Committee Details
House Counterpart
Legislative History
Entitled: AN ACT PROVIDING FOR GOVERNMENT FINANCIAL INSTITUTIONS UNIFIED INITIATIVES TO DISTRESSED ENTERPRISES FOR ECONOMIC RECOVERY (GUIDE) [ FIRST REGULAR SESSION, 19TH CONGRESS ] [ 2022 ] Introduced by Representatives FERDINAND MARTIN G. ROMUALDEZ, YEDDA MARIE K. ROMUALDEZ, FERDINAND ALEXANDER A. MARCOS, JUDE A. ACIDRE, IRWIN C. TIENG, et. al.; Approved on Third Reading by the House of Representatives on December 15, 2022; 12/19/2022 Sent to the Senate requesting for concurrence; [ 2023 ] 1/24/2023 Read on First Reading and Referred to the Committee(s) on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES; GOVERNMENT CORPORATIONS AND PUBLIC ENTERPRISES and FINANCE;
Senate Legislative History
Entitled: AN ACT PROVIDING FOR GOVERNMENT FINANCIAL INSTITUTIONS UNIFIED INITIATIVES TO DISTRESSED ENTERPRISES FOR ECONOMIC RECOVERY (GUIDE) [ FIRST REGULAR SESSION, 19TH CONGRESS ] [ 2022 ] Introduced by Representatives FERDINAND MARTIN G. ROMUALDEZ, YEDDA MARIE K. ROMUALDEZ, FERDINAND ALEXANDER A. MARCOS, JUDE A. ACIDRE, IRWIN C. TIENG, et. al.; Approved on Third Reading by the House of Representatives on December 15, 2022; 12/19/2022 Sent to the Senate requesting for concurrence; [ 2023 ] 1/24/2023 Read on First Reading and Referred to the Committee(s) on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES; GOVERNMENT CORPORATIONS AND PUBLIC ENTERPRISES and FINANCE;
Abstract
ABSTRACT : Seeks to strengthen the capacity of Land Bank of the Phils. and the Development Bank of the Phils. to provide the needed assistance to micro, small, and medium enterprises (MSMEs), and other strategically important companies; Proposes to mandate that these GFIs expand their credit and rediscounting facilities to affected MSMEs in the agriculture, infrastructure, manufacturing, and service industries; Aims to create a special holding company to be a major player in the financial and capital markets by providing aid to strategically important companies with solvency/liquidity issues brought about by the COVID-19 pandemic and mandating LBP and DBP to maintain at least majority ownership over such SHC until they have recovered their investment.