 
September 2021, the Philippines had 18,848 operating cooperatives.1 As of 2019, 
twenty-five (25) cooperative banks have been operating in the Philippines–four (4) 
operating nationally, eleven (11) regionally, and ten (10) provincially. Based on the 
records of the Banko Sentral ng Pilipinas, the total assets of cooperative banks 
amounted to Php 21,134,817,720.00 while their total capital account stood at Php 
4,545,113,030.00 as of September 2019. Of the twenty (25) cooperative banks, all but 
five (5) are categorized as “large” by asset size. 
This bill aims to create a more robust legal regime specifically for cooperative 
banks. It aims to expand on the membership, powers, management, functions, and 
governance of such institutions. It likewise contains provisions concerning board 
membership, quorum requirements, the setting of meetings, and director conduct to 
hold those in positions of responsibility true to their fiduciary capacity. 
The measure opens cooperative banks to more allied undertakings and 
enriches the Philippine financial system by placing them under the joint regulation of 
the Banko Sentral ng Pilipinas and the Cooperative Development Agency. 
1 https://cda.gov.ph/updates/fy-2020-cooperative-statistics/. 
August 18, 2022
3:34 pm
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Republic Act No. 9520, which amended the Cooperative Code of the 
Philippines, was passed more than a decade ago. The changing economy and times 
compel us to strengthen cooperative banks–institutions no doubt depended on by 
millions of Filipinos. As a testament to this, this bill was passed on third reading by the 
House of Representatives during the 18th Congress. 
In view of the foregoing, the urgent passage of this bill is earnestly sought. 
Rep. PABLO JOHN F. GARCIA 
3rd District, Province of Cebu 


Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
House Bill No. _____ 
___________________________________________________________________ 
Introduced by Representative PABLO JOHN F. GARCIA     
___________________________________________________________________ 
AN ACT PROVIDING FOR THE REGISTRATION, REGULATION AND 
OPERATION OF COOPERATIVE BANKS AND OTHER PURPOSES 
Be it enacted by the House of Representatives and the Senate of the Congress of the 
Philippines in session assembled: 
CHAPTER I 
DECLARATION OF POLICY AND DEFINITIONS 
Section 1. 
Title. - This Act shall be known as the “Cooperative Banking Act”. 
Section 2.  Declaration of Policy. - It is the declared policy of the State to 
foster the creation and growth of cooperatives to promote self-reliance, communal 
unity and the attainment of economic development and social justice. The State shall 
encourage the private sector to undertake the actual formation and organization of 
cooperatives and shall create an atmosphere that is conducive to the growth and 
development of these cooperatives. 
Further, it is hereby declared the policy of the State to: 
(a) Recognize Cooperative Banks (CBs) as practical vehicles for the promotion of
self-reliance and economic development and the attainment of social justice;
(b) Encourage thrift and savings mobilization for the achievement of sustainable
economic development primarily among cooperatives and their members; and
(c) Regulate and supervise the activities of CBs in order to achieve sound, stable,
sustainable, 13 and efficient operations for the protection of the public interest.
3833


 
Towards these ends, the government shall encourage and assist in the 
establishment of CBs in order to make credit facilities available and readily 
accessible on reasonable terms. 
 
Section 3.  Definition of Terms. - As used in this Act: 
 
(a) Cooperative Bank – refers to a bank organized under this Act and under the 
provisions of Republic Act No. 9520, otherwise known as the “Philippine Cooperative 
Code of 2008”, and prior laws, for the primary purpose of providing a wide range of 
financial services to cooperatives and their members and the public, and which was 
issued by the Bangko Sentral ng Pilipinas (BSP) a license to operate as such, the 
majority shares of which are owned and controlled by the cooperative organizations; 
 
(b) Cooperative organization – refers to any cooperative whether primary, 
secondary, tertiary, or a special type of cooperative registered under the provisions of 
Republic Act No. 9520 and 10 Republic Act No. 10744, otherwise known as the “Credit 
Surety Fund Cooperative Act of 2015”; and 
 
(c) Samahang Nayon and Municipal Katipunan ng mga Samahang Nayon – 
refers to 12 pre-cooperative organizations established under Presidential Decree No. 
175, on “Strengthening the 13 Cooperative Movement”. 
 
