Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. ____ 
Introduced by HON. LUIS RAYMUND “LRAY” F. VILLAFUERTE, JR.,  
HON. MIGUEL LUIS R. VILLAFUERTE, HON. TSUYOSHI ANTHONY G. 
HORIBATA AND HON. NICOLAS ENCISO VIII 
EXPLANATORY NOTE 
Article II, Section 9 of the 1987 Constitution of the Republic of the Philippines provides 
that, “The State shall promote a just and dynamic social order that will ensure the 
prosperity and independence of the nation and free the people from poverty through 
policies that provide adequate social services, promote full employment, a rising 
standard of living, and an improved quality of life for all.”  
Further, Article XIII, Section 5 of the same Constitution directs the State to “provide 
support to agriculture through (...) adequate financial, production, marketing, and other 
support services.” 
According to Selected Statistics on Agriculture released by the Philippine Statistics 
Authority (PSA) in 2019, about 24.30 percent or about 10 million of the 43.46 million 
Filipino labor force are farmers. Among agricultural households, however, poverty 
rates are as high as 65.2 percent among corn farmers and 56.4 percent among 
farmhands and laborers.  
Poverty rates in rural agricultural communities can still however improve, as 
entrepreneurial income notably reduced year-on-year poverty by 15 percent in 2018. 
This presents a unique opportunity to the 8.9 million rural agricultural households that 
derive 30 percent of their annual income from entrepreneurial activities.  
This Bill seeks to promote sustainable inclusive and broad-based economic growth, 
through the creation of an Agriculture, Fisheries and Rural Financing System that will 
extend loans, investments, and grants to the agriculture sector. As proposed, the Bill 
requires all banking institutions to set aside a Credit Quota of at least 25 percent of 
their total loanable funds through a list of authorized mechanisms.  
The Bill also creates an Agribusiness Management Capacity and Institution-Building 
Fund (Special Fund) to finance agricultural and fishery-related activities as well as 
organizational-, capacity-and institution-building programs of cooperatives and other 
duly-registered organizations of rural agricultural and fisheries households. 
To ensure compliance, the Bill further directs the Bangko Sentral ng Pilipinas (BSP) 
July 11, 2022
5:21 pm
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to furnish reports on the compliance of financial institutions with the mandatory Credit 
Quota and to impose administrative sanctions and other penalties for violating any 
provisions of this Act.  
 
Penalties on non-compliance or under-compliance shall be computed at 0.5%, or at 
rates prescribed by the BSP Monetary Board. Upon collection of such penalties, the 
BSP shall remit these to the Agricultural and Fisheries Finance and Capacity-Building 
Council (AFFCC) for deposit to a Special Fund. The AFFCC shall manage the Special 
Fund and set its target amount as well as manage capacity-building programs and 
activities.  
 
Through the participation of financial institutions, this Bill realizes the Philippine State’s 
commitment to the promotion of inclusive and broad-based economic growth that 
raises the quality of life through equal access to opportunities under an environment 
of sustained growth and expanding productivity. 
 
In view of the foregoing, the approval of this bill is earnestly sought. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LUIS RAYMUND “LRAY” F. VILLAFUERTE, JR.             MIGUEL LUIS R. VILLAFUERTE   
 
 
 
 
 
 
 
 
 
 
 
 
TSUYOSHI ANTHONY G. HORIBATA  
 
 
NICOLAS ENCISO VIII 
 
 
 
 
 
 


3 
Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. ____ 
Introduced by HON. LUIS RAYMUND “LRAY” F. VILLAFUERTE, JR.,  
HON. MIGUEL LUIS R. VILLAFUERTE, HON. TSUYOSHI ANTHONY G. 
HORIBATA AND HON. NICOLAS ENCISO VIII 
AN ACT  
MANDATING BANKING INSTITUTIONS TO STRENGTHEN THE FINANCING SYSTEM 
FOR AGRICULTURAL, FISHERIES AND RURAL DEVELOPMENT IN THE PHILIPPINES 
Be it enacted by the Senate and House of Representatives of the Philippines 
in Congress assembled: 
ARTICLE I  
GENERAL PROVISIONS 
SECTION 1. Short Title. – This Act shall be known as “The Rural Agricultural and 
Fisheries Financing Enhancement System Act”. 
SECTION 2. Declaration of Policy. –   It is hereby declared the policy of the State to 
promote inclusive and broad-based economic growth by ensuring equal access to 
opportunities under an environment of sustained growth and expanding productivity 
as the key to raising the quality of life for all. Towards this end, the State shall promote 
rural development by enhancing access of rural communities and agricultural and 
fisheries households to financial services and programs that increase productivity, 
enhance market efficiency, promote modernization and improve the welfare and 
economic prospects of beneficiaries in rural communities through active participation 
of banking institutions. 
SECTION 3. Definition of Terms. –  As used in this Act, the following terms shall 
mean:   
1808


