Bill Type
Congress Name
Long Title
AN ACT EXPANDING THE COVERAGE OF AND THE CONDUIT NETWORK FOR AGRI-AGRA CREDITS, PRESCRIBING A FIXED PERCENTAGE OF THE FUNDS FOR LENDING TO SMALL FARMERS AND FISHERFOLK, AND FOR OTHER PURPOSES THEREBY AMENDING PRESIDENTIAL DECREE NO. 717, OTHERWISE KNOWN AS THE AGRI-AGRA LAW
Date filed
July 2, 2001
Scope
Urgent Bill
No
Legislative History
House Bill/Resolution NO. House Bill No. 104, 12th Congress of the Republic | |
FULL TITLE : AN ACT EXPANDING THE COVERAGE OF AND THE CONDUIT NETWORK FOR AGRI-AGRA CREDITS, PRESCRIBING A FIXED PERCENTAGE OF THE FUNDS FOR LENDING TO SMALL FARMERS AND FISHERFOLK, AND FOR OTHER PURPOSES THEREBY AMENDING PRESIDENTIAL DECREE NO. 717, OTHERWISE KNOWN AS THE AGRI-AGRA LAW | |
ABSTRACT : This billl seeks to REDIRECT CREDIT to where it is direly needed. This proposed measure mandates that fifty percent (50%) of the twenty-five percent (25%) of a bank's total loanable funds reserved for agricultural and agrarian reform credits be extended to the small farmers and fisherfolk and their cooperatives. Moreover, it removes the provision in P>D> 717 which allows banks to divert to government securities the ten percent (10%) agrarian reform share aforecited. And for its strict compliance by the financial institutions, a penalty provision is included. | |
PRINCIPAL AUTHOR/S : SYJUCO, AUGUSTO JR. L | |
DATE FILED : 2001-07-02 | |
SIGNIFICANCE: NATIONAL | |
CO-AUTHORS (Journal Entries) : | |
1. Espina (005 ) | 2. Zialcita (016 ) |
3. Badelles (022 ) | 4. Espino (022 ) |
ADMINISTRATION BILL? No | |
URGENT BILL? No | |
COMMITTEE ACTION: change of cttee. ref'l from J.5; p.30 (July 31,2001) | |
ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
REFERRAL TO THE COMMITTEE ON ECONOMIC AFFAIRS ON 2001-07-24 |
Abstract
"This billl seeks to REDIRECT CREDIT to where it is direly needed. This proposed measure mandates that fifty percent (50%) of the twenty-five percent (25%) of a bank's total loanable funds reserved for agricultural and agrarian reform credits be extended to the small farmers and fisherfolk and their cooperatives. Moreover, it removes the provision in P>D> 717 which allows banks to divert to government securities the ten percent (10%) agrarian reform share aforecited. And for its strict compliance by the financial institutions, a penalty provision is included.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.