CHAPTER II 
ORGANIZATION 
 
Section 4. 
Organization and Membership. - The organization and 
membership of a CB shall be 19 governed by the following:  
 
(a) Organization – At least fifteen (15) cooperative organizations duly 
established and 21 registered under the Cooperative Code may register a CB with the 
Cooperative Development Authority (CDA), upon compliance with the requirements of 
and required authorization from the BSP;  
(b) Membership – Membership in a CB shall be open to:  
(1) Cooperatives of all types and categories;  
(2) Individuals who are members of a cooperative;  
(3) Foreign cooperatives;  
(4) Pre-cooperative organizations established under Presidential Decree No. 
175; and  
(5) Individuals.  
 
Membership in a CB is either regular or associate. Regular membership shall 
be limited to cooperative organizations and individuals who are members of a 
domestic cooperative or foreign cooperative. Associate members shall be pre-


 
cooperative organizations established under Presidential Decree No. 175 and 
individuals who are subscribing and holding preferred shares only.  
 
The common and preferred shareholdings of the CB shall at all times be at least 
sixty percent (60%) of the total outstanding shares held by local cooperative 
organizations, local cooperatives of all types and categories, individuals who are 
members of local cooperatives and pre-cooperative organizations established under 
Presidential Decree No. 175. Common shares held by individuals who are members 
of a local cooperative and foreign cooperatives shall not be more than forty percent 
(40%) of the total outstanding voting shares: Provided, That the common 
shareholdings of each individual who is a member of a cooperative shall not be more 
than five percent (5%) of the total outstanding voting shares. 
 
Section 5.  Establishment of Cooperative Banks. - The articles of 
cooperation and by-laws of a CB, or any amendment thereto, shall be registered with 
the CDA only when accompanied by a certificate of authority issued by the BSP. 
 
Section 6.  Establishment of Branches and Other Offices. - The 
establishment of branches, branch-lite units, or other banking offices shall be 
governed by the rules and regulations of the BSP. 
 
CHAPTER III 
MANAGEMENT AND GOVERNANCE OF COOPERATIVE BANKS 
 
Section 7. 
Management of Cooperative Banks. - The management of the 
CBs shall be governed by the rules and regulations to be promulgated by the BSP, in 
consultation with the CDA. To maintain the quality of bank management and accord 
appropriate protection to depositors and the public in general, the BSP shall prescribe 
the fit and proper qualifications of bank directors and officers for the purposes of this 
Section, giving due recognition to the unique nature and character of CBs.  
 
 
The number, composition, and term of the board of directors shall be defined in 
the articles of cooperation and bylaws of the CB in accordance with the following 
guidelines: 
(a) 
Board and Committees. - The CB shall constitute, at a minimum, 
the Board of Directors, Election Committee, and Audit Committee. 
 
The Board of Directors shall be composed of at least five (5) but not 
more than fifteen (15) members, at least one (1) of whom is an independent 
director. It shall be entrusted with the management of the affairs of the CB. It 
shall be responsible for the policy formulation, strategic planning, direction-
setting and activities of the CB. The members of the Board of Directors shall be 
elected by the general assembly or representative assembly of the cooperative. 


 
 
The Election Committee shall be responsible for the formulation and 
implementation of election rules and guidelines. It shall supervise the conduct 
of election and election-related activities, canvass and certify the results of the 
election, and decide cases relative to such election, except those involving the 
committee itself or its members. The members of the Election Committee shall 
be elected by the general assembly or representative assembly. 
 
The Audit Committee is a board-level committee which composition, 
functions and responsibilities shall be in accordance with the existing 
regulations of the BSP.  
 
Other board-level committees may be created as may be directed by the 
BSP. Other committees may be created by the Board of Directors with powers, 
functions, and responsibilities which shall be defined in the bylaws. 
 
(b)  
Key Management Officers. - The key management officers shall be 
appointed by the Board and shall include but is not limited to the President, 
Treasurer, Internal Auditor, and Compliance Officer, or their equivalent ranks. 
The BSP shall prescribe the qualifications and disqualifications of the key 
management officers. 
 
