TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
)
SENATE
s. NO. 785
, •/
©ffitP of li)i’ fin rf.iiry
25 AUG “4 PI :04
RECEiVtli B’.
Introduced by Senator Loren Legarda
AN ACT
ESTABLISHING THE FRAMEWORK STRATEGY ON SUSTAINABILITY 
REPORTING COVERING ENVIRONMENTAL, SOCIAL, AND GOVERNANCE 
(ESG) CONSIDERATIONS, INSTITUTIONALIZING ASSURANCE THEREFOR, 
AND FOR OTHER PURPOSES
EXPLANATORY NOTE
Environmental, Social, and Governance (ESG) factors are now recognized as 
core dimensions of long-term business value and public accountability. ESG refers to 
how an organization manages its environmental footprint, social impact, and 
governance practices. These are key elements that influence its financial performance, 
reputation, and resilience.
Globally, ESG has become a fundamental framework for evaluating corporate 
sustainability and ethical behavior. The United Nations' Sustainable Development 
Goals (SDGs), the Principles for Responsible Investment (PRI), and the 
recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)1 
have all reinforced the importance of transparency and accountability in sustainability 
practices. Likewise, the Organisation for Economic Co-operation and Development 
(OECD) Principles of Corporate Governance highlight the need for sound governance 
structures that integrate sustainability into corporate strategies and disclosures.2
1 TCFD Recommendations accessible at https://www.fsb-tcfd.org/recommendations/.
2 G20/OECD Principles of Corporate Governance accessible at 
https://leaalinstruments.oecd.ora/en/instruments/OECD-LEGAL-0413.


While banks and institutions have already begun to encourage ESG reporting 
here in the Philippines, the absence of a unified and enforceable national framework 
results in inconsistent practices, limited comparability, and missed opportunities for 
integrating sustainability into investment and policy decisions. Establishing a clear and 
phased framework for ESG reporting ensures that companies disclose material 
sustainability-related information that is reliable, consistent, and useful to investors, 
regulators, and the general public.
Furthermore, recent global developments in corporate disclosure standards, 
such as IFRS SI and S2 issued by the International Sustainability Standards Board 
(ISSB), now require companies to report on sustainability-related risks and 
opportunities alongside traditional financial information. These frameworks promote 
the simultaneous filing of sustainability disclosures and audited financial statements, 
recognizing the critical link between financial performance and non-financial 
sustainability factors. Integrated reporting offers stakeholders a holistic understanding 
of a company's value creation and risk profile.3
This measure seeks to establish a national ESG Reporting Framework that 
mandates sustainability reporting for large corporations, encourages compliance 
among micro, small, and medium enterprises (MSMEs) through incentives, and 
institutionalizes assurance mechanisms to improve the credibility of disclosures. It 
further requires all government entities to include ESG components in their annual 
reports, thereby embedding sustainability practices across both public and private 
sectors.
Crucially, this bill also positions the Philippine government as a leader in ESG 
integration. For the first time, all government agencies (national departments, 
constitutional offices, GOCCs, and LGUs) will be required to include ESG components 
in their annual reports. This mainstreams sustainability principles into the public 
sector, reinforces government accountability, and sets a clear example for the private
3 BCl. Based on ISSB, a company would need to report sustainability-related financial information at 
the same time and for the same period as its annual financial statements. This is consistent with 
sustainability reporting proposais in certain jurisdictions inciuding the EU, but not in other jurisdictions 
where sustainability-related information may be published after the financial statements. Many 
respondents supported reporting sustainability-reiated financial information at the same time as the 
financial statements. This would facilitate greater connectivity between sustainability-related financial 
information and financial statements, supporting capital allocation decisions.


sector to follow. By making ESG reporting a shared responsibility, the government 
affirms its commitment to climate goals, social equity, and good governance as 
essential pillars of national development.
By adopting this legislation, the Philippines moves closer to a future where 
economic growth is pursued in tandem with environmental responsibility, social equity, 
and good governance.
In view of the foregoing, the passage of this bill is earnestly sought.
^RENIEGARDA


TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
of fO? rJo/riTlOrjJ
25 AUG-4 PI :04
SENATE
785
S. No.
RECEIVERS'
Introduced by Senator Loren Legarda
AN ACT
ESTABLISHING THE FRAMEWORK STRATEGY ON SUSTAINABILITY 
REPORTING COVERING ENVIRONMENTAL, SOCIAL, AND GOVERNANCE 
(ESG) CONSIDERATIONS, INSTITUTIONALIZING ASSURANCE THEREFOR, 
AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress assembled:
CHAPTER I
GENERAL PROVISIONS
3 
Section 1. Short Title. — This Act shall be known as the "ESG Reporting Act."
4 
Sec. 2. Declaration of Policy. — It is the declared policy of the State to: (i)
5 
promote sustainability reporting in the corporate sector; (ii) guide companies in
6 
assessing, measuring, monitoring, reporting on, and disclosing non-financial and
7 
financial aspects of their ESG initiatives and programs; (iii) align with globally-
8 
recognized standards on the integration and connection of sustainability and financial
9 
information to address the needs of the primary users of such information; and (iv)
10 
assist companies in achieving the universal targets of sustainability, aligned with the
11 
United Nations Sustainable Development Goals, as well as with national policies and
12 
programs, such as Ambisyon Natin 2040.
13 
Sec. 3. Definition of Terms. — For the purposes of this Act:
14 
a) Assurance refers to the act or process where an independent provider
15 
aims to obtain sufficient appropriate evidence in order to express a


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conclusion as to the basis of an opinion, designed to enhance the degree 
of confidence of the intended users (i.e., investors, lenders, and the 
general public) about the sustainability and financial information of the 
reporting entity's sustainability reports and financial statements. This 
may either be:
(i) 
Reasonable Assurance refers to a high but not an absolute 
form of assurance in which the assurance provider reduces 
engagement risk to an acceptably low level in the 
circumstances of the engagement as the basis for the 
conclusion of the assurance provider. The conclusion is 
expressed in a form that conveys the opinion on the outcome 
of the measurement or evaluation, including presentation and 
disclosure, of the sustainability matters against the applicable 
criteria; or
(ii) 
Limited Assurance refers to an assurance in which the 
assurance provider reduces engagement risk to a level that is 
acceptable in the circumstances of the engagement but where 
that risk is greater than a reasonable assurance as to the basis 
for expressing a conclusion, in a form that conveys whether, 
based on the procedures performed and evidence obtained, a 
matter has come to the assurance provider's attention to 
cause them to believe the sustainability information is 
materially misstated. The nature, timing, and extent of 
procedures performed in a limited assurance engagement is 
limited compared with that necessary in a reasonable 
assurance engagement; but is planned to obtain a level of 
assurance that is, in their professional judgment, meaningful. 
To be meaningful, the level of assurance obtained by the 
assurance provider is likely to enhance the intended users' 
confidence about the sustainability information to a degree 
that is clearly more than inconsequential.


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b) Assurance Provider refers to the firm, partner or other individual 
appointed by the firm, who is responsible for the assurance report and 
who, where required, has the appropriate authority from a professional, 
legal or regulatory body. An assurance provider must be independent of 
the reporting entity;
c) Corporation refers to an artificial being created by operation of law, 
having the right of succession and the powers, attributes, and properties 
expressly authorized by law or incidental to its existence;
d) Environmentai, Sociai and Governance (ESG) Reporting or Sustainabiiity 
Reporting refers to an organization's practice of reporting publicly on its 
material economic, environmental and/or social impacts, in accordance 
with globally accepted standards as adopted by the Securities and 
Exchange Commission;
e) Error refers to the effects of mathematical or clerical mistakes, mistakes 
in applying the definitions for metrics or targets, oversight or 
misinterpretations of facts, or unintentional misapplication of policies;
f) Financial regulators refer to the Securities and Exchange Commission 
(SEC), Bangko Sentral ng Pilipinas (BSP), and the Insurance Commission 
(IC);
g) Firm refers to a form of partnership of professional accountants 
registered with the SEC for the purpose of engaging primarily in the 
general practice of public accounting;
h) Fraud refers to an intentional act by one or more individuals, whether 
from among management, those charged with governance, employees 
or third parties, involving the use of deception to obtain an unjust or 
illegal advantage that results in a misrepresentation of sustainability and 
financial information in the sustainability reports and financial 
statements;
i) Independent Assurance Report refers to a report used as a means by 
which the assurance providers communicate the outcome of the 
assurance engagement to the intended users (i.e., investors, lenders, 
and the general public). It contains a clear expression of the


