Bill Type
Short Title
FULL ENTRY OF FOREIGN BANKS
Text as Filed (File)
Text as filed (link)
Third Reading Copy link (HRep)
Scope
Legislative Status
Legislative Status Date
Session Sequence No.
72
Session Type
Subjects
Document Certification
Bill Transmittal
Conference committee requested by SENATE (6/9/2014)
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
Floor Activity
Floor Activity
Date Parliamentary status Senator(s) 6/11/2014 Sponsorship Speech on the Conference Committee Report Osmena III, Sergio R.
Legislative History
| House Bill/Resolution NO. HB03984 | |
| REPUBLIC ACT NO. RA10641 | |
| FULL TITLE : AN ACT AMENDING REPUBLIC ACT NO. 7721, OTHERWISE KNOWN AS 'AN ACT LIBERALIZING THE ENTRY AND SCOPE OF OPERATIONS OF FOREIGN BANKS IN THE PHILIPPINES AND FOR OTHER PURPOSES' | |
| SHORT TITLE : Amending Republic Act No. 7721, Otherwise Known As ' An Act Liberalizing The Entry And Scope Of Operations Of Foreign Banks In The Philippines And For Other Purposes' | |
| ABSTRACT : Opens for the entry of foreign banks through full acquisition of voting stock of domestic banks which can also serve as a tool to further strengthen the country’s system to open up opportunities for weak banks to exit from the system through sale of their voting stock or equity to foreign banks which are expected to possess sufficient resources for such purpose. | |
| PRINCIPAL AUTHOR/S : COLLANTES, SONNY P. | |
| DATE FILED : 2014-02-24 | |
| SIGNIFICANCE: NATIONAL | |
| NATURE : Economic | |
| CO-AUTHORS : | |
| 1. Haresco | 2. Almonte |
| 3. Hernandez | 4. Yap (S.) |
| 5. Tambunting | 6. Cortuna |
| 7. Oaminal | 8. Pagdilao |
| CO-AUTHORS (Journal Entries) : | |
| 1. Chipeco (068 2014-06-04) | 2. Belmonte (F.) (026 2015-09-28) |
| AUTHORS(Final/Third Reading) : | |
| 1. Collantes | 2. Haresco |
| 3. Almonte | 4. Hernandez |
| 5. Yap (S.) | 6. Tambunting |
| 7. Cortuna | 8. Oaminal |
| 9. Pagdilao | |
| COUNTERPART HOUSE BILL/CONCURRENT RESOLUTION: SB02159 | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 00151 | |
| SUBMITTED ON 2014-03-12 | |
| SUBMITTED BY: BANKS AND FINANCIAL INTERMEDIARIES | |
| RECOMMENDATIONS: approval with amendments | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2014-03-03 | |
| DATE INCLUDED IN OB: 2014-03-12 | |
| DATE CALENDARED : 2014-05-06 | |
| SECOND READING INFORMATION | |
| PERIOD OF SPONSORSHIP : 2014-05-06 | |
| SPONSORED BY : Collantes | |
| FINAL LIST OF AUTHORS : Collantes, Haresco, Almonte, Hernandez, Yap (S.), Tambunting, Cortuna, Oaminal, Pagdilao | |
| DATE APPROVED ON SECOND READING : 2014-05-06 | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2014-05-07 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2014-05-12 | |
| HOUSE VOTES: YEAS:191 NAYS:7 ABSTAIN:.0 | |
| Voting Details Per Member(Legend:Y-Yes N-No A-Abstain X-Did Not Vote B-Absent D-N/A) | |
| Y---Abad | Y---Abaya |
| Y---Abayon | Y---Abellanosa |
| Y---Abu | X---Abueg |
| Y---Acedillo | B---Acharon--(Absent) |
