1 
Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
NINETEENTH CONGRESS 
1st Regular Session 
House Bill No. ________ 
Introduced by Representatives PAOLO Z. DUTERTE, ERIC G. YAP, 
EDVIC G. YAP, and JEFFREY SORIANO 
EXPLANATORY NOTE 
Years since the onset of the COVID-19 pandemic, many Filipinos are still yet to recover 
from the adversities brought upon by this global health emergency. Thousands of 
families lost their jobs and livelihoods, as they were subjected to constant lockdowns 
which limited their mobility and opportunities.  
Among those who are still struggling to cope are the members of the Micro, Small, 
and Medium Enterprises (MSMEs). According to the United Nations (2020), MSMEs 
comprise 99.5% of business establishments in the Philippines and employ about 63% 
of the country's workforce. In previous years, they have contributed to the 40% of the 
National Gross Domestic Product (GDP). 
This bill seeks to provide financial assistance to the distressed enterprises critical to 
economic recovery through programs and initiatives to be implemented by the 
Philippine Guarantee Corporation (PGC), Landbank of the Philippines (LBP) and 
Development Bank of the Philippines (DBP). This is for purposes of addressing 
liquidity or solvency problems of MSMEs and strategically important industries, 
encouraging their continued operations, and maintaining their employment levels. 
In view of the foregoing, approval of this bill is earnestly sought. 
PAOLO Z. DUTERTE 
ERIC G. YAP 
        EDVIC G. YAP 
           JEFFREY SORIANO 
August 10, 2022
2:11 pm
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1 
Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
NINETEENTH CONGRESS 
1st Regular Session 
House Bill No. ________ 
Introduced by Representatives PAOLO Z. DUTERTE, ERIC G. YAP, 
EDVIC G. YAP, and JEFFREY SORIANO 
AN ACT 
PROVIDING FOR GOVERNMENT FINANCIAL INSTITUTIONS UNIFIED 
INITIATIVES TO DISTRESSED ENTERPRISES FOR ECONOMIC RECOVERY 
(GUIDE) 
Be it enacted by the Senate and House of Representatives of the Philippines in Congress 
assembled: 
SECTION 1. Short Title. - 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;
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
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2 
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: 
 
Micro  
:  
not more than PhP3,000.000 
 Small  
  : 
PhP3,000,001 – PhP15,000.000 
Medium 
    :  
  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 SICs shall 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 Sentral 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 (BSFIs), 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. 
 
The DBP may undertake other similar activities as may be provided under the 
rules and regulations to be issued to implement this Act. 
 


 
3 
SEC. 6. Increase in DBP'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 (P35,000,000,000.00)] ONE 
HUNDRED BILLION PESOS (PHP100,000,000,000.00) to be divided 
into [Three-hundred fifty million (350,000,000)] ONE BILLION 
(1,000,000,000) common shares with par value of One hundred pesos 
(PhP100.00) per share, which shall be fully subscribed by the National 
Government: [Upon the effectivity of this Charter, the National shall 
initially subscribe One hundred twenty five million (125,000,000) 
common shares of stock worth Twelve billion five hundred million pesos 
(P12,500,000,000.00), Five billion pesos (P5,000,000,000-00) of which shalt 
be deemed paid fer by the government and the balance shall be paid for 
by the government out of the stock dividends to be declared by the Bank- 
from its unappropriated retained earnings: Provided, That the dividends 
due the national government pursuant to Republic Act Ne. 7656 shall 
first be paid.] 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 
 
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. 
 


 
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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 Vehicle. - 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, further, That a SIC can show proof of temporary 
solvency problems due to the pandemic, financial 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 multilateral 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 
shall 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; 
 


 
5 
d. The LandBank and the DBP shall 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 multilateral 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 articles 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, shall 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: Provided, further, That even if the services of the 
latter are availed of, the audit report of the COA shall serve as the report for 
purposes of compliance with audit requirements as required of a GOCC 
under applicable law; 
 
f. The SHC shall devise mechanisms that shall protect the government's 
investment, such as issuing a special class or series of shares, or entering 
into shareholders' 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 Vehicle. - The SHC shall have the powers 
granted to a stock corporation under Republic Act No. 1 1232. 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; 
 
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 shall be in the form of (i) limited equity participation by 
subscription 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 
DBP and LandBank; and 
 


 
6 
d. The investee company is eligible based on the requirements in(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 of the 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 Secretary 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 investor(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 shall 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 GOCC, shall therefore be exempt 
from existing laws and the rules and regulations on compensation, position 
classification, and qualification standards in the government service. 
 
SEC. 12. Responsibility of the Board and the Employees of the SHC - The Board 
shall set appropriate standards and corporate governance for the investee companies 
that the SHC will invest in. The Board shall likewise institute mechanisms to oversee 
that such standards are followed by the investee company. 


 
7 
 
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 willful 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 unconscionable expenditures such as entertainment, events, 
office/facility renovations aviation/transportation services and other 
activities; 
 
g. The ownership of the SHC in the investee company shall not be diluted and 
a provision protecting the value of the shares of the SHC from market 


 
8 
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 tie-bound with a definite 
exit mechanism. 
 
Provided, further, 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. 
 
 
CHAPTER 4  
INCENTIVES AND EXEMPTION PRIVILEGES OF THE DBP, LANDBANK, 
AND THE SHC 
 
SEC. 14. Tax Exemptions and Fee Privileges. - 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 pago) by the borrower or by a third party in favor of 
the DBP and the LandBank: and 
 
b. Transactions of the SHC as to its: 
1. subscription or acquisition of shares; 
2. execution of convertible loans or purchase of convertible bonds; 
3. investment in such other securities as may be issued by the investee 
corporations, acceptable to DBP and LandBank; and 
4. acquisitions of assets of an investee company.  
 
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 existing 
circulars of the Land Registration Authority (LRA); 
 
b. Fifty percent (50%) of the filing fees for any foreclosure initiated by the DBP 
and LandBank in relation to loan assistance and rediscounting programs as 
prescribed by the Rules of Court; and 
 


 
9 
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, further, That the Secretary of Finance may extend such period by a maximum 
of three (3) years: Provided, finally, 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 
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 


 
10 
of an investee company by the SHC, including judicial or extrajudicial foreclosure 
sales or execution sales. 
 
 
CHAPTER 5  
MISCELLANEOUS PROVISIONS 
 
SEC. 18. Ratios, Ceilings, 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, finally, 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, finally, That the total amount of 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, 


 
11 
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 Financial 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 Financial Intermediaries and the Senate Committee on 
Banks, Financial Institutions, and Currencies, 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, all other provisions not affected thereby shall remain 
valid. 
 
SEC. 23. Repealing Clause. - 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 or in a newspaper of general circulation. 
 
Approved,