Legislative History
| House Bill/Resolution NO. House Bill No. 5115, 12th Congress of the Republic | |
| FULL TITLE : AN ACT TO LIBERALIZE THE OPERATIONS OF RURAL BANKS AMENDING FOR THAT PURPOSE REPUBLIC ACT NO. 7353, OTHERWISE KNOWN AS THE NEW RURAL BANKS ACT OF 1992 AND FOR OTHER PURPOSES | |
| ABSTRACT : Rationale: The rural banks play a major role in socio-economic development of the countryside, as more than eighty percent (80%) of rural banks' clients are within the poverty line. The rural Banks Act of 1992 or Republic Act No. 7353 was passed inrecognition of the need to make credit available and accessible in the rural areas. Due to political and economic crisis, rural banks have not recovered, remained in the state where they were in the 1980's and the poverty in the countryside widened.> This bill claims to resolve the issues, plug the loopholes, decrease financial cost of borrowers and re-direct the flow of funds to the countryside that diluted the real intent of R.A. 7353. | |
| PRINCIPAL AUTHOR/S : ALFELOR, FELIX JR. R. | |
| DATE FILED : 2002-08-14 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Teves | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Chatto (017 ) | 2. Syjuco (023 ) |
| 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 2002-08-21 |
Abstract
"Rationale: The rural banks play a major role in socio-economic development of the countryside, as more than eighty percent (80%) of rural banks' clients are within the poverty line. The rural Banks Act of 1992 or Republic Act No. 7353 was passed inrecognition of the need to make credit available and accessible in the rural areas. Due to political and economic crisis, rural banks have not recovered, remained in the state where they were in the 1980's and the poverty in the countryside widened.> This bill claims to resolve the issues, plug the loopholes, decrease financial cost of borrowers and re-direct the flow of funds to the countryside that diluted the real intent of R.A. 7353."
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.