| Y---Acop | B---Acosta-Alba--(Absent) |
| Y---Adiong | Y---Advincula |
| Y---Agarao | Y---Aggabao |
| Y---Aglipay | Y---Agyao |
| Y---Albano | Y---Alcala |
| Y---Alejano | Y---Aliping |
| X---Almario | Y---Almonte |
| Y---Alvarez (F.) | B---Alvarez (M.)--(Absent) |
| X---Amante | Y---Amatong (I.) |
| Y---Amatong (R.) | B---Andaya--(Absent) |
| Y---Angara-Castillo | B---Angping--(Absent) |
| Y---Antonino-Nadres | X---Antonio |
| Y---Apostol | Y---Aragones |
| Y---Arbison | Y---Arenas |
| Y---Arnaiz | Y---Arroyo |
| Y---Asilo | Y---Atienza |
| B---Aumentado--(Absent) | Y---Bag-ao |
| Y---Bagatsing | B---Baguilat--(Absent) |
| Y---Balindong | Y---Banal |
| Y---Barcelona-Reyes | Y---Barzaga |
| Y---Bataoil | Y---Batocabe |
| B---Bautista--(Absent) | Y---Bello (S.) |
| N---Bello (W.) | Y---Belmonte (F.) |
| Y---Belmonte (J.) | Y---Belmonte (V.) |
| B---Benitez--(Absent) | B---Bernos--(Absent) |
| Y---Biazon | Y---Bichara |
| Y---Binay | Y---Biron |
| Y---Bondoc | Y---Bonoan |
| Y---Bravo (A.) | B---Bravo (M.)--(Absent) |
| Y---Briones | Y---Bulut-Begtang |
| B---Cabilao--(Absent) | B---Cagas--(Absent) |
| X---Calalay | Y---Calixto-Rubiano |
| Y---Caminero | B---Cari--(Absent) |
| Y---Castelo | Y---Castro |
| Y---Catamco | X---Cayetano |
| Y---Celeste | Y---Cerafica |
| Y---Chipeco | X---Co |
| Y---Cojuangco (E.) | B---Cojuangco (K.)--(Absent) |
| Y---Collantes | N---Colmenares |
| B---Cortuna--(Absent) | B---Cosalan--(Absent) |
| Y---Cruz-Gonzales | B---Cua--(Absent) |
| X---Cueva | Y---Dalog |
| B---Dayanghirang--(Absent) | Y---De Jesus |
| N---Dela Cruz | B---De Venecia--(Absent) |
| Y---Defensor | Y---Del Mar |
| Y---Del Rosario (A.G.) | Y---Del Rosario (A.A.) |
| Y---Deloso-Montalla | B---Dimaporo (A.)--(Absent) |
| Y---Dimaporo (I.) | Y---Duavit |
| B---Durano--(Absent) | B---Dy--(Absent) |
| Y---Echiverri | Y---Cerilles |
| B---Enverga--(Absent) | Y---Erice |
| Y---Eriguel | B---Ermita-Buhain--(Absent) |
| Y---Escudero | B---Espina--(Absent) |
| Y---Estrella | Y---Evardone |
| Y---Fariñas | Y---Fernandez |
| B---Ferrer (J.)--(Absent) | Y---Ferrer (L.) |
| Y---Ferriol | B---Flores--(Absent) |
| Y---Fortun | Y---Fortuno |
| Y---Fuentebella | Y---Garay |
| Y---Garcia (E.) | B---Garcia (G.)--(Absent) |
| Y---Garcia-Albano | Y---Garin (O.) |
| Y---Garin (S.) | B---Gatchalian (S.)--(Absent) |
| B---Gatchalian (W.)--(Absent) | Y---Geron |
| Y---Go (A.C.) | Y---Go (A.F.) |
| B---Gomez--(Absent) | Y---Gonzales |
| Y---Gonzalez | Y---Gorriceta |
| Y---Guanlao | B---Guiao--(Absent) |
| Y---Gullas | Y---Gunigundo |
| N---Gutierrez | Y---Hagedorn |
| B---Haresco--(Absent) | Y---Hataman-Salliman |
| Y---Hernandez | Y---Hicap |
| Y---Hofer | N---Ilagan |
| Y---Iway | Y---Jalosjos |
| Y---Javier | B---Kho--(Absent) |
| Y---Khonghun | Y---Labadlabad |
| X---Lacson-Noel | Y---Lagdameo (A.) |
| Y---Lagdameo (M.) | B---Lagman--(Absent) |
| Y---Lanete | B---Leachon--(Absent) |
| B---Ledesma--(Absent) | Y---Lee |