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independent assurance provider's reasonable assurance opinion or 
limited assurance conclusion about the sustainability and financial 
information;
j) Material Information refers to information that reflects the organization's 
significant economic, environmental, and social impacts that 
substantively influence the assessments and decisions of stakeholders, 
including investors. These are matters that substantively affect the 
organization's ability to create value over the short, medium, and long 
term. Information is material if omitting, misstating or obscuring that 
information could reasonably be expected to influence the decisions that 
primary users of general-purpose financial reports make on the basis of 
those reports, which include financial statements and sustainability- 
related financial disclosures and which provide information about a 
specific reporting entity;
k) Misstatement refers to the difference between the disclosures and the 
appropriate measurement or evaluation of the sustainability matters in 
accordance with the applicable criteria. Misstatements can arise from 
error or fraud, may be qualitative or quantitative, and include omitted;
l) information or information that obscures the presentation of the 
disclosures;
m) Partner refers to any individual with authority to bind the firm with 
respect to the performance of a professional services engagement. A 
partner shall be a Certified Public Accountant (CPA) in public practice, 
supported by climate or sustainability experts, and, when necessary, 
such other types of subject matter experts;
n) Professional competence and due care refer to the fundamental principle 
that applies to professionals. A professional is required to attain and 
maintain professional knowledge and skill at the level required to ensure 
that a client or employing organization receives competent professional 
service, based on current technical and professional standards and 
relevant legislation; and act diligently and in accordance with applicable 
technical and professional standards;


1 
o) Reporting entity refers to an entity that is required to prepare general-
2 
purpose financial reports; and
3 
p) Sustainability Reporting (SR) frameworks refer to the internationally
4 
recognized sustainability-related and financial reporting frameworks,
5 
which may consist of a set of sustainability-related principles, standards,
6 
and pronouncements for the preparation and submission of reports.
7 
These include, but are not limited to. International Financial Reporting
8 
Standards (IFRS) on 
disclosures for sustainability-related financial
9 
information. Global Reporting Initiative (GRI), Sustainability Accounting
10 
Standards Board (SASB), Carbon Disclosure Project (CDP), and
11 
recommendations of 
the Taskforce on Nature-related 
Financial
12 
Disclosures (TNFD) and the Task Force on Climate-related Financial
13 
Disclosures (TCFD).
14 
Sec. 4, Scope and Covered Entities. — This Act shall apply to all corporations,
15 
both stock and non-stock, registered with the SEC.
16 
In the public sector, all departments, agencies, bureaus, and instrumentalities
17 
of the National Government, including constitutional bodies, government-owned or­
is controlled corporations (GOCCs), and local government units (LGUs), shall incorporate
19 
ESG reporting components in their respective Annual Reports, as mandated under this
20 
Act.
21 
The Governance Commission for GOCCs (GCG) shall not be precluded from
22 
adopting or supplementing sustainability reporting guidelines for GOCCs under its
23 
jurisdiction, provided these remain consistent with the framework established by the
24 
SEC and the Department of Economy, Planning, and Development (DEPDev).
25
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CHAPTER II
SUSTAINABILITY REPORTING FRAMEWORK AND REPORTS
27 
Sec. 5. Sustainability Report. — In addition to their Annual Report, audited
28 
financial statements, and other reports submitted to the SEC, all corporations—both
29 
stock and non-stock—are mandated to submit their Sustainability Report to the SEC
30 
in accordance with the implementation guidelines or directives set forth by the SEC.


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The provided Sustainability Report must be accessible to the public upon request and
2 
can be viewed during reasonable business hours on business days.
3 
The Sustainability Report shall include both financial and non-financial
4 
disclosures. When certain information about sustainability matters affects the
5 
company's financial position, financial operations and cash flows, such information
6 
shall be consistent with the disclosures in the financial statements.
7 
In accordance with the implementation guidelines issued by the SEC, the
8 
following entities shall be required to submit annual ESG or sustainability reports:
9 
a) All publicly listed corporations;
10 
b) All corporations with total assets or annual gross revenues exceeding
11 
One Billion Pesos (P1,000,000,000.00), as may be periodically adjusted
12 
by the SEC;
13 
c) GOCCs; and
14 
d) Such other entities as may be determined by the SEC, based on their
15 
scale, sector, or impact.
16 
The SEC shall issue implementing rules on the thresholds and coverage,
17 
provided that adjustments may be made every three (3) years in consultation with
18 
stakeholders.
19 
MSMEs, as defined under Republic Act No. 9501 or the Magna Carta for MSMEs,
20 
are strongly encouraged to participate in sustainability reporting through simplified
21 
mechanisms and incentives. The SEC, in coordination with the Department of Trade
22 
and Industry (DTI), DEPDev, and the Micro, Small and Medium Enterprise
23 
Development Council (MSMEDC), shall implement a dedicated ESG Support Program
24 
for MSMEs, which may include:
25 
a) Simplified ESG reporting templates and sectoral guides;
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b) Free training, workshops, and online tools;
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c) ESG-linked credit enhancements or access to green financing windows;
28 
d) Tax incentives, regulatory support, or procurement preferences for
29 
verifiable sustainability practices; and
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e) Public recognition through a "Sustainable MSME Seal" or inclusion in
31 
national sustainability platforms.


