EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
Second Regular Session
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)
)
SENATE
S. No. 1739
Introduced by Senator Grace Poe
FILED
¥
AN ACT
ESTABLISHING A FRAMEWORK FOR THE PROTECTION OF FINANCIAL 
CONSUMERS, AND FOR OTHER PURPOSES
Explanatory Note
E-commerce and electronic banking are on the rise. In addition, the Bangko 
Sentral ng Pilipinas (BSP) "targets to double number of Filipinos with bank accounts" 
to ramp up its "financial inclusion" efforts to double the numberof Filipinos with formal 
bank accounts to 70% by 2023 from 2019's mere 35%.
Clearly, financial services of various forms and scope are at the forefront, to 
cope up with today's age marked by instantaneous access and convenient purchasing 
of various goods and services. It is in this regard that the BSP, together with the 
Financial Sector Forum (FSF) members, namely the Insurance Commission (IC), the 
Securities and Exchange Commission (SEC) and the Philippine Deposit Insurance 
Corporation (PDIC), seeks to institutionalize a "Financial Consumer Protection Act" that 
establishes a "comprehensive financial consumer protection framework covering a 
complex range of financial products and services, and delivery channels".
The scope of this proposed measure covers all "financial products or services" 
which are "developed or marketed by a Financial Service Provider which may include, 
but are not limited to savings, credit, insurance, investments, payments, remittances 
and other similar products and services", including all financial services "accessed and 
delivered through digital channels".
To better understand the real impact to be brought about by this proposed 
measure, the foliowing data in relation to Filipinos' utilization of some pertinent 
"financial products or services" are noteworthy:
On E-commerce Spending


A 2019 research1 showed that there are 69 million Filipinos who use the internet. 
Three quarters of said number already shop online. Particularly in the month of 
September 2019, internet users aged 16 to 64 reported performing the following 
activities:
(a) searching online for a product or service to buy - 91%;
(b) visiting an online retail store or site - 92%; and
(c) purchasing a product or service online - 75%.
For the month of January 2019, e-commerce spending in the Philippines by 
category are as follows:
(a) $3,542 billion spent for travel and accommodation;
(b) $234 million spent for electronics and physical media;
(c) $203 million spent for fashion and beauty;
(d) $148 million spent for furniture and appliances;
(e) $128 million spent for toys, DIYs, and hobbies;
(f) $127 million spent for food and personal care;
(g) $119 million spent for video games; and
(h) $35 million spent for digital music.
The Insurance Industry in the Philippines
In a report by Martha Jean Sanchez in 2019, she noted the following figures for 
various types of insurance availed of by Filipinos in 2017:
(a) P32.3 billion spent for gross premiums for fire insurance;
(b) P6.4 billion spentfor gross premiums for marine and aviation insurance;
(c) P22.3 billion spent for gross premiums for motorcar insurance;
(d) P16.1 billion spent for annual premiums for traditional life insurance; and
(e) P97.8 billion spent for annual premiums for variable life insurance.
Remittances bvOverseasFiHoino Workers (OFWs)
Personal remittances from OFWs reached a record high of $33.5 billion in 2019, 
3.9% higher than the $32.2 billion recorded in 2018.
Automated Teller Machines fATMs) and Electronic Banking
According to BSP data, as of September 2019, there are a total of 21,440 
Automated Teller Machines (ATMs) operated by BSP supervised/regulated banks. In 
addition, there are 82 BSP supervised/regulated banks that have electronic banking 
facilities.
1 "Digital 2019 Spotlight: Ecommerce inThe Philippines" by Simon Kempand Sarah Moey, 18 September 
2019


Filipino consumers of the above-cited examples of "financial products or services" 
must be protected as the rapid development of complex financial products, coupled 
with the use of advanced technologies, consumer fraud, abuse and misconduct have 
likewise increased. To illustrate, according to data by the BSP, for the first quarter of 
2019, credit card complaints and electronic-banking concerns comprise 51% of the 
3,392 complaints, inquiries, and requests received by the BSP. In 2018, the BSP 
received a total of 20,000 complaints, while it received a total of 10,930 complaints in 
2017. Unauthorized transactions or withdrawals are the primary issues of credit card 
complaints and electronic banking, respectively. In addition, we often hear stories of 
Filipinos putting their life-long savings in investment scams, orsuffering from or facing 
collection cases due to over indebtedness. These are just some of the abuses or 
misfortunes experienced by Filipino financial consumers.
It is in this light that this legislative measure is being sought to be enacted into 
law - to establish a comprehensive financial consumer protection regime wherein 
financial inclusion, financial education, good governance and effective supervision all 
come into play. With this measure, financial regulators such as the BSP, IC and the 
SEC are sought to be provided with rule-making, surveillance and inspection, market 
monitoring, enforcement and adjudication powers relative to consumer protection. 
Holistically, this measure aims to inculcate a "shared responsibility" among the 
regulators, consumers and other stakeholders to ensure consumer protection.
In view of the foregoing, the immediate enactment into law of this legislative 
measure is hereby eagerly sought.
ff GRACE POE


BGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
Second Regular Session
)
)
)
SENATE
S. No. 1739
DATE
TW.1E
GILLS
Introduced by Senator Grace Poe
AN ACT
ESTABLISHING A FRAMEWORK FOR THE PROTECTION OF FINANCIAL 
CONSUMERS, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress assembled:
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Section 1. Short Title - This Act shall be known as the "Financial Consumer
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Protection Act".
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Sec. 2. Declaration of Policy. - It is the policy of the State to ensure that
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appropriate mechanisms are in place to protect the interest of Financial Consumers
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under the conditions of transparency, fair and sound market conduct, and fair,
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reasonable and effective handling of Financial Consumer disputes, which are aligned
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with global best practices. These mechanisms reinforce confidence in the financial
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market and foster the stability of the Philippine financial system. Towards this end,
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the State shall implement measures to protect the following rights of financial
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consumers:
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a. Right to equitable and fair treatment;
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b. Right to disclosure and transparency of Financial Products and Services;
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c. Right to protection of consumer assets against fraud and misuse;


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d. Right to data privacy and protection;
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e. Right to timely handling and redress of complaints.
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Sec. 3. Definition of Terms. - As used in this Act, the following tenns shall mean
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or be understood as follows:
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a) Financial Consumer refers to a person or entity, or their duly-appointed
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representative, who is a purchaser, lessee, recipient or prospective
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purchaser, lessor or recipient of Financial Products or Services. It shall
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also refer to any person, natural or juridical, or micro, small or medium-
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sized enterprise that had or has current or prospective financial
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transaction with financial entities pertaining to Financial Products or
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Services;
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b) Financial Consumer Complaint refers to an expression of dissatisfaction
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filed by a financial consumer against a financial service provider relative
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to a financial product or service in which a response or resolution is
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expected;
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c) Financial Products or Sen/ices refer to financial products or services which
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are developed or marketed by a Financial Service Provider which may
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include, but are not limited to savings, credit. Insurance, investments,
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payments, remittances and other similar products and services. This also
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includes digital financial services which pertain to the broad range of
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financial services accessed and delivered through digital channels;
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d) Financial Regulators refer to the implementing government agencies of
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this Act, namely, the Bangko Sentrai ng Pilipinas (BSP), Securities and


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Exchange Commission (SEC), Insurance Commission (IC) and the
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Cooperative Development Authority (CDA);
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e) Financial Sen/ice Provider refers to a person, natural or juridical which
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provides financial products or services that are under the jurisdiction of
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Financial Regulators as defined in this Act. This term shall include
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Investment Advisers as defined under Section 7 of this Act;
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f) Investment fraud refers to any form of deceptive solicitation of
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investments from the public. This inciudes schemes involving the promise
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or offer of profits or returns which are sourced from the investments or
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contributions made by the investors themselves, boiling room operations,
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and the offering or seliing of investment schemes to the public without a
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license or permit from the SEC, unless such offering or selling involves
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exempt securities or exempt transactions as provided for under existing
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laws;
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g) Mad<eting refers to the act of communicating, offering, promoting,
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advertising or delivering of Financial Products and Services by Financial
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Service Providers;
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h) Micro, Small or Medium-sized Enterprise (MSME) refers to any business
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activity or enterprise engaged in industry, agri-business and/or services
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whether single proprietorship, cooperative, partnership or corporation as
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defined under R.A. No. 9501, as amended or the Magna Carta for Micro,
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Smali or Medium-sized Enterprise. Such definition shall be subject to
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review and adjustment by the Magna Carta for Micro, Small or Medium-
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sized Enterprise (MSMED) Council;