Section 8.  Vacancy in the Board and Committees. - Any vacancy in the 
board of directors, other than by removal or by expiration of term, may be filled by the 
vote of at least a majority of the remaining directors, if still constituting a quorum; 
otherwise, said vacancy must be filled by the general assembly in a regular or special 
meeting called for that purpose. A director so elected to fill a vacancy shall serve only 
the unexpired term of his predecessor in office. 
 
In case of vacancy in the committees, the board, unless otherwise provided in 
the by-laws, will appoint a person to fill the same, subject to the provision that the 
person appointed shall serve only for the unexpired portion of the vacated term. 
 
 
Section 9.  Compensation. - In the absence of any provisions in the by-laws 
fixing their compensation, the directors shall not receive any compensation except for 
reasonable per diems: Provided, however, That the directors and officers shall not be 
entitled to any per diem when, in the preceding calendar year, the CB reported a net 
loss or had a dividend rate less than the official inflation rate for the same year. Any 
compensation other than per diems may be granted to directors by a majority vote of 
the members with voting rights at a regular or special general assembly meeting 


 
specifically called for the purpose: Provided, That no additional compensation other 
than per diems shall be paid during the first year of existence of the CB.  
 
In no case shall the total yearly compensation of directors exceed ten percent 
(10%) of the net income of the CB during the preceding year. 
 
Section 10. Liability of Directors, Officers and Committee Members. - 
Directors, officers, and committee members, who willfully and knowingly vote for or 
assent to patently unlawful acts or who are guilty of gross negligence or bad faith in 
directing the affairs of the CB or acquire any personal or pecuniary interest in conflict 
with their duties as such directors, officers or committee members shall be liable jointly 
and severally to the CB for the full amount of damages or personal gain resulting 
therefrom. 
 
Section 11. Disloyalty of Directors and Officers. - A director or officer who, 
by virtue of his office, acquires for himself an opportunity which should belong to the 
CB shall be liable for damages and must account for double the profits that otherwise 
would have accrued to the CB by refunding the same, unless his act has been ratified 
by a two-thirds (2/3) vote of all the members with voting rights.  
 
This provision shall be applicable notwithstanding the fact that the director or 
officer used his own funds for the venture. 
 
Section 12. Dealings of Directors, Officers, Stockholders and Related 
Interests (DOSRI). - Dealings with directors and officers of the CB shall comply with 
the provisions of Section 36 of R.A. No. 8791, otherwise known as the General 
Banking Law of 2000.  
 
Section 13. Illegal Use of Confidential Information. - A director or officer, 
or an associate of a director or officer, who, for his benefit or advantage or that of an 
associate, makes use of confidential information that, if generally known, might 
reasonably be expected to adversely affect the operations and viability of the CB, shall 
be held: 
 
(a) 
Liable to compensate the CB for the direct losses suffered by the CB as 
a result of the illegal use of information; and 
 
(b) 
Accountable to the CB for any direct benefit or advantage received or 
yet to be received by him or his associate, as a result of the transaction. 
 
Section 14. Bond for Faithful Performance of Duties and Obligations. - 
Every officer or employee handling funds, securities, or property on behalf of a CB 


 
shall, before performing such duties, execute and deliver adequate and appropriate 
bond for the faithful performance of one’s duties and obligations.  
 
Section 15. Quorum and Voting Rights. - In meetings of the Board of 
Directors, whether special or regular, the quorum requirements shall be one-half plus 
one of all the members. Each director shall only have one (1) vote. 
 
CHAPTER IV 
GENERAL ASSEMBLY 
 
Section 16. Composition of the General Assembly. - The general assembly 
shall be composed of regular members who are entitled to vote under the articles of 
cooperation and by-laws of the CB. 
 
Section 17. Powers of the General Assembly. - The general assembly shall 
be the highest policy-making body of the CB and shall exercise such powers as are 
stated in the Cooperative Code, in the articles of cooperation, and in the bylaws of the 
CB. The general assembly shall have the following exclusive powers which cannot be 
delegated: 
 
(a) 
To determine and approve amendments to the articles of 
cooperation and by-laws; 
 
(b) 
To elect or appoint the members of the board of directors, and to 
remove them for cause; and 
 
(c) 
To approve developmental plans of the CB. 
 
