Bill Type
Short Title
REGULATING AND ORGANIZING ISLAMIC BANKS
Text as Filed (File)
Third Reading Copy link (HRep)
Sponsor
Scope
Legislative Status
Legislative Status Date
Session Sequence No.
37
Session Type
Subjects
Document Certification
All Information (Senate Website)
Legislative History (Senate Website)
Committee Report Senate Link
Committee Referral (Senate Website)
Floor Activity (Senate Website)
Committee Details
House Committee Report link
Votes
Votes
Type of vote
Third Reading (6/3/2019)
Voted Yes Voted No
Legislative History
| House Bill/Resolution NO. HB08281 | |
| REPUBLIC ACT NO. RA11439 | |
| FULL TITLE : AN ACT PROVIDING FOR THE REGULATION AND ORGANIZATION OF ISLAMIC BANKS | |
| SHORT TITLE : Providing For The Regulation And Organization Of Islamic Banks | |
| ABSTRACT : Refers to the Al-Amanah Islamic Investment Bank of the Philippines, other Islamic banks, designated Islamic banking units of conventional banks, and foreign banks that are authorized to conduct business with the principles of Shari"ah as "Islamic Banks" or "Islamic banking system."Grants the Monetary Board the power to authorize the establishment of Islamic banks and the conventional banks to engage in Islamic banking arrangements; and the foreign Islamic banks to establish Islamic banking operations in the Philippines under the The Liberalization of Entry and Operations of Foreign Banks or RA 7721, as amended.Provides neutral tax treatment between Islamic banking transactions and equivalent conventional banking transactions within the provisions of the National Internal Revenue Code of 1997, as amended.Grants the Bangko Sentral regulatory powers and supervision over the operations of Islamic banks. | |
| PRINCIPAL AUTHOR/S : TURABIN-HATAMAN, SITTI DJALIA A., MACAPAGAL ARROYO, GLORIA, ONG, HENRY C., EVARDONE, BEN P., SANGCOPAN, AMIHILDA J., TAMBUNTING, GUS S., OAMINAL, HENRY S., ALMONTE, JORGE T., COLLANTES, MARIA THERESA V., LIMKAICHONG, JOCELYN SY, FERRER, JULIET MARIE D., SALON, ORESTES T., CORTUNA, JULIETA R., CAMINERO, WILFREDO S., VILLARIN, TOM S., BRAVO, ANTHONY M., Ph.D., PINEDA, ENRICO A. | |
| DATE FILED : 2018-09-24 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Salo (000 2018-11-15) | 2. Alonte (000 2018-11-15) |
| 3. Garcia (J.E.) (000 2018-11-15) | |
| AUTHORS(Final/Third Reading) : | |
| 1. Turabin-Hataman | 2. Macapagal Arroyo |
| 3. Ong (H.) | 4. Evardone |
| 5. Sangcopan | 6. Tambunting |
| 7. Oaminal | 8. Almonte |
| 9. Collantes | 10. Limkaichong |
| 11. Ferrer J. | 12. Salon |
| 13. Cortuna | 14. Caminero |
| 15. Villarin | 16. Bravo (A.) |
| 17. Pineda | 18. Nieto |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Committee Report filed on 2018-09-24 | |
| COMMITTEE REPORT NO. 00875 | |
| SUBMITTED ON 2018-09-24 | |
| SUBMITTED BY: BANKS AND FINANCIAL INTERMEDIARIES, WAYS AND MEANS | |
| RECOMMENDATIONS: Approval in substitution of House Bills Numbered 492 and 3975 | |
| SUBSTITUTED BILLS: HB00492, HB03975 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2018-09-25 | |
| DATE INCLUDED IN OB: 2018-09-25 | |
| DATE CALENDARED : 2018-10-02 | |
| SECOND READING INFORMATION | |
| PERIOD OF SPONSORSHIP : 2018-11-13 | |
| SPONSORED BY : Ong (H.) | |
| DATE SPONSORSHIP/DEBATE CLOSED: 2018-11-13 | |
| FINAL LIST OF AUTHORS : Turabin-Hataman, Macapagal Arroyo, Ong (H.), Evardone, Sangcopan, Tambunting, Oaminal, Almonte, Collantes, Limkaichong, Ferrer J., Salon, Cortuna, Caminero, Villarin, Bravo (A.), Pineda, Nieto | |
