Article 156Supplement v1, p. 156

COMMERCIAL LAWS SUPPLEMENT

time limited by such order, or any extension thereof

which the Commission may grant.

ARTICLE VII PENAL PROVISIONS

SECTION 48. Penalties . - Any person who violates any of

the provisions of this Act, or the rules and regulations

promulgated by the Commission under authority hereof,

or any person who, in a registration statement, notice, or

Plan filed under this Act, makes any untrue statement of

a material fact or omits to state any material fact required

to be stated therein or necessary to make the statements

therein not misleading, shall, upon conviction, suffer a

fine of not less than Fifty thousand pesos (P50,000.00)

nor

more

than

Five

million

pesos

(P5,000.00)

or

imprisonment of not less than six (6) years and one (1) day

nor more than twenty-one (21) years, or both in the

discretion of the court. If the offender is corporation,

partnership or association or other juridical entity, the

penalty may in the discretion of the court be imposed

upon such juridical entity upon the officer or officers of

the

corporation,

partnership,

association

or

entity

responsible for the violation, and if such officer is an alien,

he

shall

in

addition

to

the

penalties

prescription

prescribed, be deported without further proceedings

after service of sentence.

ARTICLE VIII MISCELLANEOUS PROVISIONS

SECTION

49. Implementing Rules and Regulations

(IRR) . - The Commission, in coordination with the BSP,

DOF and the IC, shall promulgate the implementing rules

and

regulations

which

shall

be

submitted

to

the

Congressional Oversight Committee which shall review,

revise

and

approve

the

same:

Provided,

That

the

Commission BSP, DOF and the IC may continue to issue

separate regulations that will apply exclusively to the

institutions under their respective jurisdiction, consistent

with the IRR as approved by the Congressional Oversight

Committee.

SECTION 50. Congressional Oversight Committee . -

There

is

hereby

created

a

Congressional

Oversight

Committee composed of seven (7) members from the

Senate and seven (7) members from the House of the

Representatives. The members from the Senate shall be

appointed by the Senate President with at least two (2)

Senators representing the Minority. The members from

the House of Representatives shall also appointed by the

Speaker with at least two (2) members representing the

Minority. After the Oversight Committee has approved

the IRR, it shall thereafter become functus officio, and

therefore cease to exist.

SECTION 51. Repeating Clause . - All laws, executive

orders, rules and regulations, and parts thereof which are

inconsistent

with

this

Act

are

hereby

repealed

or

amended accordingly.

SECTION 52. Separability Clause . - If for any reason any

article or provision of this Act or any portion therefore or

application of such article, provision, or portion thereof to

any person, group, or circumstance is declared invalid or

unconstitutional, the remainder of this Act shall not be

affected by such decision.

SECTION 53. Effectivity Clause . - This Act shall take

effect fifteen (15) days after its complete publication in the

Official Gazette or in at least two (2) newspapers of

general circulation, whichever comes earlier.

RA No 10000 | The Agri-Agra Reform

Credit Act of 2009

AN

ACT

PROVIDING

FOR

AN

AGRICULTURE

AND

AGRARIAN REFORM CREDIT AND FINANCING SYSTEM

THROUGH BANKING INSTITUTIONS

Be

it

enacted

by

the

Senate

and

House

of

Representatives

of

the

Philippines

in

Congress

assembled:

ARTICLE I GENERAL PROVISIONS

Section 1. Short Title. - This Act shall be known as "The

Agri-Agra Reform Credit Act of 2009".

Section 2. Declaration of Policy. - It is hereby declared the

policy

of

the

State

to

promote

equal

access

to

opportunities under an environment of sustained growth

and expanding productivity as the key to raising the

quality of life for all. Towards this end, the State shall

promote rural development by enhancing access of the

rural

agricultural

sector

to

financial

services

and

programs that increase market efficiency and promote

modernization in the rural agricultural sector.

Section 3. Definition of Terms. - As used in this Act, the

term:

(a) Accredited Rural Financial Institution refers to any

financial institution accredited by the Bangko Sentral ng

Pilipinas

(BSP)

whose

portfolios

are

substantially

agri-agra related as defined by the implementing rules

and regulations.

(b) Agrarian Reform Beneficiary refers to farmers who

were granted lands under Presidential Decree No. 27, the

Comprehensive Agrarian Reform Law and Republic Act

No.

9700

or

the

"Comprehensive

Agrarian

Reform

Extension with Reforms" and regular farm workers who

are landless, irrespective of tenurial arrangement, who

benefited from the redistribution of lands, regardless of

crops or fruits produced, to include the totality of factors

and support services designed to lift the economic status

of

the

beneficiaries

and

all

other

alternative

arrangements to the physical distribution of lands, such

as production or profit sharing, labor administration, and

the

distribution

of shares of stock which will allow

beneficiaries to receive a just share of the fruits of the

lands they work.

(c) Agricultural Guarantee Fund Pool (AGFP) refers to the

five

percent

(5%)

of

the

2007

surplus

of

the

government-owned and/or controlled corporations and

government

financial

institutions

including

the

Philippine

Amusement

and

Gaming

Corporation

(PAGCOR), the Philippine Charity Sweepstakes Office

(PCSO),

the

Social

Security

System

(SSS),

and

the

Government

Service

Insurance

System

(GSIS)

as

mandated by Administrative Order No. 225-A, series of

2008,

and

the

penalties

collected

from

banking

institutions for noncompliance and under compliance as

provided under this Act.

(d) Agricultural Lessee refers to any person who, with or

without help from his/her immediate farm household,

cultivates the land owned by another for a certain price in

money, in produce, or in both.

(e) Agro-Industry Modernization Credit and Financing

Program (AMCFP) refers to the umbrella credit/financing

program of the government for the agriculture and

fisheries sector created under Republic Act No. 8435,

otherwise

known

as

the

"Agriculture

and

Fisheries

Modernization Act of 1997". By design, AMCFP funds are

provided as loans to government financial institutions

(GIFs) called 'credit wholesalers', which in turn relend

them to qualified 'credit retailers' that include rural banks,

thrift

banks,

cooperative

banks,

nongovernment

organizations (NGOs), National Food Authority (NFA) and

other

associations/people's

organizations

engaged

in

lending to small farmers and fisherfolk.

(f) Amortizing Owners refer to landowners who still

amortize payment for the land to a private individual or to

the State.

(g)

Compact

Farmers

refer

to

those

farmers

with

adjoining farms operating as a single unit under one

management, farm plan and budget.

© Compiled by RGL

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