Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila
Nineteenth Congress
First Regular Session
HOusEB]LL^iro.5855
Introduced by
REPRESENTATIVE ATTY. GERVILLE "TINKY BITRICS" R. LUISTRO
EXPLANATORY NOTE
This measure aims to protect employment and assist distressed enterprises in
relation  to  adverse  effects  of  community  quarantine  implementation  during  the
surge of the COVID-19 pandemic that restricted operations of numerous business
enterprises. It seeks to strengthen the capacity of Government Financial Iustitutious
(GFls), such as the Land Bank of the Philippines (LandBank) and the Development
Bank of the Philippines (DBP), in providing credit and financial assistance to micro,
small, and medium enterprises (MSMEs), and other strategically important business
enterprises.     Likewise,  it  intends  to  address  liquidity  or  solvency  concerns  of
MSMEs, including strategically important industries by providing relevant support
to continue operations and maintain normal employment status.
According to the data pubhihed by the Philippine Statistics Authority's (PSA)
in 2018, there are 1,003,111 business enterprises that operate in the country; MSMEs
accounts for 99.52%  of these business enterprises that generate 5.7 million jobs  (or
63.19°/o  of the country's total employment).   It is therefore undeniable that MSMEs
are playing an important role in the economy that has been severely affected by the
COVID-19 pandemic.
Through  this  bill,  GFls,  particularly  the  LandBank  and  the  DBP,  will  be
mandated to expand their credit programs to assist affected MSMEs to meet their
liquidity needs.  It will also authorize the LandBank and the DBP to create a Special
Holding  Company  (SHC)  which  aims  to  further  bolster  strategically  important
business enterprises (or companies which belong to or operate in certain industries
or sectors that are vital for the economic recovery of the country).  The SHC will be
allowed to invest or place funds in equity, execute convertible loans, or purchase
convertible bonds and other securities.   It is intended that the SHC will be a major
player in the financial and capital markets.


Further, it will also provide incentives, exemptions, and privileges to the DBP,
LBP,  and  the  SHC.    Likewise,  it  shall  also  mandate  the  government  to  irfuse
additional capital to LandBank and DBP which may be utilized to fund the SHC.
Consequently,  this will allow the LandBank, DBP,  and the SHC to improve their
capability in providing loans to MSMEs for their immediate economic or financial
recovery.
Finally,  it is noteworthy to state that this proposed measure was primarily
filed by Representative |unie E. Cua, the Chairperson of the House Committee on
Banks  and Financial Intermediaries, in the 18th Congress.  And through his efforts


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila
Nineteenth Congress
First Regular Session
HOUSE BILL NO. 5855
Introduced by
REPRESENTATIVE ATTY. GERVILLE ``TINKY BITRICS" R. LUISTRO
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   (GFls)   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  Fhipino  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 pohcy 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 particular business entity's office, plant and equipment are situated, must
have value faling 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 (DBP)
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: Proui.did,  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) Ehgible MSMEs should be engaged in infrastructure, service industry, and/or
manufacturing business; and
@) The loans to eligible MSMEs should meet the apphcable 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 Pilipinas (BSP), the
DBP   may   rediscount   loans   and   other   credit   accommodations   to   enterprises
enumerated  in  Section  6(a)  of  this  Act,  granted  by  BSP-  supervised  financial
iustitutious   (BSFls),  the  Small  Business  Corporation  (SBC),  and  those  granted
pursuant to credit programs of the Department of Agriculture-Agricultural Credit
Policy Council (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   sham   be   [Thirty-five   billion   pesos   (P35,000,000,000.00)]   ONE
HUNDRED  BILLION  PESOS  (moo,000,000,000.00)  to be  divided  into
[Three hundred fifty mmon (350,000,000)I ONE BILLION (1,000,000,000)
common shares with par value of One hundred pesos (P100.00) per share,
which shall be subscribed by the Upon the effectivity of this Charter, the
HNationel  gGovernment:   [Upon  the  cffcctivity  of  this  Charter,   the
I.  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 3
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: Prou!'dccz, 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) EHgible  MSMEs  should  be  engaged  in  activities  in  the  agribusiness  value
chain; and
ap) The loans to eligible MSMEs should meet the applicable prudential standards
and I.egulatious of the BSP.


