Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. _______ 
____________________________________________________________________ 
Introduced by HON. JOSEPH “JOJO” L. LARA 
____________________________________________________________________ 
EXPLANATORY NOTE 
This bill seeks to provide financial assistance to distressed enterprises critical to 
economic recovery through programs and initiatives to be implemented by the 
Philippine Guarantee Corporation (PGC), Land Bank of the Philippines (LBP) and 
Development Bank of the Philippines (DBP) for purposes of addressing liquidity and 
solvency problems of MSMEs and strategically important industries, encourage their 
continued operations and maintain employment levels.  
It aims to provide and expand loan assistance programs, rediscounting and other 
credit accommodation facilities that are borrower friendly and not abusive to its 
clientele.   
The effects of the recent closure of economies brought about by the COVID-19 
pandemic can still be felt around us. Many long-time businesses have closed their 
doors permanently, leaving their employees jobless and without any source of income 
during these trying times. Mary more are fighting to stay afloat and are hoping that 
the economy’s recent opening continue and that lockdowns would remain in the past. 
Now, more than ever, with the uncertain times, our MSME’s need the support and the 
backing of our government in order for them to continue forging ahead and establish 
their business. This will, in the long term, benefit the economy and provide more jobs 
and empower more people to engage in their own business.  
With these in mind, we are urging the passage of this bill in the 19th Congress. 
JOSEPH “JOJO” L. LARA 
August 30, 2022
5:38 pm
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Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
HOUSE BILL NO. _______ 
____________________________________________________________________ 
Introduced by HON. JOSEPH “JOJO” L. LARA 
____________________________________________________________________ 
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, 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. 
SECTION 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 assets,
inclusive of those arising from loans but exclusive of the land on which the
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particular business entity's office, plant and equipment are situated, must have 
value falling under the following categories:  
 
micro  
 
: 
not more than Php3,000,000.00 
small  
 
: 
Php3,000,001 up to Php15,000,000.00 
  
medium 
 
: 
Php15,000,001 up to Php100,000,000.00 
 
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 
 
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 22 
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 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.  
 
SECTION. 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 (350,000,000.00)] ONE BILLION (1,000,000,000.00) 
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 (125,000,000.00) 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 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 to the 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 15 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 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. 
 
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 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 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. 
 
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 general rule and the exception therefrom on the liability of public officers as 
provided in Sections 38 and 39 of Chapter 9, Book 1 of the Revised Administrative 
Code of 1987 shall apply to the members of the Board and other personnel of the SHC 
Unless the actions or omissions of the SHC, members of the Board and its other 
personnel are finally adjudged to be in wilful violation of this Act, performed in evident 
bad faith or with gross negligence, they shall be held free and harmless to the fullest 
extent permitted by law from any liability, and they shall be indemnified for any and 
all liabilities, losses, claims, demands, damages, deficiencies, costs and expenses of 
whatsoever kind and nature that may arise in connection with the exercise of their 
powers and performance of their duties and functions. 


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 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 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 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: 
i. subscription or acquisition of shares; 
ii. execution of convertible loans or purchase of convertible bonds; 
iii. investment in such other securities as 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 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. 


 
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, or the "Government 
Procurement Reform Act" for a period of three (3) years from the effectivity of the 
implementing rules 36 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, or any other issuance of injunctive relief against the sale or 
acquisitions of assets of an investee company by the SHC, or the disposal of assets of 
an investee company by the SHC, including judicial or extrajudicial foreclosure sales 
or execution sales. 
 
CHAPTER 5 Miscellaneous Provisions 
 
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 
 
(a) 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 
 
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 Land Bank 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 (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. 
 
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 its 
publication in the Official Gazette or in a newspaper of general circulation. 
 
Approved,