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i) Responsible pricing refers to the pricing, terms, and conditions of financial
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products and/or services that are set in a way that is both affordable to
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clients and sustainable for financial institutions by taking into account;,
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among others, client needs and the pricing schemes of competitors;
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Sec. 4. Scope and Coverage. - This Act applies to all Financial Products and
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Services offered or marketed by any Financial Service Provider.
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Sec. 5. Financial Regulators. - The BSP, SEC and IC shall enforce the provisions
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of this Act on all Financial Service Providers under their jurisdiction by virtue of their
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respective charters, special laws and amendments thereto. The CDA shall be
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considered an implementing government agency of this Act only with respect to
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cooperatives offering financial services such as but not limited to savings and credit
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except insurance cooperatives which shall be under the jurisdiction of the IC for
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purposes of this Act.
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Sec. 6. Powers of the Financial Regulators. -Financial Regulators under this Act
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shall have the following powers:
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A. Rule-making - Financial Regulators shall have the authority to
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formulate their own standard and rules for the application of the
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provisions of this Act to the specific Financial Products or Services
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within their jurisdiction guided by internationally accepted standards
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and practices. Financial Regulators may also determine
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reasonableness of interest, charges or fees which a Financial Service
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Provider may demand, collect or receive for any service or product
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offered to consumers, except interest rates which shall be governed
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by the Usury Law. Likewise, they may issue their respective rules of


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procedure concerning administrative actions arising from the 
implementation of this Act.
B. Surveillance and Examination - Financial Regulators may conduct 
off-site surveillance and on-site examination on their respective 
supervised Financial Service Providers to ascertain that the 
provisions of this Act are complied with. The examination for 
Financial Consumer protection compliance may be conducted 
separately from examination of prudential regulations compliance. 
The provisions on the conduct of examination and surveillance 
provided In the respective charters of Financial Regulators, and 
pertinent special laws shall be made applicable in the examination 
and surveillance under this Act.
The department heads and the examiners of the Financial Regulators 
shall be authorized to administer oaths to any director, officer, or 
employee of the supervised Financial Service Providers subject to 
their examination, and to compel the presentation of all books, 
documents, papers, or records necessary in their judgment to 
ascertain the facts relative to the compliance of Financial Service 
Providers to this Act.
The supervised Financial Service Provider shall afford to its 
respective Financial Regulator full opportunity to examine its records, 
and review its systems and procedures at any time during business 
hours when requested to do so by the Financial Regulator.


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C. Market Monitoring- Financial Regulators shall have the authority to 
require their respective supervised Financial Service Providers and 
their third party agents/service providers to submit reports or 
documents, as needed, and to access relevant data about financial 
products, services and markets from other government agencies in 
connection with market monitoring.
D. Enforcement -Financial Regulators shall have the authority to 
impose enforcement actions on their respective supervised Financial 
Service Providers for non-compliance with this Act. Such 
enforcement actions may include, but are not limited to, the 
foliowing:
1. Restriction on the ability of the supervised Financial Service 
Provider to continue to collect fees or charges in cases of 
excessive fees or charges imposed by the Financial Service 
Provider including all other Interests, fees and charges covered 
under Republic Act No. 10870, othen/vise known as the 
"Philippine Credit Card Industry Regulation Law" except interest 
rates which shall be governed by the Usury Law;
2. Disqualification and/or suspension of directors, officers or 
employees of the supervised Financial Service Provider 
responsible for violations of the provisions of this Act, its 
implementing regulations, or orders of the Financial Service 
Providers;


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3. Imposition of fines, suspension, or penalties for any non- 
compliance with or breach of this Act, its implementing 
regulations, or orders of the Financial Service Providers;
4. Issuance of a cease and desist order to the Financial Service 
Provider without the necessity of a prior hearing if in the 
Financial Regulator's judgment, the act or practice, unless 
restrained, amounts to fraud or a violation the provisions of this 
Act and its implementing regulations or may unjustly cause 
grave or irreparable injury or prejudice to Financial Consumers. 
The Financial Service Provider shall be afforded an opportunity 
to defend its act or practice in a summary hearing before the 
Financial Regulator or its designated body, upon request made 
by the Financial Service Provider within five (5) calendar days 
from Its receipt of the order. If no such hearing is requested 
within said period, the order shall be final. If a hearing is 
requested by the Financial Service Provider, the proceedings 
shall be conducted summarily without adhering to the technical 
rules of evidence, and all issues shall be determined primarily 
on the basis of records, after which the Financial Regulator may 
either reconsider or execute its order;
5. Suspension of operation of any supervised Financial Service 
Provider in relation to a particular Financial Product or Service 
when in the Financial Regulator's judgment based on findings, the