| B---Leonardia--(Absent) | Y---Leonen-Pizarro |
| Y---Lobregat | Y---Loong |
| Y---Lopez (C.) | Y---Lopez (C.J.) |
| Y---Loyola | B---Macapagal-Arroyo--(Absent) |
| Y---Madrona | B---Magsaysay--(Absent) |
| Y---Manalo | Y---Mangudadatu |
| Y---Marcos | Y---Masongsong |
| B---Matugas--(Absent) | Y---Mellana |
| Y---Mendoza (J.) | B---Mendoza (M.)--(Absent) |
| X---Mendoza (R.) | B---Mercado--(Absent) |
| B---Mirasol--(Absent) | Y---Montejo |
| Y---Nava (J.) | B---Nava (P.)--(Absent) |
| Y---Noel | B---Nograles--(Absent) |
| Y---Macrohon-Nuño | Y---Oaminal |
| B---Ocampo--(Absent) | Y---Olivarez |
| Y---Ong | Y---Ortega (F.) |
| Y---Ortega (V.) | B---Pacquiao--(Absent) |
| N---Padilla | D---Paduano--(N/A) |
| Y---Paez | Y---Pagdilao |
| Y---Pancho | B---Panganiban--(Absent) |
| Y---Panotes | B---Pernes--(Absent) |
| Y---Piamonte | B---Pichay--(Absent) |
| X---Plaza | X---Ponce Enrile |
| X---Primicias-Agabas | Y---Puno |
| Y---Quimbo | Y---Quisumbing |
| Y---Radaza | B---Ramos--(Absent) |
| B---Relampagos--(Absent) | B---Revilla--(Absent) |
| Y---Mercado-Revilla | Y---Reyes |
| Y---Ridon | Y---Rivera |
| B---Robes--(Absent) | Y---Gerona-Robredo |
| Y---Rodriguez (I.) | B---Rodriguez (M.)--(Absent) |
| Y---Rodriguez (O.) | Y---Rodriguez (R.) |
| Y---Roman | B---Romarate--(Absent) |
| Y---Romualdez | Y---Romualdo |
| Y---Romulo | Y---Roque |
| Y---Sacdalan | B---Sahali--(Absent) |
| X---Sakaluran | B---Salimbangon--(Absent) |
| Y---Salvacion | B---Paquiz--(Absent) |
| Y---Santiago | Y---Sarmiento (C.) |
| Y---Sarmiento (M.) | B---Ramirez-Sato--(Absent) |
| B---Sema--(Absent) | B---Señeres--(Absent) |
| Y---Singson (E.) | Y---Singson (R.) |
| Y---Suansing | Y---Suarez |
| Y---Sy-Alvarado | Y---Tambunting |
| Y---Tan (A.) | Y---Tan (M.) |
| Y---Tejada | Y---Teodoro |
| Y---Teves | Y---Tiangco |
| Y---Tieng | X---Ting |
| N---Tinio | B---Tolentino--(Absent) |
| Y---Treñas | Y---Tugna |
| X---Tupas | B---Turabin-Hataman--(Absent) |
| B---Ty--(Absent) | B---Umali (C.)--(Absent) |
| Y---Umali (R.) | Y---Unabia |
| Y---Ungab | B---Uy (J.)--(Absent) |
| X---Uy (R.) | Y---Vargas |
| X---Vargas-Alfonso | Y---Velarde |
| Y---Velasco, L. | Y---Villanueva |
| X---Villar | Y---Villarica |
| Y---Violago | B---Yap (A.)--(Absent) |
| Y---Yap (S.) | Y---Yu |
| B---Zamora (M.)--(Absent) | Y---Zamora (R.) |
| B---Zarate--(Absent) | Y---Zubiri |
| DATE TRANSMITTED TO THE SENATE: 2014-05-14 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2014-05-14 | |
| CONFERENCE COMMITTEE INFORMATION | |
| DATE REQUESTED TO FORM A CONFERENCE COMMITTEE : 2014-06-09 | |
| CONFERENCE COMMITTEEE REQUESTED BY : HOUSE | |
| DATE AGREED TO FORM A CONFERENCE COMMITTEE : 2014-06-09 | |
| REMARKS : | |
| CONCOM MEMBERS(HOUSE) : Collantes, Chipeco, Oaminal, Tambunting, Tejada | |
| CONCOM MEMBERS(SENATE) : Osmena, Aquino (B.), Trillanes, Enrile | |
| DATE HOUSE RATIFIED CONCOM REPORT : 2014-06-10 | |
| DATE SENATE APPROVED CONCOM REPORT : 2014-06-11 | |
