Legislative History
| House Bill/Resolution NO. House Bill No. 6533, 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 'RURAL BANKS ACT OF 1992' | |
| SHORT TITLE : Liberalizing the Operations of Rural Banks, Amending for the Purpose RA 7353 | |
| ABSTRACT : To provide adequate credit facilities to farmers and merchants, or to cooperatives of such farmers and merchants; and to promote rural savings, the bill seeks to liberalize the operations of rural banks by introducing the following amendments, among others, to the Rural Banks Act of 1992: a) consider rural banks which have extended 8% of loan portfolio to small enterprises as being in full compliance of the small and medium credit mandatory allocation provided in RA 6977, as amended by RA 8289; b) liberalization of the nationality requirement to allow former Philippine nationals to acquire capital stock in rural banks; c) exemption of rural banks from the independent capital requirement; d) exemption of rural banks from the payment of gross receipts tax or value-added tax for a period of ten years. | |
| PRINCIPAL AUTHOR/S : TEVES, HERMINIO G. | |
| DATE FILED : 2003-10-28 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Alfelor | 2. Lopez |
| 3. | 4. |
| COUNTERPART HOUSE BILL/CONCURRENT RESOLUTION: SB00442 | |
| URGENT SENATE BILL? Yes | |
| DATE CERTIFIED AS URGENT HOUSE BILL: 2004-04-29 | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 01868 | |
| SUBMITTED ON 2003-10-28 | |
| SUBMITTED BY: BANKS AND FINANCIAL INTERMEDIARIES, WAYS AND MEANS | |
| RECOMMENDATIONS: approval | |
| SUBSTITUTED BILLS: House Bill No. 299, 12th Congress of the Republic, House Bill No. 5115, 12th Congress of the Republic, House Bill No. 5384, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2003-11-18 | |
| DATE INCLUDED IN OB: 2003-11-18 | |
| DATE CALENDARED : 2003-11-19 | |
| SECOND READING INFORMATION | |
| PERIOD OF SPONSORSHIP : 2003-12-01 | |
| DATE APPROVED ON SECOND READING : 2003-12-01 | |
| REMARKS : The Body approved to insert the Explanatory Note as the sponsorship remarks; approved the amendments as contained in the CR, if any. | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2003-12-02 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2003-12-17 | |
| HOUSE VOTES: YEAS:155 NAYS:0 ABSTAIN:.0 | |
| DATE TRANSMITTED TO THE SENATE: 2003-12-18 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2004-01-06 | |
| REMARKS : |
Abstract
To provide adequate credit facilities to farmers and merchants, or to cooperatives of such farmers and merchants; and to promote rural savings, the bill seeks to liberalize the operations of rural banks by introducing the following amendments, among others, to the Rural Banks Act of 1992: a) consider rural banks which have extended 8% of loan portfolio to small enterprises as being in full compliance of the small and medium credit mandatory allocation provided in RA 6977, as amended by RA 8289; b) liberalization of the nationality requirement to allow former Philippine nationals to acquire capital stock in rural banks; c) exemption of rural banks from the independent capital requirement; d) exemption of rural banks from the payment of gross receipts tax or value-added tax for a period of ten years.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.