Subject to such other provisions of the Cooperative Code and only for purposes 
of prompt and intelligent decision-making, the general assembly may, by a three-
fourths (3/4) vote of all its members with voting rights present and constituting a 
quorum, delegate some of its powers to a smaller body of the CB. These powers shall 
be enumerated under the by-laws of the CB. 
 
Section 18. Meetings. -  A regular meeting shall be held annually by the 
general assembly on a date fixed in the by-laws, or if not so fixed, on any date within 
one hundred eighty (180) days after the close of each fiscal year: Provided, That notice 
of regular meetings shall be in writing which shall be sent through personal delivery, 
registered mail, or other electronic means to all members of record, and posted in 
conspicuous places within the CB premises; 
 
Whenever necessary, a special meeting of the general assembly may be called 
at any time by a majority vote of the Board of Directors or as provided for in the bylaws: 
Provided, That a notice in writing shall be sent one (1) week prior to the meeting to all 


 
members who are entitled to vote. However, a special meeting shall be called by the 
board of directors after compliance with the required notice or by at least ten per 
centum (10%) of the total members who are entitled to vote to transact specific 
business covered by the call. 
 
If the board fails to call a regular or a special meeting within the given period, 
the CDA shall, upon petition of ten per centum (10%) of all the members of the CB 
who are entitled to vote, and for good cause shown, shall issue an order to the 
petitioners directing them to call a meeting of the general assembly by giving proper 
notice as required in the Cooperative Code or in the bylaws; 
 
In the case of a newly approved CB, a special general assembly shall be called, 
as far as practicable, within ninety (90) days from such approval; 
 
The CDA may call a special meeting of the CB for the purpose of reporting to 
the members the result of any examination or other investigation of the CB affairs; and 
 
Notice of any meeting may be waived, expressly or impliedly, by any member. 
 
Section 19. Quorum and Voting System. - The quorum requirement for 
general assembly meetings, whether special or regular, shall be one-half plus one of 
the number of voting shares of all the members in good standing.  
 
To amend its articles of cooperation and by-laws, at least three-fourths (3/4) 
vote of all the members with voting rights, present and constituting a quorum shall be 
required. All other voting requirements shall be prescribed by the BSP.  
 
The voting rights of the members shall be proportionate to the number of their 
paid-up shares. 
 
CHAPTER V 
POWERS, FUNCTIONS, AND ALLIED UNDERTAKINGS 
 
 
Section 20. Powers and Functions of Cooperative Banks. - CBs shall 
primarily provide a wide range of financial services to cooperative organizations, their 
members, and to the public. A CB may perform any or all of the following banking 
services:  
 
 
(a) 
Extend loans and advances primarily for the purpose of meeting 
the normal credit needs of farmers, fishermen, or farm families as well as 
cooperatives, merchants, and private and public employees; Provided, That 
loans and advances granted to cooperative organizations shall not be subject 
to individual ceilings on loans to DOSRI; 
 


 
 
(b) 
Accept savings and time deposits; 
 
 
(c) 
Act as correspondent of other financial institutions;  
 
 
(d) 
Discount and rediscount paper with the Land Bank of the 
Philippines, Development Bank of the Philippines or any other bank, including 
its branches and agencies. Said banks shall specify the nature of paper 
deemed acceptable for rediscounting, as well as the rediscount rate to be 
charged by any of these banks; 
 
(e) Act as collection agent;  
 
(f) Act as official depository of local government units and other 
government agencies or instrumentalities; 
 
(g) Acquire readily marketable bonds and other debt securities; 
 
(h) Buy and sell foreign exchange; 
 
(i) To act as conduit bank for the disbursement of government funds 
intended for lending to 22 agriculture, micro, small and medium 
enterprises (MSMEs) and projects for local economic 23 
development; 
 
(j) To be eligible to participate in government program allocations for 
agricultural lending, social housing, loans to rural microenterprises 
and other initiatives towards inclusive growth; and 
 
 
(i) 
Offer other banking services as provided in Section 53 of R.A. No. 
8791. 
 
In addition to the powers granted to CBs by this Act and other existing laws, 
any CB may perform any or all of the banking services offered by other types of banks 
subject to the prior approval of the BSP. 
 