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(A) Agrarian Reform Beneficiary (ARB) refers to a farmer who was granted
land under Presidential Decree No. 27, the Comprehensive Agrarian Reform
Law and Republic Act No. 9700 or the “Comprehensive Agrarian Reform
Extension with Reforms” and a regular farm worker who is landless,
irrespective of tenurial arrangement, who benefited from the redistribution of
land, regardless of crops or fruits produced, to include the totality of factors
and support services designed to lift the economic status of the beneficiary
and all other alternative arrangements to the physical distribution of lands,
such as production or profit sharing, labor administration, and the distribution
of shares of stock which will allow the beneficiary to receive a just share of
the fruits of the lands of one works. The term shall also include registered
agrarian reform beneficiaries’ cooperatives/associations/other farm groups,
respectively endorsed as comprising of agrarian reform beneficiaries by the
nearest office of the DAR, as well as ARB households.
(B) Agrarian Reform Community (ARC) refers to a barangay or a cluster of
barangays primarily composed and managed by agrarian reform
beneficiaries who shall be willing to be organized and undertake the
integrated development of an area and/or their organizations/cooperatives.
(C) Agri-Business refers to agriculture and fishery-related activities that put
farmers, fisherfolk processors, distributors, and consumers within a system
that produces, processes, production, farm and fishery operations and
management, equipment and supplies manufacturing, food/non-food
processing, trading, and retailing.
(D) Agri-tourism, also referred to as “Farm Tourism” under Republic Act No.
10816, refers to the practice of attracting visitors and tourists to farm areas
for production, educational, and recreational purposes. It involves any
agricultural- or fishery-based operation or activity that brings to a duly-
accredited farm tourism camp, visitors, tourists, farmers and fisherfolk who
want to be educated and trained on farming and its related activities.
(E) Agricultural Lessee refers to any person who, without help from his/her
immediate farm household, cultivates the land owned by another for a certain
price in money, in produce or in both.
(F) Agricultural or Fisheries Household - a household is considered to be an
agricultural or fisheries household when at least one member of the


5 
 
household is a farmer, a fisherman, an agrarian reform beneficiary, a settler, 
an agricultural lessee, an amortizing owner, a farmworker, a fish-worker, an 
owner-cultivator, a compact farmer, or a tenant farmer.  
(G)  Agricultural Value Chain (AVC) refers to a set of actors/players, such as 
producers (farmers, fisherfolks), traders, suppliers, processors, aggregators, 
who conduct linked sequence of value-adding activities involved in 
converting an agricultural product from its raw material to final form and 
bringing it to consumers.  
(H) Agricultural Value Chain Financing (ACVF) refers to financing to an AVC 
following the identification and analysis of AVC and the design of appropriate 
financial products and services for actors/players that form part of the AVC.  
(I) Agro-Industry Modernization Credit and Financing Program (AMCFP) 
refers to the umbrella credit/financing program of the government for the 
agriculture and fisheries sector created under Republic Act No. 8435. 
(J) Amortizing Owners refer to landowners who amortize a payment for the 
land to a private individual or to the State.   
(K) Compact Farmers refer to those farmers with adjoining farms operating as 
a single unit under one management, farm plan and budget.  
(L) Farmer refers to a natural person whose primary livelihood is cultivation of 
land or the production of agricultural crops, agroforest products, or livestock, 
either by oneself, or primarily with the assistance of their immediate farm 
household, whether the land is owned by them or by another person under 
a leasehold or share tenancy agreement or arrangement with the owner 
thereof. 
(M) Farmworker refers to a natural person who renders service for value as an 
employee or laborer in an agricultural enterprise or farm regardless of 
whether their compensation is paid on a daily, weekly, monthly or “pakyaw” 
basis. The term includes an individual whose work has ceased as a 
consequence of, or in connection with, a pending agrarian dispute who has 
not obtained a substantially equivalent and regular farm employment.  
(N)  Farmers’ Cooperatives refer to organizations composed primarily of small 
agricultural producers, farmers, farmworkers, or other agrarian reform 
beneficiaries who voluntarily organize themselves for the purpose of pooling 
land, manpower, technological, financial or other economic resources, and 


