Section 11Sec./Art. 11

A new section of R.A. No. 7042, as amended, is inserted as Section 18 to read as follows:

"Section 18. Non-Applicability. - This Act shall not apply to banking and other financial institutions which are governed and regulated by Republic Act No. 8791, otherwise known as The General Banking Law of 2000" and other laws under the supervision of the Bangko Sentral ng Pilipinas. Moreover, this Act shall not apply to the practice of professions that are covered by specific laws and fall under the jurisdiction of various Professional Regulatory Boards (PRBs) or any other equivalent regulating body, or those subject to reciprocity agreements with other countries.

To the extent applicable, and provided that the necessary licenses, work permits and visas are properly secured from the relevant government agencies, any occupation, employment or practice of profession not covered by any special law or reciprocity agreement as provided in the previous paragraph shall be subject to the provisions of this Act."