Legislative History
| House Bill/Resolution NO. House Bill No. 299, 12th Congress of the Republic | |
| FULL TITLE : AN ACT TO LIBERALIZE THE OPERATIONS OF RURAL BANKS, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 7353, OTHERWISE KNOWN AS THE NEW RURAL BANKS ACT OF 1992 AND FOR OTHER PURPOSES | |
| ABSTRACT : Rationale: Rural banks play a crucial role in the economy since they are in the forefront of the rural financial system. They mobilize small savings and provide farmers, fishermen, microentreprene urs, employees, market vendors and other rural workers access to credit in order to give them the opportunity to improve the quality of their life by engaging in productive activities. The Rural Banks Act of 1992 was passed in recognition of the need to make credit available and accessible in the rural areas. However, due to the rigid interpretation of the law by government agencies, the beneficial effects of RA 7353 were diluted. This proposed bill aims to resolve the issues and plug the loopholes that diluted the real intent of RA 7353. | |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. | |
| DATE FILED : 2001-07-02 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Jaraula | 2. Zialcita |
| CO-AUTHORS (Journal Entries) : | |
| 1. Syjuco (041 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: House Bill No. 6533, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2001-07-24 |
Abstract
Rationale: Rural banks play a crucial role in the economy since they are in the forefront of the rural financial system. They mobilize small savings and provide farmers, fishermen, microentreprene urs, employees, market vendors and other rural workers access to credit in order to give them the opportunity to improve the quality of their life by engaging in productive activities. The Rural Banks Act of 1992 was passed in recognition of the need to make credit available and accessible in the rural areas. However, due to the rigid interpretation of the law by government agencies, the beneficial effects of RA 7353 were diluted. This proposed bill aims to resolve the issues and plug the loopholes that diluted the real intent of RA 7353.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.