6 
 
operate on the principle of one member, one vote. A juridical person may be 
a member of a cooperative, with the same rights and duties as a natural 
person.  
(O) Farmer’s and Fisherfolk’s Organizations or Associations refer to 
farmer’s and fisherfolk’s cooperatives, associations or corporations duly 
registered with appropriate government agencies and which are composed 
primarily of small agricultural producers, farmers, farmworkers, agrarian 
reform beneficiaries, fisherfolk who voluntarily join together to form a 
business enterprises or non-business organizations which they themselves 
own, control and patronize.  
(P) Farm-To-Market Road refers to a road linking the agriculture and fisheries 
production sites, coastal landing point and post-harvest facility to the market 
and arterial road and highway.  
(Q) Financial Services refer to services extended by banks/financial institutions 
such as, but not limited to, credit/lending, deposits, rediscounting, and 
insurance. 
(R) Fisherfolk refers to people directly or personally and physically engaged in 
catching and/or culturing and processing fishery and/or aquatic resources. 
(S) Fish-worker refers to a person whether or not regularly employed in 
commercial fishing and related industries, whose income is either from 
wages, profit sharing or stratified sharing basis, including those working in 
fish pens, fish corral/traps, fishponds, prawn farms, sea farms, salt beds, fish 
ports, fishing boat or trawlers, or fish processing and/or packing plants, but 
excluding administrators, security guards and overseers. 
(T) Green Finance refers to financial services and products designed to 
promote the flow of finance toward green economic activities and projects. 
Aside from financing to promote climate change adaptation and mitigation, 
green finance also covers environmental improvement and efficiency 
improvement in natural capital preservation and resource mobilization. 
(U) Micro, Small And Medium Enterprise (MSME) refers to any business 
activity or enterprise defined as such under existing laws.  
(V) Newly-Established Bank refers to a domestic or foreign bank without 
banking presence in the Philippines prior to the issuance of its certificate of 
authority to operate. It shall not include banks that have been formed through 


7 
 
the acquisition, purchase of ownership of the voting stock of an existing 
domestic bank or the merger or consolidation of banks.  
(W) Owner-cultivators refer to natural persons who own lands by purchase, 
inheritance, or land distribution by the State. Owner-Cultivators can operate 
the farm themselves, supervise wage labor or delegate operations to 
farmers. 
(X) Philippine Crop Insurance Corporation (PCIC) refers to a government-
owned and -controlled corporation which provides insurance protection to the 
country’s agricultural producers, particularly the subsistence farmers against 
crop losses arising from natural calamities such as typhoons, rising sea 
levels, floods, drought, earthquakes, volcanic eruptions, plant diseases and 
pest infestation and non-crop agricultural asset losses due to perils for which 
the asset has been insured against.  
(Y) Post-Harvest Activities refer to threshing, drying, milling, grading, storing, 
and handling of produce and such other activities of a similar nature such as 
stripping, winnowing, chipping and washing.  
(Z) Post-Harvest Facilities refer to threshers, moisture meters, dryers, 
weighing scales, milling equipment, fish ports, fish landings, ice plants and 
cold storage facilities, and such other facilities, supporting post-harvest 
activities. 
(AA) Public Rural Infrastructure refers to infrastructure in rural communities 
such as highways, streets, bridges, tunnels, railways, railroad, transport 
systems, ports, airports, hydropower projects, canals, dams, irrigation, 
government buildings and housing projects, public schools, public 
hospitals, public health centers, public markets, slaughterhouses, 
warehouses, solid waste management, sewerage, flood control, drainage, 
dredging and other similar infrastructure projects.  
(AA) Rural Community refers to areas that are defined as such by the Philippine 
Statistics Authority (PSA). 
(AB) Rural Financial Institution (RFI) refers to any financial institution 
established and is operating in a rural community. 
(AC) Settlers refer to persons who range from the forest-clearing pioneers, 
including indigenous people, with a subsistence economy to the better 
equipped and more experienced farmers.  