| DATE APPROVED ON SECOND READING : 2018-11-13 | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2018-11-15 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2018-11-20 | |
| HOUSE VOTES: YEAS:221 NAYS:0 ABSTAIN:.0 | |
| Voting Details Per Member(Legend:Y-Yes N-No A-Abstain X-Did Not Vote B-Absent D-N/A) | |
| D---Abad--(N/A) | Y---Abaya |
| B---Abayon--(Absent) | Y---Abellanosa |
| Y---Abu | B---Abueg--(Absent) |
| Y---Acharon | Y---Acop |
| B---Acosta--(Absent) | Y---Acosta-Alba |
| B---Adiong--(Absent) | Y---Advincula |
| Y---Agarao | Y---Aggabao |
| D---Aglipay-Villar--(N/A) | D---Akbar--(N/A) |
| Y---Albano | B---Alcala--(Absent) |
| Y---Alejano | Y---Almario |
| Y---Almonte | B---Alonte--(Absent) |
| Y---Alvarez (F.) | Y---Alvarez (M.) |
| B---Alvarez (P.)--(Absent) | B---Amante--(Absent) |
| Y---Amatong (I.) | Y---Andaya |
| D---Ang--(N/A) | Y---Angara-Castillo |
| B---Antonino--(Absent) | Y---Antonio |
| Y---Aragones | B---Arbison--(Absent) |
| Y---Arcillas | B---Arenas--(Absent) |
| Y---Atienza | Y---Aumentado |
| B---Bag-ao--(Absent) | B---Bagatsing--(Absent) |
| B---Baguilat--(Absent) | Y---Banal |
| B---Barbers--(Absent) | Y---Barzaga |
| Y---Bataoil | B---Batocabe--(Absent) |
| Y---Bautista-Bandigan | X---Belaro |
| Y---Belmonte (F.) | B---Belmonte (J.C.)--(Absent) |
| Y---Belmonte (R.) | Y---Benitez |
| X---Bernos | Y---Bertiz |
| B---Biazon--(Absent) | Y---Billones |
| B---Biron--(Absent) | Y---Bolilia |
| Y---Bondoc | Y---Bordado |
| Y---Bravo (A.) | Y---Bravo (M.) |
| Y---Brosas | Y---Bulut-Begtang |
| Y---Cagas | D---Calalang--(N/A) |
| Y---Calderon | Y---Calixto-Rubiano |
| Y---Caminero | Y---Campos |
| Y---Canama | Y---Cari |
| Y---Casilao | Y---Castelo |
| Y---Castro (F.L.) | Y---Castro (F.H.) |
| Y---Catamco | B---Cayetano--(Absent) |
| Y---Celeste | B---Cerafica--(Absent) |
| Y---Cerilles Enerio | Y---Chavez |
| Y---Chipeco | Y---Co |
| B---Cojuangco--(Absent) | Y---Collantes |
| B---Cortes--(Absent) | Y---Cortuna |
| Y---Cosalan | B---Crisologo--(Absent) |
| Y---Cua | Y---Cuaresma |
| Y---Cueva | Y---Dalipe |
| D---Dalog--(N/A) | Y---Datol |
| Y---Daza | Y---De Jesus |
| Y---De Venecia | D---De Vera--(N/A) |
| B---Defensor--(Absent) | Y---Del Mar |
| Y---Del Rosario | Y---Deloso-Montalla |
| B---Dimaporo (A.)--(Absent) | Y---Dimaporo (M.K.) |
| Y---Duavit | Y---Durano |
| Y---Dy | Y---Elago |
| Y---Enverga | Y---Erice |
| Y---Eriguel | Y---Ermita-Buhain |
| B---Escudero--(Absent) | Y---Espina |
| Y---Espino | B---Estrella--(Absent) |
| B---Eusebio--(Absent) | Y---Evardone |
| Y---Fariñas | Y---Fernando |
| Y---Ferrer J. | Y---Ferrer L. |
| Y---Ferriol-Pascual | Y---Floirendo |
| Y---Flores | Y---Fortun |
| Y---Fortuno | Y---Fuentebella |
| Y---Garbin | D---Garces--(N/A) |
| B---Garcia (G.)--(Absent) | Y---Garcia (J.E.) |
| Y---Garcia-Albano | Y---Garin (O.) |
| Y---Garin (S.) | Y---Gasataya |
| Y---Gatchalian | Y---Geron |
| B---Go (A.C.)--(Absent) | Y---Go (M.) |
| B---Gomez--(Absent) | Y---Gonzaga |
| Y---Gonzales (A.P.) | Y---Gonzales (A.D.) |
| Y---Gonzalez | B---Gorriceta--(Absent) |
| B---Gullas--(Absent) | Y---Hernandez (F.) |
| Y---Hernandez (P.) | Y---Herrera-Dy |
| Y---Hofer | X---Jalosjos |
| Y---Javier | Y---Kho |
| B---Khonghun--(Absent) | Y---Labadlabad |
| Y---Lacson | Y---Lagman |
| Y---Lanete | Y---Laogan |
| Y---Lazatin | Y---Leachon |
| Y---Lee | Y---Limkaichong |
| Y---Lobregat | Y---Lopez (B.) |
| Y---Lopez (C.) | Y---Lopez (M.L.) |
| B---Loyola--(Absent) | Y---Macapagal Arroyo |
| Y---Maceda | Y---Madrona |
| Y---Aquino-Magsaysay | Y---Nuñez-Malanyaon |