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Financial Service Provider is operating in violation of the provisions 
of this Act and its implementing rules and regulations.
6. In any proceeding in which the financial regulators may impose a 
penalty for non-compliance with or breach of this Act and other 
existing laws under their jurisdiction, the financial regulators, in 
addition to the imposed find, may enter an order requiring 
accounting and disgorgement of profits obtained, or losses 
avoided, as a result of a violation of this Act and other existing 
laws, including reasonable interest. The financial regulators are 
authorized to adopt rules, regulations, and orders concerning the 
creation and operation of a disgorgement fund, payments to 
financial consumers, rate of interest, period of accrual, and such 
other matters as deemed appropriate to impelement this 
provision.
E. Consumer Redress or Complaints Handling Mechanism - Financial 
Regulators shall provide an efficient and effective consumer refress 
or complaints handling mechanism to address conflict/dissatisfaction 
from financial consumers arising from financial products or services. 
The financial consumer may avail of the mechanism prior to 
adjudication.
F. Adjudication - Financial Regulators shall have the authority to 
adjudicate all actions arising from or in connection with financial 
transactions that are purely civil in nature and the claim or relief 
prayed for by the Financial Consumer is solely for payment or


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reimbursement of sum of money not exceeding the amount of 
PlOO,000.00 or as may be prescribed by the Financial Regulators. 
The decision of the Financial Regulators in the adjudication shall be 
final and executory, and may not be restrained or set aside by the 
court except on petition for certiorari on the ground of lack or excess 
of jurisdiction of the Financial Regulators. The petition for certiorari 
may only be filed within ten (10) days from receipt by the aggrieved 
party of the decision. The adjudicatory power shall be exercised by 
the Head of the concerned Financial Regulator or a duly authorized 
officer or body; Provided, that in the case of BSP, the decision of the 
authorized officer or body is not appealable to the Monetary Board. 
Financial Regulators may order the payment or reimbursement of money 
which is subject of the action filed before them. The Financial 
Regulators, in the exercise of their adjudicatory powers, shall have the 
powerto issue subpoena duces tecum avA summon witnesses to appear 
in its proceedings and in appropriate cases, order the examination, 
search and seizure of all documents, and booksof accounts of any entfty 
or person under investigation as may be necessary for the proper 
disposition of the cases before them. Further, Financial Regulators shall 
have the authority to punish for contempt, both direct and indirect, in 
accordance with the pertinent provisions of and penalties prescribed by 
the Rules of Court.
G. Other Powers - Financial Regulators may exercise such other powers as 
may be provided by their enabling laws or charters as well as those


