Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL NO. 1644 
Introduced by HON. MIGUEL LUIS R. VILLAFUERTE, HON. VINCENZO 
RENATO LUIGI R. VILLAFUERTE, HON. TSUYOSHI ANTHONY G. HORIBATA, AND 
HON. TERRY L. RIDON 
EXPLANATORY NOTE 
In light of the Coronavirus Disease (COVID-19) outbreak in 2019, the national 
government was compelled to implement extensive economic shutdowns as a necessary 
public health measure. However, these actions significantly disrupted essential industries and 
contributed to a nationwide economic downturn. In anticipation of future public health 
emergencies or comparable disruptions, it is imperative for the State to institutionalize 
legislative mechanisms that will strengthen the resilience of key economic sectors and 
preserve employment across affected industries. 
The proposed legislation aims to strengthen the capacity of two Government Financial 
Institutions (GFIs)—the Land Bank of the Philippines (LBP) and the Development Bank of the 
Philippines (DBP)—to provide critical assistance to micro, small, and medium enterprises 
(MSMEs) and other strategically important firms. It mandates the concerned GFIs to expand 
MSMEs in addressing cash flow constraints, particularly within the agriculture, infrastructure, 
manufacturing, and services sectors. Additionally, the LBP and the DBP are authorized to 
enhance their credit and rediscounting facilities to further assist affected enterprises. 
The bill also authorizes the LBP and the DBP to create a special holding company to 
assist in the recovery of strategically important firms affected by the pandemic. While qualified 
private sector investors may acquire shares in this company, LBP and DBP are required to 
maintain majority ownership until their investments are fully recovered, ensuring alignment 
with government policies. 
The LBP and the DBP serve as key instruments within the financial and capital 
markets. This includes the provision of critical financial relief to firms adversely affected by 
pandemic-related economic disruptions and the establishment of safeguards against future 
economic downturns. 
This proposed measure was approved on third reading by the House of 
Representatives in the 19th Congress, signifying legislative support and importance. 
In view of the foregoing, the immediate passage of this bill is earnestly sought. 
HON. MIGUEL LUIS R. VILLAFUERTE 
July 9, 2025
1:09 pm


HON. VINCENZO RENATO LUIGI R. VILLAFUERTE 
HON. TSUYOSHI ANTHONY G. HORIBATA 
HON. TERRY L. RIDON 


Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL NO. 1644 
Introduced by HON. MIGUEL LUIS R. VILLAFUERTE, HON. VINCENZO 
RENATO LUIGI R. VILLAFUERTE, HON. TSUYOSHI ANTHONY G. HORIBATA, AND 
HON. TERRY L. RIDON 
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. Title. – This Act shall be known as the "Government Financial Institutions (GFIs) 
Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act." 
SECTION 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, itis 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. 
SECTION 3. Definition of Terms. – As use 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 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 official 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 
 
SECTION 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. 
 
SECTION 5. DBP Rediscounting and other Programs. – Subject to applicable prudential 
standards and regulations of the Bangko Sentral ng Pilpinas (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. 
 
SECTION 6. Increase in DBP's 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 
(PHP1,000,000,000.00) 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 nNational gGovernment: [Upon the effectivity 
of this Charter, the National Government shall initially subscribe to One hundred twenty-five 
million (125,000,000) common shares of stock worth Twelve billion five hundred million pesos 
(12,500,000,000.00) of which shall be deemed paid for 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 No. 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 
 
SECTION 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. 
 
 
SECTION 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 
 
SECTION 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; 
 
(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 of series of shares, o entering into shareholders' or 
voting share agreements for the purpose as provided in the rules and regulations 
issued to implement this Act. 
 
SECTION 10. Powers of the Investment Vehicle. – 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; 
 
(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 
 
(d) The investee company is eligible based on the requirements in this Section and in 
Section 13 of this Act. 
 


 
 
SECTION 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 of 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. 
 
SECTION 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. 
 
The genera| 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 the 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. 
 
SECTION 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 ot 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 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. 
 
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 
 
SECTION 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 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: 
 
(i) subscription or acquisition of shares;  
(ii) execution of convertible loans or purchase of convertible bonds;  
(iii) investment in such other securities a may be issued by the investee 
corporations, acceptable to DBP and LandBank; and  
(iv) 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 
 
(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 the 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. 
 
SECTION 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, of the "Government Procurement Reform Ac" 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. 
 
SECTION 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. 
 
SECTION 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, of 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 
 
SECTION 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. 
 
SECTION 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 assistances 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 of "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; 
 
SECTION 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. 
 
SECTION 21. Oversight Committee. – There is hereby created a Joint Congressional 
Oversight Committee (COC) 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. 
 


 
 
SECTION 22. Separability Clause. – If any provision of this Act is held unconstitutional or 
invalid, all other provisions not affected thereby shall remain valid. 
 
SECTION 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. 
 
SECTION 24. Effectivity. – This Act shall take effect immediately upon publication in the 
Official Gazette or in a newspaper of general circulation. 
 
 
Approved,