| Y---Malapitan | Y---Manalo |
| B---Mangaoang--(Absent) | X---Mangudadatu (S.) |
| Y---Mangudadatu (Z.) | Y---Marcoleta |
| B---Marcos--(Absent) | Y---Mariño |
| Y---Marquez | B---Martinez--(Absent) |
| Y---Matugas | X---Mellana |
| Y---Mending | Y---Mendoza |
| B---Mercado--(Absent) | Y---Mirasol |
| Y---Montoro | Y---Nava |
| Y---Nieto | Y---Noel |
| B---Nograles (J.J.)--(Absent) | D---Nograles (K.A.)--(N/A) |
| Y---Nolasco | Y---Oaminal |
| Y---Ocampo | Y---Olivarez |
| B---Ong (H.)--(Absent) | Y---Ong (E.) |
| Y---Ortega (P.) | Y---Ortega (V.N.) |
| Y---Pacquiao | Y---Paduano |
| Y---Palma | Y---Pancho |
| Y---Panganiban | Y---Panotes |
| Y---Papandayan | X---Pichay |
| Y---Pico | Y---Pimentel |
| B---Pineda--(Absent) | Y---Plaza |
| Y---Primicias-Agabas | Y---Roa-Puno |
| Y---Quimbo | Y---Radaza |
| Y---Ramirez-Sato | Y---Ramos |
| Y---Relampagos | Y---Revilla |
| Y---Robes | Y---Rocamora |
| Y---Rodriguez (I.) | B---Rodriguez (M.)--(Absent) |
| B---Roman--(Absent) | B---Romero--(Absent) |
| Y---Romualdez | Y---Romualdo |
| D---Roque (H.)--(N/A) | B---Roque (R.N.)--(Absent) |
| B---Sacdalan--(Absent) | Y---Sagarbarria |
| B---Sahali--(Absent) | Y---Salceda |
| X---Salimbangon | Y---Salo |
| Y---Salon | Y---Sambar |
| Y---Sandoval | Y---Sangcopan |
| Y---Santos-Recto | Y---Sarmiento (C.) |
| Y---Sarmiento (E.M.) | Y---Savellano |
| Y---Sema | Y---Siao |
| Y---Silverio | Y---Singson (E.) |
| Y---Suansing (E.) | Y---Suansing (H.) |
| Y---Suarez | Y---Sy-Alvarado |
| B---Tambunting--(Absent) | Y---Tan (A.) |
| B---Tan (M.)--(Absent) | B---Tan (S.)--(Absent) |
| Y---Tejada | Y---Teves |
| B---Tiangco--(Absent) | Y---Ting |
| Y---Tinio | X---Tolentino |
| X---Treñas | B---Tugna--(Absent) |
| B---Tupas--(Absent) | D---Turabin-Hataman--(N/A) |
| Y---Ty | B---Umali--(Absent) |
| Y---Unabia | Y---Ungab |
| Y---Unico | Y---Uy (J.) |
| Y---Uy (R.) | Y---Uybarreta |
| Y---Vargas | B---Vargas-Alfonso--(Absent) |
| Y---Velarde | Y---Velasco, L.A. |
| Y---Velasco-Catera | Y---Veloso |
| Y---Vergara | B---Villafuerte--(Absent) |
| Y---Villanueva | D---Villar--(N/A) |
| B---Villaraza-Suarez--(Absent) | Y---Villarica |
| Y---Villarin | Y---Violago |
| B---Yap (A.)--(Absent) | Y---Yap (M.) |
| Y---Yap (V.) | Y---Yu |
| Y---Zamora (M.C.) | Y---Zamora (R.) |
| Y---Zarate | Y---Zubiri |
| DATE TRANSMITTED TO THE SENATE: 2018-11-21 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2018-11-21 | |
| DATE PASSED BY THE SENATE: 2019-06-03 | |
| REMARKS : | |
| DATE COPIES OF ENROLLED BILL RECEIVED BY THE SENATE : 2019-06-26 | |
| DATE SIGNED COPIES OF ENROLLED BILL RECEIVED BY THE HOUSE : 2019-07-19 | |
| ACTIONS TAKEN BY THE PRESIDENT | |
| DATE TRANSMITTED TO THE PRESIDENT : 2019-07-23 | |
| DATE ACTED UPON BY THE PRESIDENT : 2019-08-22 | |
| PRESIDENTIAL ACTION:(A)PPROVED/(V)ETOED/(L)APSED : A | |
| REPUBLIC ACT NO.: RA11439 | |
| ORIGIN : HOUSE | |
| REPUBLIC ACT TITLE: AN ACT PROVIDING FOR THE REGULATION AND ORGANIZATION OF ISLAMIC BANKS |
Senate Legislative History