1 
For this purpose, the SEC, in consultation with relevant government agencies,
2 
shall issue guidelines on the phases of implementation of mandatory reporting on
3 
corporations, while ensuring reasonable transition and structural reliefs.
4 
For the public sector, all departments, agencies, bureaus, and instrumentalities
5 
of the National Government, including constitutional bodies, GOCCs, and LGUs, shall
6 
be required to incorporate an ESG Reporting component as part of their existing
7 
Annual Reports, in accordance with guidelines to be issued by the DEPDev, in
8 
coordination with the SEC, the Commission on Audit (COA), and other relevant
9 
oversight bodies. This requirement shall apply to all covered government entities
10 
beginning one (1) year from the effectivity of the Implementing Rules and Regulations
11 
(IRR) of this Act.
12 
The ESG component shall form an integral part of the Annual Report and be
13 
submitted to COA and DEPDev, and published on the agency's official website. The
14 
Commission on Audit shall have the authority to examine the ESG disclosures in
15 
connection with its regular audit functions. All ESG components submitted under this
16 
provision shall be compiled by DEPDev into a consolidated National Public Sector ESG
17 
Report, which shall be transmitted to Congress every three (3) years.
18 
Sec. 6. Integration and Connection of Sustainability Reports and Financial
19 
Statements. - The connection between the sustainability reports and financial
20 
statements is important for stakeholders to provide a holistic view of the company's
21 
value creation through the integration of financial and non-financial information. The
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issuance of sustainability reports shall be authorized by the corporation's board of
23 
directors/trustees, in the same manner the issuance of audited financial statements is
24 
authorized. Sustainability reports should be filed at the same time and for the same
25 
reporting period as their audited financial statements.
26 
Sec 7. Collection and Disclosure Requirements in Annual Report. - The SEC
27 
shall act as the data collector and repository of ESG data submitted by corporations.
28 
Sec. 8. Recognition of International Reporting Frameworks and Standards. -
29 
The SEC shall have the authority to adopt internationally recognized standards as
30 
reporting frameworks and prescribe the most appropriate requirements that shall form
31 
part of the applicable reporting framework of the covered entities. In adopting a
32 
reporting framework, the SEC shall take into consideration the pronouncements and


1 
interpretations of the Philippine Financial and Sustainability Reporting Standards
2 
Council and the financial regulators. At all times, the adoption of a reporting
3 
framework shall incorporate the principles of proportionality and structural reliefs to
4 
avoid any unnecessary administrative burden to the reporting corporation.
5 
Sec. 9, ESG Code of Conduct. - The SEC shall formulate a voluntary code of
6 
conduct for ESG ratings and data product providers (ESG Code of Conduct). For this
7 
purpose, the SEC may consider the adoption of an internationally recognized,
8 
interoperable, and proportionate ESG Code of Conduct. The SEC shall likewise issue
9 
the relevant guidelines, and exercise such necessary and reasonable powers, for the 
10 effective enforcement of this ESG Code of Conduct.
11
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CHAPTER III 
ASSURANCE
13 
Sec. 10. Independent Assurance Reports. - To establish transparency,
14 
credibility and reliability of disclosed sustainability and financial information, the
15 
sustainability reports and financial statements filed and submitted to the SEC and
16 
other relevant agencies shall be covered by an Independent Assurance Report from a
17 
duly registered assurance provider. The Independent Assurance Report may be a
18 
Reasonable or Limited Assurance as defined in this Act. Climate-related disclosures in
19 
the sustainability report shall be subject to Reasonable Assurance or Limited
20 
Assurance, while other sustainability disclosures outside of those climate-related shall
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be subject to Limited Assurance, or as needed to be determined by the SEC.
22 
The SEC, in consultation with relevant government agencies, shall issue
23 
guidelines on the phased implementation of the Independent Assurance Report
24 
requirements.
25 
Sec. 11. Assurance Providers. - All assurance providers engaged to provide
26 
assurance services over sustainability reports and financial statements of the covered
27 
entities shall be registered with the SEC. All SEC-registered corporations shall engage
28 
assurance providers of sustainability reports and financial statements duly registered
29 
with the SEC.