The LandBank shall likewise extend loans to LGUs subject to existing rules
and regulations to be issued.
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 BSFls, the 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.
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 (SHC)
SECTION   9.   Creation   of   Investment  Vehicle.      To   ensure   that   strategically
important companies 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 Repubhic Act
No. 11232, otherwise known as ``The Revised Corporation Code of the Philippines'',
within six  (6)  months beginning from  the date  of the  effectivity  of the rules  and
regulations of this Act, or effectivity of applicable revenue regulations, whichever
comes later.   The estabhishment, administration, and operation of the SHC shall be
governed by the following principles:
(a) The purpose of the special holding company is to rehabilitate SICs affected by
the COVID-19 pandemic which are experiencing solvency issues;
@) 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 fonowing ``strategically important industries or sectors'', such as,
but  not  limited   to,   agriculture,   construction,   education,   food   industry,
healthcare,  infrastructure,  low{ost  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:  ProzJ3.dccz,  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:   Proui.decz,
¢rfher, 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 special holding company may be offered to, and
held by, qualified private sector investors, including multilateral companies
and lending iustitutious, as may be determined by the LandBank and DBP:
P7'out.cJccZ, 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 special
holding company to qualified private sector investors as they may determine.
The   LandBank   and   DBP   shall   provide   equal   opportunity   for   equity
participation  in  the  special  holding  company  to  all  qualified  investors,
including  multilateral  companies  and  lending  institutions.  When  private
shareholdings in the special holding company reaches fifty percent (50%) of
the total outstanding capital stock,  the stockholders thereof shall cause the
adoption and registration with the 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:  Prouz.czed,  That the  audit of the
SHC by  the COA shall not preclude the SHC from  engaging  services  of a
private  auditing  form  when  equity  participation  in  the  SHC  is  offered  to
qualified private investors:  ProtJz.czcd, ¢rfher,  That even if the services of the
latter are availed of, the audit report of the COA shall serve as a report for
purposes  of  comphiance  with  audit  requirements  as  required  of  a  GOCC
under applicable law;
(f)  The special holding company shall devise mechanisms that shall protect the
Govemment'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 special holding company
shall have the powers granted to a stock corporation under Republic Act No. 11232.
Furthermore, the power of the SHC and its subsidiaries to invest shall be subject to
the fouowing investment guidelines:
(a) To avoid undue risk concentration from excessive exposures, the investment
of  the  special  holding  company  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;
@) The  special  holding  company  can  only  invest  in  corporations  engaged  in
strategically important industries  or sectors  that  are  experiencing  liquidity


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) linited equity participation by
subscription or acquisition of shares, (ii) execution of convertible loans or
purchase of convertible bonds; and/or (iii) 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 15 of this Act.
SECTION 11.  Board of Directors of the Special Holding Company.  The powers
and authority of the special holding company 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 cx ojysjji.cz.o Chairperson;
(b) The President of the LandBank;
(c) The President of DBP;
(d) A director to be appointed by the Monetary Board of the BSP;
(e) Two (2) independent Directors;
(i)  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 special holding company reaches fifty
percent (50°/o) 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 government-owned and -
controlled corporati,on, the ci'~o/f cz.o 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  remuneratious  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 ].ob analysis of
actual duties and responsibilities. The compensation plan shall be comparable with
the  prevaihing  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  profitabihity.  The  SHC,  being  a
government-owned-and-controlled  corporation,  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  Special
Holding  Company.     The  Board  shall  set  appropriate  standards  and  corporate
governance for the investee companies that the SHC will invest in. The Board sham
likewise institute mechanisms to oversee that such standards are fonowed 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 persormel of the
special holding company. 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  au  hiabilities,   losses,   claims,   demands,   damages,
deficiencies, costs and expenses of whatsoever kind and nature that may arise in
cormection with the exercise of their powers and performance of their duties and
fuctious.
SECTION 13. Requirements for the lnvestee 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 special holding company.
The  agreement  between  the  special  holding  company  and  the  investee
company must contain the fonowing 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:  P7'ouz.cZccZ,  That  any
amount received by the senior executive officers and members of the board
which is in violation of the foregoing shall be returned;
(i)  The  investee  company  shall  not  incur  irregular,  unnecessary,  excessive,
extravagant or unconscionable  expenditures  such as  entertainment,  events,