Entitled: AN ACT PROVIDING FOR THE REGULATION AND ORGANIZATION OF ISLAMIC BANKS [ THIRD REGULAR SESSION, 17TH CONGRESS ] [ 2018 ] Introduced by Representatives SITTIDJALIA A. TURABIN-HATAMAN, GLORIA MACAPAGAL-ARROYO, HENRY C. ONG, BEN P. EVARDONE, et. al.; Approved on Third Reading by the House of Representatives on November 20, 2018; 11/21/2018 Sent to the Senate requesting for concurrence; 11/26/2018 Read on First Reading and Referred to the Committee(s) on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES; and WAYS AND MEANS; [ 2019 ] 5/22/2019 Returned and submitted jointly by the Committee(s) on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES and WAYS AND MEANS per Committee Report No. 673, recommending its approval taking into consideration SBNos. 668 and 2105; 5/22/2019 Committee Report Calendared for Ordinary Business; 5/22/2019 Sponsor: Senator FRANCIS "CHIZ" G. ESCUDERO; 5/22/2019 Transferred from the Calendar for Ordinary Business to the Calendar for Special Order; 5/22/2019 Sponsorship speech of Senator FRANCIS "CHIZ" G. ESCUDERO; 5/22/2019 Co-sponsorship speech of Senator SHERWIN T. GATCHALIAN; 5/28/2019 Period of interpellation closed; 5/28/2019 Period of amendment closed; 5/28/2019 Approved on Second Reading without Amendment; 5/29/2019 Printed copies were distributed to the Senators; 6/3/2019 Approved on Third Reading; 6/3/2019 In favor: (21) JUAN EDGARDO "SONNY" M. ANGARA, PAOLO BENIGNO "BAM" AQUINO IV, MARIA LOURDES NANCY S. BINAY, FRANKLIN M. DRILON, JOSEPH VICTOR G. EJERCITO, FRANCIS "CHIZ" G. ESCUDERO, SHERWIN T. GATCHALIAN, GREGORIO B. HONASAN II, RISA HONTIVEROS, PANFILO M. LACSON, LOREN B. LEGARDA, EMMANUEL "MANNY" D. PACQUIAO, FRANCIS N. PANGILINAN, AQUILINO KOKO III L. PIMENTEL, GRACE L. POE, RALPH G. RECTO, VICENTE C. SOTTO III, ANTONIO "SONNY" F. TRILLANES, JOEL VILLANUEVA, CYNTHIA A. VILLAR and JUAN MIGUEL F. ZUBIRI; 6/3/2019 Against: (None) ; 6/3/2019 Abstention: (None) ; 6/26/2019 Letter from Acting Secretary General of the House of Representatives, Mr. Dante Roberto P. Maling, dated June 25, 2019, transmitting nine (9) enrolled copies of HBN-8281, for the signature of Senate Secretary Atty. Myra Marie D. Villarica and Senate President Vicente C. Sotto III; 6/30/2019 Letter for Speaker Gloria Macapagal-Arroyo, dated July 17, 2019, returning eight (8) enrolled copies of HBN-8281, which were signed by Senate Secretary Atty. Myra Marie D. Villarica and Senate President Vicente C. Sotto III; (Communication received by HOR on July 19, 2019) 6/30/2019 Approved and signed into law by the President of the Philippines, His Excellency, President Rodrigo Roa Duterte on August 22, 2019 and became (Communication received by the LBIS on September 3, 2019) 6/30/2019 REPUBLIC ACT NO. 11439. (See: O.B. dated September 10, 2019, 18th Congress) (The legislative history/plenary deliberations is prepared by the INDEXING, MONITORING AND LIS SECTION, LEGISLATIVE BILLS AND INDEX SERVICE; The data entry on committee meetings is prepared by the Committee Affairs Bureau)
Abstract
Refers to the Al-Amanah Islamic Investment Bank of the Philippines, other Islamic banks, designated Islamic banking units of conventional banks, and foreign banks that are authorized to conduct business with the principles of Shari"ah as "Islamic Banks" or "Islamic banking system."Grants the Monetary Board the power to authorize the establishment of Islamic banks and the conventional banks to engage in Islamic banking arrangements; and the foreign Islamic banks to establish Islamic banking operations in the Philippines under the The Liberalization of Entry and Operations of Foreign Banks or RA 7721, as amended.Provides neutral tax treatment between Islamic banking transactions and equivalent conventional banking transactions within the provisions of the National Internal Revenue Code of 1997, as amended.Grants the Bangko Sentral regulatory powers and supervision over the operations of Islamic banks
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.