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which may be implied from, or which are necessary or incidental to the
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carrying out of, the express powers granted the Financial Regulators to
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achieve the objectives and purposes of these laws.
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Sec. 7. Investment Adviser. - Investment Advisers shall be subject to the rules
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and regulation to be issued by the SEC.
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Investment Adviser shall mean any person who, for compensation, engages in
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the business of advising others, either directly or through publications or writings, as
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to the value of investment products or as to the advisability of investing in, purchasing,
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or selling investment products, or who, for compensation and as part of a regular
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business, issues or promulgates analyses or reports concerning investment products;
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but does not include the following:
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a) Trust Department/Unit of Banks;
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b) Lawyer, accountant, engineer, or teacher whose performance of such
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services is solely incidental to the practice of his profession;
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c) Any investment bankerorbrokerdealerwhoseperformanceofsuchservices
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is solely incidental to the conduct of his business as such investment banker
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or broker dealer and who receives no special compensation therefor;
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d) The publisher of any bona fide newspaper, news magazine or business or
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financial publication of general and regular circulation;
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e) Such other persons as the SEC may designate by rules and regulations or
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order.
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Section 8. Duties and responsibilities of Financial Service Providers - 
A. 
Board and Senior Management Oversight- The Board of Directors (BOD)
and Senior Management of Financial Service Providers shall oversee the
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implementation of the Compliance Management System (CMS) of Financial 
Service Providers that effectively ensures confonnity with this Act and shall 
provide the means by which Financial Service Providers shall identify, measure, 
monitor and control consumer protection risks inherent in Its operations.
B. Appropriate product design and delivery - Financial Service Providers 
shall continuously evaluate their Financial Products and Services to ensure that 
they are appropriately targeted to the needs, understanding and capacity of 
both their markets and their clients. This shall include, among others, the 
following:
1. Affordability and suitability assessments - Financial Service 
Providers should have written procedures for determining whether 
a particular Financial Consumer product or service is suitable and 
affordable for a client. This shall include determination of whether 
the amount and terms of the offered financial product or service 
allow a client, in terms of the individual ability, to meet the 
obligations with a low probability of a serious hardship and 
reasonable prospect that the Financial Product or Service will 
provide value to its client. For the purpose of extending credit, this 
assessment will include measures to prevent over-indebtedness.
2. Cooling-off period -Financial Service Providers are expected to 
adopt a clear cooling-off policy, as may be prescribed by law or by 
rules and regulations issued by the relevant Financial Regulator 
upon its determination that a cooling-off period is necessary for a 
particular product subject of regulation by such Financial
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Regulator. Such policy should, among others, provide a client with 
a cooling-off period that will allow a client to consider the costs and 
risks of a Financial Product or Service, free from the pressure of 
the sales team of the Financial Service Provider. The length of the 
cooling-off period should be individually determined by Financial 
Service Providers based on reasonable expectation of the time 
required for a client to fully evaluate all the terms and risks of the 
Financial Products or Service and contact concerned parties who 
may be affected by its terms and conditions, unless a minimum or 
fixed period is required by the Financial Regulator for compliance 
by the Financial Service Provider or to be incorporated in the terms 
of the Financial Product or Service. Short period transaction or 
contracts may be allowed to have no cooling-off period which shall 
be provided in the regulation by the Financial Regulators.
During the cooling-off period, the Financial Consumer may cancel 
or return the contract without penalty; however, nothing herein 
prevents the Financial Service Providers from recovering the 
processing fees incurred. The Financial Service Providers are 
prohibited from engaging in practices that unreasonably burden 
the Financial Consumer In the exercise of the right of cancellation 
during the cooling-off period. If the financial product is a contract 
of insurance, the right of return cannot be exercised after the 
Financial Consumer has made a claim under the contract of 
insurance.
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3. Prepayment of bans and other credit accommodations - A 
borrower may, at any time prior to the agreed maturity date, prepay 
in whole or in part: Provided that any cost or fees charged to the 
borrower for such pre-payment shall be disclosed as required under 
the succeeding provision of this Section on transparency, disclosure 
and responsible pricing.
C. Transparency, disclosure and responsible pricing - Financial Service 
Providers must ensure that they adopt disclosure principles in their 
communications with Financial Consumers that will include the use of 
clear and concise language understood by the target clients. This must 
also include updated and accurate disclosure of information such as, 
pricing or any cost associated with the product or service that should 
be made in a consistent manner to facilitate comparison between similar 
Financial Products and Services across the industry.
Sufficient product disclosure must be provided before the contracting of 
the product or service to give the client enough basis and time for 
review. Any change in the terms of conditions of a product or service 
shall be provided to the client.
In their advertising materials. Financial Service Providers shall disclose 
the contact Information of their consumer assistance unit providing 
consumer assistance and handling Financial Consumer Complaints. 
Financial Service Providers shall also disclose that they are regulated 
and the advertising materials must identify the relevant Financial 
Regulator.
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Financial Service Providers are legally responsible for all statements 
made in the marketing and sales materials that they produce related to 
their products. Disclosure of information on Financial Products or 
Services shall be made available to the public by the Financial Service 
Provider through printed materials, mass media, websites or digital 
platforms.
D. Responsible pricing - in addition to the requirements of R.A. No. 3765 
or The Truth In Lending Act, Financial Service Provides are required to 
document the reasons for setting the price of each financial product or 
service. Where the pricing procedures of a Financial Service Provider 
are inadequate or unreasonably high, the concerned Financial Regulator 
shall impose appropriate corrective actions.
E. Fair and respectful treatment of clients - Financial Service Providers shall 
have the right to select their clients. Provided, that the selection and 
treatment of their clients shall not involve discrimination on the basis of 
a person's race, ethnicity, origin, gender, disability, sexual orientation, 
religious affiliation or political affiliation. Provided further, that Financial 