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For this purpose, the SEC shall prescribe the qualifications, requirements and
2 
procedure for registration as an assurance provider of sustainability reports and
3 
financial statements within the coverage of this Act. Subject matter competency,
4 
industry knowledge, and levels of training shall be required for all assurance providers.
5 
Further, the SEC shall exercise such adequate level of oversight on the
6 
assurance providers for sustainability reports and financial statements through, among
7 
others, inspection programs, supervision of activities, monitoring, enforcement of
8 
compliance, and imposition of sanctions over registered assurance providers.
9 
Sec. 12. Professional Standards for Assurance Providers. -The SEC shall adopt
10 
and prescribe internationally recognized professional standards for sustainability
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assurance engagements, including ethical and independence requirements, internal
12 
controls, and quality management systems. For this purpose, the SEC may consult
13 
relevant stakeholders, including standard-setters, financial regulators, and other
14 
government agencies.
15 
Sec. 13. Independence and Ethical Requirements. - All registered assurance
16 
service providers shall fully meet the requirements of independence and ethical
17 
requirements as provided for in the Code of Ethics for Professional Accountants in the
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Philippines and this Act.
19
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CHAPTER IV
POWERS AND FUNCTIONS OF SEC
21 
Sec. 14. Powers and Functions of the Sec. - The SEC, as the lead agency, shall
22 
have original and primary jurisdiction in the enforcement and implementation of the
23 
provisions of this Act, and its implementing rules and regulations. In addition to the
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express powers granted under this Act, the Revised Corporation Code (RCC),
25 
Securities Regulation Code (SRC), and other relevant laws, the SEC shall also exercise
26 
the following powers and functions:
27 
(a) Issue such other rules, policies and guidance on sustainability reporting
28 
to ensure compliance with international standards and global best
29 
practices;


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(b) Monitor compliance of the covered entities with the provisions of this Act
2 
and its Implementing Rules and Regulations, and such other SEC rules
3 
on sustainability reporting;
4 
(c) Exercise supervisory and oversight functions over assurance providers
5 
of sustainability reports and financial statements;
6 
(d) As may be necessary, create an appropriate unit or office within its
7 
control to regulate and supervise the implementation of the provisions
8 
of this Act;
9 
(e) Enlist the aid and support of any and all agencies of the Government, as
10 
well as private institutions, corporations, entities or associations, in the
11 
issuance of rules and regulations and for proper implementation of its
12 
powers and functions;
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(f) Provide and facilitate continuous capacity-building initiatives on
14 
sustainability reporting;
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(g) Conduct administrative proceedings, impose sanctions, fines or penalties
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for any non-compliance with or violation of this Act and its IRR; and
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(h) Perform such other functions as may be necessary to carry out the
18 
objectives of this Act.
19 
Sec. 15. Appropriation. -The funding requirements for the implementation of
20 
this Act shall be charged against the operating budget of the SEC. In this regard, the
21 
SEC shall be authorized to collect, retain and use the fees, fines, and other charges
22 
collected pursuant to this Act and its IRR. The amount collected shall be deposited
23 
and maintained in a separate account, which shall form a fund to be utilized exclusively
24 
for the implementation of this Act, including the promotion of sustainability reporting.
25 
The funding requirements of other government agencies shall be charged against their
26 
respective budgets.
27 
Sec 16. Incentives. - The SEC and other concerned government agencies may
28 
establish a system of rewards and incentives, including streamlined regulatory
29 
processes, based on a reporting entity's demonstrated commitment to ESG practices,
30 
policies and reporting.
10