office/facihity    renovations,    aviation/transportation    services    and    other
activities;
(g) The ownership of SHC in the investee company shah not be diluted and a
provision  protecting  the  value  of  the  shares  of  the  SHC  from  market
transactions such as stock sphits, 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.
Pror7t.did, ¢rfher, That additional conditions and provisions may be imposed
by  the  special  holding  company  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 SPECIAL HOLDING COMPANY
SECTION 14. Tax Exemptions and Fee Privileges.  Any existing law to the contrary
notwithstanding and in order to ensure the effective implementation of the purposes
of this Act, 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 Repubhc  Act No.  8424,  or  the  ``National
Internal Revenue Code of 1997'', as amended, whichever is applicable pursuant to
the regulaLtious to be issued by the 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 (d¢cz.o77 c7t p¢go) by the borrower or by a third party in favor of the
DBP and the LandBank.
@) Trausactious of the SHC as to its:
i.   subscription or acquisition of shares;
ii.   execution of convertible loans or purchase of convertible bonds;
iii.   such   other   securities   as   may   be   issued   by   the   investee
corporations, acceptable to DBP and I.andBank; and
iv.   acquisitions of assets of an investee company.
Transfer of properties in the abovementioned transactions shall also be subject
to the fouowing, in lieu of the applicable fees:
(a) Fifty percent (50°/o) of the applicable mortgage registration and transfer fees
on the transfer of real estate mortgage and security interest to and from the
special holding company and its subsidiaries, as imposed in accordance with
the existing circulars of the Land Registration Authority (LRA);


®) Fifty percent (50°/o) 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  trausactious  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 trausactious.
The incentives enumerated herein may be availed of for a period of three (3)
years from the date of effectivity of the implementing rules and regulations or of the
aLpplicable   revenue   regulations,   whichever  comes   later:   P7`ou!.did,   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:
Prouz.cZccZ,  /3trfher,   That  the  Secretary  of  Finance  may  extend  such  period  by  a
maximum  of  three  (3)  years:  ProzJz.decz, ¢.7tflzJy,  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  right  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@)  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.
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,  trausactious  by  the  special  holding  company  and  its  subsidiaries
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: Prouz.cZccZ, 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 issuaLnce of injunctive relief against 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 such
conditions as may be prescribed by the Monetary Board such as, but not linited to,
the adoption of appropriate risk management measures to mitigate risks that may
arise from the implementation of this Act.
SECTION 19. Appropriations. The amount of Ten Billion Pesos (P10,000,000,000.00)
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  Binion Five  Hundred Million Pesos  (P2,500,000,000.00)
for the implementation of Chapters  1  and 3 of this  Act:  Prouz.czed,  That this
amount  shall  be  apphied  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, ProzJ!.cZc4Z,
¢rfher,  That  DBP  can  also  utihize  funds  appropriated  under  Section  10  of
Repubhic  Act No.  11494 or the  ``Bayanihan to  Recover as One  Act"  for the
implementation   of   this   Act,   P7'oui.decz,  ¢.7iazJ3/,   That   the   total   amount   of
P2,500,000,000.00 can be fully utilized, if required, for the equity irfusion in
the SHC; and
® The amount of Seven Billion Five Hundred Million Pesos (P7,500,000,000.00)
for the  implementation of Chapters  2 and  3  of this  Act:  P7.oz7z.cJed,  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:
ProzJi'czecz, ¢rfher,  That LandBank 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 P7,500,000,000.00 ca be fully utilized, if required, for the
equity irfusion 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: Proz7z.decz, That the DOF may call upon any
agency  to  provide  information  or  assistance  in  the  drafting  of  the  rules  and
regulations: Proz7z.decz, F#rthgr, 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 OCOC) to oversee, monitor, and evaluate the implementation
of this Act. The Tcex= sham be composed of five (5) members each from the House of
Representatives   and   from   the   Senate.   The  TCOC   shall  be   co{haired   by   the
Chairpersons of the House Committee on Banks and Financial Intermediaries and
the Senate Committee on Banks, Financial Iustitutious and Currencies.
The Speaker and the Senate President shall designate the other four members
of the |COC 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 sham 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.  AIl  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,