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(AD) Tenant Farmer refers to one who cultivates another’s land under a sharing 
or leasehold agreement.  
 
ARTICLE II 
AGRICULTURAL FISHERIES AND RURAL FINANCING SYSTEM  
SECTION. 4. Agriculture, Fisheries and Rural Financing System. – There shall be 
an agricultural, fisheries and rural financing system to improve the welfare, 
competitiveness, income and productivity of rural community beneficiaries, particularly 
the farmers, fisherfolk, agrarian reform beneficiaries, agrarian reform communities, 
settlers, agricultural tenant farmers, and members of their households and their 
MSMEs, as well as farmers’ and fisherfolk’s cooperatives, organizations and 
associations through government and private banking institutions.  
Agricultural, fisheries and rural financing, as used herein, shall consist of loans, 
investments and grants to finance activities that shall enhance productivity and 
increase income of an agricultural and fisheries household. Thereby promoting 
agricultural sector productivity and competitiveness, as well as sustainable 
development of rural communities. These shall include, but not be limited to, activities 
identified under the AMCFP as enumerated under Chapter 3 Section 23 of Republic 
Act No. 8435, off-farm/fishery activities, agricultural mechanization/ modernization, 
agri-tourism, green finance projects, acquisition of lands authorized under the Agrarian 
Reform Code of the Philippines and its amendments, efficient and effective marketing, 
processing, distribution and storage of agricultural and fishery commodities, public 
rural infrastructure, as well as programs that shall address the developmental needs 
of rural communities, such as, but not limited to, projects that promote the livelihood, 
skills enhancement, and other capacity-building activities  of the rural community 
beneficiaries and all other activities consistent or analogous to the foregoing, as may 
be determined by the Agricultural and Fisheries Finance and Capacity-Building 
Council. 
 
SECTION. 5. Rural Community Beneficiaries. – The Financing method in the 
preceding section shall be extended to the rural community beneficiaries named 
therein or to cooperatives, associations, MSMEs or organizations in good standing of 
such beneficiaries, regardless of capitalization based on the feasibility of the project 
and their paying capacity, their estimated production, and/or securities they can 


9 
 
provide as well as such assets as may be acquired by them from the proceeds of the 
loan, investments and grants. 
 
SECTION. 6. Credit Quota. – All banking institutions, whether government or private, 
except newly-established banks of a period of five (5) years from date of 
commencement of the bank’s operations, shall set aside a credit quota, or a minimum 
mandatory agricultural and fisheries financing requirement of at least twenty-five 
(25%) of their total loanable funds.  
The total loanable funds generated by a banking institution shall be defined by 
the BSP during the first year of effectivity of this Act, the total loanable funds generated 
shall be computed starting from 20 April 2010, the effectivity of Republic Act No. 
10000, after which the bank’s total loanable funds shall be determined based on funds 
generated starting from second year of effectivity of this Act.  
 
SECTION 7. Modes of Compliance. – Banks may comply with the mandatory credit 
requirement by lending to rural community beneficiaries, to finance agricultural and 
fishery-related activities identified under the AMCFP as enumerated under Chapter 3 
Section 23 of Republic Act No. 8435, off-farm/fishery activities, agricultural 
mechanization/modernization, agri-tourism, green finance projects, marketing, 
processing, distribution and storage of agricultural and fishery commodities, livelihood 
projects, skills enhancement or capacity-building programs.  
Banks may also comply with the mandatory financing requirement through 
other means as follows:  
a. Invest in debt securities, including those issued by the Development Bank of 
the Philippines (DBP) and the Land Bank of the Philippines (LBP): Provided, 
That the proceeds from said debt securities shall be used to finance activities 
under Section 4 hereof: Provided, further, That the proceeds from debt 
securities issued by the DBP and the LBP shall be separately accounted for 
and shall not be considered for purposes of computing the loanable funds under 
Section 6 hereof of the said banks;  
b. Open deposit accounts with rural financial institutions: Provided, That the 
deposit accounts shall be separately accounted for by the depository bank and 
shall not be considered for purposes of computing the loanable funds under 
Section 6 hereof of the said banks; 