CHAPTER V
PROHIBITED ACTS AND PENALTIES
3 
Sec. 17. Willful Certification of Incomplete, Inaccurate, False; or Misleading
4 
Statements or Reports; Penalties. — Any person who willfully certifies a report
5 
required under this Act, knowing that the same contains incomplete, inaccurate,
6 
false or misleading information or statements, shall be punished with a fine ranging
7 
from Twenty Thousand Pesos (P20,000.00) to Two Hundred Thousand Pesos
8 
(P200,000.00). When the wrongful certification is injurious or detrimental to the
9 
public, the assurance provider or the responsible person may also be punished with
10 
a fine ranging from Forty Thousand Pesos (P40,000.00) to Four Hundred Thousand
11 
Pesos (P400,000.00).
12 
Sec. 18. Collusion by the Assurance Provider; Penalties. — An assurance
13 
provider who, in collusion with the corporation's directors or representatives,
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certifies the corporation's sustainability reports and financial statements despite its
15 
incompleteness or inaccuracy, its failure to give a fair and accurate presentation of
16 
the corporation's condition, or despite containing false or misleading statements,
17 
shall be punished with a fine ranging from Eighty Thousand Pesos (P80,000.00) to
18 
Five Hundred Thousand Pesos (P500,000.00). When the statement or report
19 
certified is fraudulent or has the effect of causing injury to the general public, the
20 
assurance provider or responsible officer may be punished with a fine ranging from
21 
One Hundred Thousand Pesos (P100,000.00) to Six Hundred Thousand Pesos
22 
(P600,000.00).
23 
Sec. 19. Administrative Penalties. — Any violation of this Act, its IRR and other
24 
related regulations shall be subject to the following administrative penalties:
25 
1. Imposition of a fine of not less than Ten Thousand Pesos (P10,000.00) but
26 
not more than One Million Pesos (P1,000,000.00), plus not more than Two
27 
Thousand Pesos (P2,000.00) for each day of continuing violation;
28 
2. Suspension or revocation of any registration for the offering of securities;
29 
3. In case of material misrepresentation or misstatements in the Sustainability
30 
Report, disqualification from being an officer, member of the Board of
31 
Directors, or person performing similar functions;
11


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4. Imposition of monetary penalties not exceeding Five Hundred Thousand
2 
Pesos (P500,000) and/or disciplinary measures to registered assurance
3 
providers in case of non-compliance of professional standards, misconduct
4 
or breach of independence and ethical requirements as required in this Act;
5 
and
6 
5. Suspension or revocation of the assurance providers' registration with the
7 
SEC;
8 
Provided, that the fines and penalties imposed under this Act shall be without
9 
prejudice to the administrative penalties that the SEC may impose pursuant to the 
10 RCC, SRC, and other relevant laws and regulations.
11
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CHAPTER VI
MISCELLANEOUS PROVISIONS
13 
Sec. 20. Open Government, Transparency, and Public Disclosure. — In
14 
accordance with the principles of open government and the public's right to
15 
information, the SEC and the DEPDev shall ensure the transparent collection, use, and
16 
dissemination of ESG data submitted under this Act.
17 
The SEC shall maintain an open-access digital portal where ESG reports and
18 
independent assurance statements of covered private entities are published and made
19 
available to the public. DEPDev shall likewise publish a summary of ESG compliance
20 
trends, analyses, and performance findings for the public sector, based on the ESG
21 
components submitted through agency Annual Reports.
22 
These publicly available disclosures shall serve to inform stakeholders, improve
23 
investor and citizen awareness, and guide future policy development and oversight.
24 
All published data shall be regularly updated, searchable, and presented in accessible
25 
formats, consistent with the Data Privacy Act and applicable transparency laws.
26 
Sec. 21. Implementing Rules and Regulations. - Within ninety (90) days from
27 
the approval of this Act, the SEC, in consultation with DTI, CCC, DEPDev, COA, and
28 
other stakeholders concerned, shall formulate and promulgate the necessary rules and
29 
regulations to effectively implement the provisions of this Act.
12


1 
Sec. 22. Separability Clause. - If any part or provision of this Act is declared
2 
invalid or unconstitutional, such declaration shall not affect in any manner other parts
3 
or provisions hereof.
4 
Sec. 23. Repealing Clause. - All laws, decrees, proclamations, issuances or
5 
ordinances that are contrary to or inconsistent with the provisions of this Act are
6 
hereby amended, repealed or modified accordingly.
7 
Sec. 24. Effectivity. - This Act shall take effect fifteen (15) days after its
8 
publication in the Official Gazette or in a newspaper of general circulation.
Approved,
13