Section 22Sec./Art. 22

Implementing Rules and Regulations. Within sixty (60) days from the effectivity of this Act, the Commission, in coordination with the BSP, the DOF, and the BIR shall draft and submit to COC the IRR: Provided, That the Commission, BSP, DOF and BIR may issue separate circulars that will apply exclusively to the institutions under respective jurisdiction, which shall not be inconsistent with the IRR to be issued by the Commission. Said IRR shall be submitted to the COC which shall review, revise and approve the same within a period of sixty (60) days from the date of receipt thereof upon which the Commission, in consultation with the BSP, DOF and BIR shall promulgate the IRR.