 
Section 21. Investment in Allied Undertakings. - Subject to the 
requirements and restrictions as may be imposed by the Monetary Board under its 
existing rules and regulations, CBs may invest in equities of allied undertakings which 
may include the following:  
 
(a) 
Banks, 
financial 
institutions 
and 
non-bank 
financial 
intermediaries; 
 
(b) 
Warehousing and other post-harvest facilities; 


 
 
(c) 
Fertilizer and agricultural chemical and pesticides distribution; 
 
(d) 
Farm equipment distribution; 
 
(e) 
Trucking and transportation of agricultural products; 
 
(f) 
Marketing of agricultural products; 
 
(g) 
Leasing; 
 
(h) 
Automated teller machine (ATM) networks; 
 
(i) 
Public transportation; 
 
(j) 
Financial technology; and 
 
(k) 
Other undertakings as may be determined by the Monetary Board 
 
Section 22. Limitations on Lending Authority. - Except as the Monetary 
Board may otherwise prescribe, the direct indebtedness to CBs of any person, 
company, corporation, or firm, including the indebtedness of members of a partnership 
and association, for money borrowed, shall in no time exceed twenty-five percent 
(25%) of unimpaired capital and surplus of the CB. However, the direct indebtedness 
mentioned shall exclude loans secured by obligations of the BSP; loans fully 
guaranteed by the government as to the payment of principal and interest; loans to the 
extent covered by the holdout on, or assignment of, deposits maintained in the lending 
CB and held in the Philippines; and other loans or credits as the Monetary Board may, 
from time to time, specify non-risk assets. 
 
CHAPTER VI 
CAPITALIZATION AND CAPITAL STRUCTURE 
 
 
Section 23. Capital Requirement for Cooperative Banks. - A CB shall have 
a minimum paid-up capital in such amount as may be required by the BSP. The BSP 
may prescribe rules and regulations on the types of shares a CB may issue, including 
the terms thereof and rights appurtenant thereto to determine compliance with laws 
and regulations governing capital and equity structure of banks. Provided, That CBs 
shall issue par value shares only.  
 
Section 24. Barrio Savings Fund (“BSF”), Barrio Guarantee Fund 
(“BGF”), Cooperative Development Loan Fund (“CDLF”), Cooperative Marketing 
Program (“CMP”), and other funds administered by CDA. - In order to augment 
the capitalization of CBs, the aforementioned funds collected/deducted by various CBs 


 
throughout the country from the loan proceeds of farmer borrowers in compliance with 
Presidential Decree No. 175, which are still floating and outstanding either as active 
or dormant accounts in the books of those banks, shall be converted as capital of the 
CB located in the province where the depository banks of the BSF and BGF are 
located. 
 
Section 25. Samahang Nayon and Municipal Katipunan ng mga 
Samahang Nayon. - Samahang Nayon (“SN”) and Municipal Katipunan ng mga 
Samahang Nayon (“MKSN”) which held common shares of CBs prior to the effectivity 
of R.A. No. 9520 shall apply for conversion to cooperatives in order to maintain their 
status as regular members of CBs: Provided, That the CBs shall exert efforts to inform 
and assist the SN and MKSN to convert within a period of three (3) years from the 
effectivity of this Act. Upon failure of the SN and MKSN to finally convert to a 
cooperative within said period, the funds held in the name of such SN and MKSN shall 
be considered as preferred shares and shall remain as capital of the CB. 
 
Section 26. Additional Source of Capital of the CBs. - The funds or 
common shares in CBs held in the name of cooperatives whose certificates of 
registration have already been cancelled by the CDA and which failed to liquidate such 
funds or shares during its liquidation shall remain in said CBs. In case of dissolution 
and liquidation of the CBs, such funds or shares shall be treated as preferred shares. 
 
CHAPTER VII 
SUPERVISION 
 
 
Section 27. Supervision of Cooperative Banks. - All CBs shall be under the 
supervision of the BSP; Provided, however, that the CDA shall monitor the CBs’ 
compliance with cooperative laws, rules, and regulations. With respect to the 
provisions and governance of the CBs, the provisions of the banking laws, rules, and 
regulations shall prevail, notwithstanding Section 71 of R.A. No. 8791. 
 