10 
 
c. Rediscount with banks eligible paper covering agriculture, fisheries and 
agrarian reform credits: Provided, that rediscounted paper shall no longer be 
eligible as compliance on the part of the originating bank;  
d. Invest directly in shares of stock of rural financial institutions, subject to 
prevailing laws, rules or regulations or lend wholesale to rural financial 
institutions: Provided, That the wholesale loans shall be credited as compliance 
of the bank acting as wholesale lender alone; 
e. Lend for the construction and upgrading of infrastructure, including but not 
limited to, farm-to-market roads, as well as the provision of post-harvest 
facilities and other public rural infrastructure that will benefit the agriculture, 
fisheries and agrarian reform sector;  
f. Lend to agri-business enterprises that maintain agricultural commodity supply-
chain arrangement directly with rural community beneficiaries; 
g. Undertake agricultural value chain financing to actors/players in the AVC that 
benefits rural communities; and 
h. Invest in shares of stock of the PCIC or in companies that primarily engage in 
activities under Section 4 hereof that benefit rural community beneficiaries.  
Provided That,  the loans and investments that are counted as compliance are 
not funded by proceeds from the issuance of debt securities, and/or lending of other 
banks that have been counted as compliance with the mandatory credit: Provided 
Further, that loans to finance activities that shall generally benefit agrarian reform 
beneficiaries, agrarian reform communities, or other priority sectors, as may be 
determined by the AFFCC, shall be counted at not more than ten times (10X) their 
outstanding amount, or as otherwise prescribed by the BSP, for the purposes of 
determining compliance with the mandatory agricultural and fisheries financing 
requirement. 
 
SECTION 8. The modes of compliance enumerated in the preceding section shall be 
subject to review by the AFFCC after implementation to determine whether these are 
adequate to support the financing requirements of rural communities and recommend 
to Congress for appropriate action. 
 
SECTION 9. Annual Reports. – The BSP shall furnish reports on the compliance with 
the mandatory agricultural and fisheries financing requirement to the Congress on a 


11 
 
yearly basis. The BSP shall, as part of its regulatory functions, monitor the compliance 
by the banks with the requirements of this Act. 
 
SECTION 10. Penalty Clause. – The BSP shall impose administrative sanctions and 
other penalties on the lending institutions for violation of any of the provisions of this 
Act. Penalties on non-compliance or under-compliance with the mandatory agricultural 
and fisheries financing requirement shall be computed at one-half of one percent 
(0.5%) of non-compliance or under-compliance, or at rates prescribed by the BSP 
Monetary Board. Upon collection of the penalties, the BSP shall remit the same to the 
AFFCC for deposit to the special fund created under Article III of this Act. Ten percent 
(10%) of the penalties collected shall be retained by the BSP to cover administrative 
expenses.  
 
ARTICLE III 
AGRIBUSINESS MANAGEMENT CAPACITY AND INSTITUTION-BUILDING 
FUND AND PROGRAM 
SECTION 11. There shall be created an agribusiness Management Capacity and 
Institution-Building Fund (Special Fund) to finance agricultural- and fishery-related 
activities as well as organizational-, capacity- and institution-building programs of 
cooperatives and other duly-registered organizations of rural agricultural and fisheries 
households. The Special Fund shall be sufficient to ensure effective implementation 
of the aforementioned activities and programs. For this purpose, banks may comply 
with the mandatory credit requirement by providing contributions to the Special Fund. 
 
SECTION 12. The initial amount of the Special Fund shall at least be P10 billion (Ten 
Billion Pesos) and shall include penalties due from banks on their non-compliance or 
under-compliance with the mandatory Agri-Agra credit requirement under Republic 
Act No. 10000, collected after the effectivity of this Act, net of the ten (10) percent 
amount of P2 billion (Two Billion Pesos), which shall be chargeable against future 
penalties under this Act, and shall not be considered as a mode of compliance under 
Section 11 hereof.  
 
SECTION 13. The AFFCC shall enter into an agreement with the banking industry on 
the management of the Special Fund, in accordance with the approval of and 


12 
 
guidelines prescribed by the AFFCC. The agreement shall also require the banking 
industry to monitor and evaluate the activities financed by the Special Fund and report 
its findings to the AFFCC.  
 
SECTION 14. Banks, duly-registered training and capacity-building organizations, 
cooperatives and other duly-registered organizations of, or that support rural 
agricultural and fisheries households may apply with the AFFCC for the funding for 
their capacity and institution building programs and activities.  
 