Service Providers are not precluded from instituting the necessary risk 
mitigating measures.
F. Privacy and protection of client data - Each Financial Service Provider 
must respect the privacy and protect the data of their clients. Consistert 
with the provisions of the Data Privacy Act, the Financial Regulators shall 
issue regulations governing the disclosure of client data to a third party.
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Clients have the right to review their client data to ensure that inaccurate 
or deficient data is corrected or amended.
G. Financial consumer protection assistance mechanism — Each Financial 
Service Provider must establish a single consumer assistance unit to 
render free assistance to Financial Consumers on financial transactions 
concerns. This shall include handling of complaints, inquiries and 
requests.
Financial Consumers who are unsatisfied with the Financial Service
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Provider's handling of their complaints, inquiries and requests, may
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elevate their concerns to the Financial Regulator that supervises the
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Financial Service Provider concerned.
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Sec. 9. Bundling of Products. - When a borrower is obliged by the Financial
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Service Provider to purchase any product, including an insurance policy, as a pre-
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condition for receiving a loan from the Financial Service Provider, the borrower should
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be free to choose the provider of the product and this information should be known
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to the borrower.
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Sec. 10. Training. - Staff of Financial Service Providers who deal directly with
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Financial Consumers must receive adequate training, suitable for the complexity of
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the products or services they sell. Financial Service Providers must be qualified as
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appropriate for the complexity of the financial product or service they offer.
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Sec. 11. No waiver of rights. -No provision of a contract for a Financial Product
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or Service shall be lawful or enforceable if such provision waives or otherwise deprives
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a client of a legal right to sue the Financial Service Provider, receive information, have
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their complaints addressed and resolved, have their non-public client data protected
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or cancel the use of the Financial Product or Service without an unreasonable penalty.
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Sec. 12. Non-exemption from compliance. -Notwithstanding any prior stipulation
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in a contract, financial entities shall not be exempted from compliance with the
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provisions of this Act, or deprive Financial Consumers of their rights under this Act.
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Sec. 13. Liability of a Financial Sen/ice Provider on the acts or omissions of its 
1 authorized representatives. - The Financial Service Provider shall be responsible for
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the acts or omissions of Its directors, officers, employees or agents, in marketing and
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transacting with Financial Consumers of its Financial Products and Services.
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Sec. 14. Prescription. - All actions or claims accruing under the provisions of this
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Act and the rules and regulations issued pursuant thereto shall prescribe within five
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(5) years from the time the Financial Consumer transaction was consummated, or
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within five (5) years from the discovery of deceit or non-disclosure of material facts.
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For insurance contracts, the prescriptive period for the commencement of action
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provided under the Insurance Code shall apply.
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Sec. 15. Penalties. - Whenever a Financial Service Provider willfully violates any
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provision of this Act or any related rules, regulations, orders or instructions, issued by
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the Financial Regulators, the person or persons responsible for such violation shall be
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punished by imprisonment of not less than one (1) year but not more than five (5)
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years, or by a fine of not less than Fifty thousand (P50,000.00) pesos but not more
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than Two Million Pesos (P2,000,000.00), or both, at the discretion of the court. In
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addition, in case profit is gained or loss is avoided as a result of the violation, a fine
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of no more than three (3) times the profit gained or loss avoided may also be imposed.
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Sec. 16. Administrative Sanctions. - The provisions on administrative sanctions
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of the respective charters of the Financial Regulators shall be made applicable to any
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Financial Service Provider, its directors, officers, employees or agents without
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prejudice to the enforcement actions provided under Section 6 (D) of this Act and the
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criminal sanctions provided under Section 15 of this Act, for any willful violation of this
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Act or any related rules, regulations, orders or instructions of the Financial Regulators,
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Provided, That in addition to the administrative sanctions that may be imposed, the
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authority of the Financial Service Provider to operate in relation to a particular Financial
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Products or Services may be suspended or cancelled by the Financial Regulator.
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Sec. 17. Repeaiing ciause. - All laws, executive orders, rules and regulations or
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parts thereof which are inconsistent with this Act are hereby repealed or amended
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accordingly. Articles 131 to 147 of Title IV of Republic Act No. 7394 are hereby
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repealed.
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Sec. 18. Transitory provision. - The Financial Regulators shall prepare the
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necessary rules and regulations to implement the provisions of this Act within one (1)
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year from its effectivity.
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Sec. 19. Separability Clause. - If any provision of this Act shall be held
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unconstitutional or invalid, the other provisions not otherwise affected shall remain m
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full force and effect.
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Sec. 20. Effectivity ciause. - This Act shall take effect fifteen (15) days after its
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publication in the Official Gazette or in at least two (2) national newspapers of general
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circulation.
Approved,
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