SEC. 28. Promulgation of Guidelines. – The BSP and CDA may formulate 
guidelines to implement or clarify the provisions of this Act: Provided, That the BSP, 
as the regulator of banks, shall be the primary regulator of cooperative banks 
consistent with the provisions of Republic Act No. 8791: Provided, further, That in 
order to minimize the burden of dually-regulated entities, the BSP shall, in consultation 
with the CDA, shall in its promulgation of rules and regulations, to the extent allowed 
in banking and other relevant laws, and insofar as consistent with the BSP’s exercise 
of supervisory and regulatory powers over banks, consider the requirements of this 
Act and the CDA for 1cooperatives in general. 
 
 
 
 


 
CHAPTER VIII 
PRIVILEGES AND INCENTIVES  
 
 
Section 29. Privileges of Cooperative Banks. - CBs registered under this 
Act and the Cooperative 20 Code shall have the following privileges and incentives:  
 
(a) Those privileges and incentives accorded to cooperatives under the 
Cooperative Code and other prior laws including exemption from all national, 
city, provincial, municipal or barangay taxes, fees and charges of whatever 
nature and description: Provided, however, That when a CB has reached an 
undivided net savings of more than One hundred million pesos 
(P100,000,000.00), transactions to nonmember will become taxable;  
 
(b) The foreclosure of mortgages covering loans granted by CBs and executions 
of judgment thereon involving real properties levied upon by sheriff shall be 
exempt from the publications in newspapers where the total amount of loan, 
excluding interests due and unpaid, does not exceed One million pesos 
(P1,000,000.00) or such amount as the Monetary Board may prescribe as may 
be warranted by prevailing economic conditions. It shall be deemed sufficient 
publication in such cases here the notices of foreclosure and execution of 
judgment are posted in the most conspicuous areas such as the municipal 
building, the municipal public market, the CB, and the barangay hall where the 
land mortgaged is situated during the period of sixty (60) days immediately 
preceding the public auction or execution of judgment. Proof of publication as 
required herein shall be accomplished via an affidavit of the sheriff or officer 
conducting the foreclosure sale or execution of judgment and shall be attached 
to the records of the case;  
 
(c) A CB shall be allowed to foreclose lands mortgaged to it subject to the 
provisions of Republic Act No. 6657, otherwise known as the Comprehensive 
Agrarian Reform Law of 1988. For agrarian lands foreclosed by a CB, the 
disposal of the same to another qualified beneficiary under Republic Act No. 
6557 shall be made through the same CB. Further, the amortization of the 
beneficiary in favor of the Department of Agrarian Reform (DAR) shall be 
coursed through the servicing CB: Provided, however, That CBs shall be 
exempt from the landholding limits as prescribed by the DAR or any other law 
requiring the same;  
 
(d) For CBs granted by the BSP with accreditation as Rural Financial Institution 
(RFI) under Republic Act No. 10000, the following privileges shall be awarded: 
 
(1) Unrestricted branching rights to set up agriculture-oriented branches in 
unbanked municipalities and predominantly agricultural communities, 


 
subject to existing regulations on minimum capitalization for banks and the 
size of branch network; 
 
(2) Automatic eligibility with Philippine Guarantee Corporation (with respect to 
agricultural credit guarantee), Philippine Crop Insurance Corporation, and 
governmental agencies providing services towards risk mitigation in the 
agriculture sector; 
 
(3) Priority status as credit delivery partner or conduit of government-directed 
programs for agricultural projects through the Department of Agriculture 
and other government agencies; and  
 
(4) Entitlement to participate free of charge in capability-building activities in 
agriculture 7 lending such as the exchange of best-practice experiences, 
study tour, technology transfer among ASEAN member states and other 
fora of international cooperation. 
 
Section 30. Separability Clause. - If any provision or section of this Act or the 
application thereof to any person or circumstance is held invalid, the other provisions 
or sections of this Act shall remain valid, and the application of such remaining 
provisions or sections to the other persons or circumstances shall not be affected 
thereby. 
 
Section 31. Repealing Clause. - All laws, issuances, rules, and regulations 
inconsistent with this Act are hereby repealed accordingly. 
 
Section 32. Effectivity. - This Act shall take effect fifteen (15) days from the 
date of its publication in the Official Gazette or in at least two (2) newspapers of general 
circulation. 
 
Approved,