ARTICLE IV  
AGRICULTURAL AND FISHERIES FINANCE AND CAPACITY-BUILDING Council 
(AFFCC) 
 
SECTION 15. Agricultural and Fisheries Finance and Capacity-Building Council 
(AFFCC).  There shall be created an Agricultural and Fisheries Finance and Capacity-
Building Council (AFFCC) which shall be composed of the Heads, or their designated 
representatives, of the following agencies: the Department of Agriculture, as Chair; the 
Bankers Association of the Philippines (BAP) as Vice Chair; the Bangko Sentral ng 
Pilipinas (BSP), the Development of Agrarian Reform (DAR), the Department of Trade 
and Industry (DTI), the Cooperative Development Authority (CDA), the Land Bank of 
the Philippines (LBP), the Development Bank of the Philippines (DBP), and nine (9) 
representatives from the private sector as members. The private sector 
representatives shall include the heads or the designated representatives of the Rural 
Bankers Association of the Philippines (RBAP), the Chamber of Thrift Banks (CTB), 
the Cooperative Banks Federation of the Philippines (BANGKOOP), the Microfinance 
Council of the Philippines, Inc. (MCPI), the Philippine Chamber of Commerce and 
Industry (PCCI), and a representative each from the cooperative sector, the farmers, 
and the fisherfolk sector.  
 
SECTION 16. Powers, Duties and Functions of the AFFCC. - The AFFCC shall 
have the following powers, duties, and functions: 
A. To set the target amount for the Special Fund to meet the organizational- and 
capacity-building requirements of cooperatives and other duly-registered 


13 
 
organizations of rural agricultural and fisheries households over a period of 
ten (10) years; 
B. To determine the annual requirement of the Special fund;  
C. To identify eligible recipients of the Special Fund; 
D. To identify eligible agricultural-and-fishery-related activities and capacity 
building programs that may be financed by the Special Fund; 
E. To ensure the effective implementation and programs financed by the Special 
Fund; 
F. To periodically assess the adequacy of the fund capital in financing the 
capacity-building requirements of rural cooperatives and other duly-registered 
organizations of rural agricultural and fisheries households; and  
G. To ensure compliance with the reporting, monitoring, evaluation and audit 
requirements of the Special Fund and activities financed. 
 
ARTICLE V 
MISCELLANEOUS PROVISIONS 
SECTION 17. Audit. – The Special Fund shall be audited by the Commission on Audit 
(COA) in accordance with existing auditing laws, rules and regulations. 
 
SECTION 18. Oversight Committee. – There shall be an oversight committee 
composed of the following: the Chairpersons of the Committee on Banks and Financial 
Intermediaries of the House of Representatives and of the Senate, the Chairpersons 
of the Committee on Agriculture of the House of Representatives and of the Senate, 
two Members of the House of Representatives appointed by the Speaker of the House, 
two Senators appointed by the Senate President, a representative from the Office of 
the President, and a representative from the Commission on Audit (COA) to oversee 
the implementation of the provisions of this Act.  
 
SECTION 19. Sunset Provisions. – The provisions related to the mandatory credit 
quota under Article II as well as the management and administration of the special 
fund under Article III shall cease to have effect, ten (10) years from approval of this 
Act.  
 


14 
 
SECTION 20. Repealing Clause. – The provisions of Republic Act No. 10000, 
Executive Order No. 113 and any other laws, presidential decrees, executive orders, 
rules and regulations, or parts thereof inconsistent with the provisions of this Act are 
hereby repealed or modified accordingly.  
 
SECTION 21. Separability Clause. – If any part, section or provision of this Act is 
held invalid or unconstitutional, other provisions not affected thereby shall remain in 
force and effect. 
 
SECTION 22. Transitory Provision. – The BSP shall promulgate such rules and 
regulations as may be necessary to implement Articles I and II of this Act within ninety 
(90) days after effectivity of this Act. Prior to the effectivity of the implementing rules 
and regulations of Article I and II of this Act, the provisions of Republic Act No. 10000 
shall remain in force.  
 
The BSP shall organize a Task Force which shall promulgate such rules and 
regulations as may be necessary to implement Articles III and IV of this Act within 
ninety (90) days after effectivity of this Act. 
 
SECTION 23. Effectivity. – This Act shall take effect fifteen (15) days after its 
publication in the Official Gazette or in a newspaper of general circulation. 
 
Approved,