| ACTIONS TAKEN BY THE PRESIDENT | |
| DATE TRANSMITTED TO THE PRESIDENT : 2014-06-26 | |
| DATE ACTED UPON BY THE PRESIDENT : 2014-07-15 | |
| PRESIDENTIAL ACTION:(A)PPROVED/(V)ETOED/(L)APSED : A | |
| REPUBLIC ACT NO.: RA10641 | |
| ORIGIN : SENATE | |
| REPUBLIC ACT TITLE: AN ACT ALLOWING THE FULL ENTRY OF FOREIGN BANKS IN THE PHILIPPINES, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 7721 |
Senate Legislative History
Entitled: AN ACT ALLOWING THE FULL ENTRY OF FOREIGN BANKS IN THE PHILIPPINES, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 7721 [ FIRST REGULAR SESSION, 16TH CONGRESS ] [ 2014 ] Introduced by Representatives NELSON P. COLLANTES, TEODORICO T. HARESCO, JORGE T. ALMONTE, FERDINAND L. HERNANDEZ, SUSAN YAP, et. al.; Approved on Third Reading by the House of Representatives on May 12, 2014; 5/14/2014 Sent to the Senate requesting for concurrence; 5/19/2014 Read on First Reading and Referred to the Committee on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES; 5/28/2014 Returned by the Committee on BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES per Committee Report No. 33, recommending that it be considered in SBN-2159; 5/28/2014 Committee Report Calendared for Ordinary Business; 5/28/2014 CONSIDERED IN SBN-2159 UNDER C.R.NO. 33. 6/9/2014 Senate requested the House of Representatives for a conference on the disagreeing provisions of SBN-2159 and HBN-3984, designating Senators Sergio R. Osmena III, Paolo Benigno "Bam" Aquino IV, Antonio "Sonny" F. Trillanes and Juan Ponce Enrile as its conferees to the Bicameral Conference Committee; 6/10/2014 House of Representatives requested the Senate for a conference on the disagreeing provisions of SBN-2159 and HBN-3984, designating Representatives Sonny P. Collantes, Joaquin M. Chipeco Jr., Henry S. Oaminal, Gus S. Tambunting and Jose "Pingping" I. Tejada as its conferees to the Bicameral Conference Committee on June 9, 2014; 6/10/2014 Conference Committee Report Approved by the House of Representatives; (O.B. dated August, 4, 2014) 6/11/2014 Conference Committee Report submitted to the Senate, recommending that HBN-3984 and SBN-2159, be approved as reconciled; 6/11/2014 Sponsorship speech on the Conference Committee Report of Senator SERGIO R. OSMENA III; 6/11/2014 Conference Committee Report Approved by the Senate; 6/16/2014 Communication informing the House of Representatives that the Senate approved the Conference Committee Report on the disagreeing provisions of SBN-2159 and HBN-3984 on June 11, 2014; 6/23/2014 Enrolled copies of the consolidated version of SBN-2159 and HBN-3984, sent to the House of Representatives for the signature of the Speaker and the Secretary General of the House of Representatives; 6/25/2014 Enrolled copies of the consolidated version of SBN-2159 and HBN-3984, received by the Senate which were already signed by the Speaker and the Secretary General of the House of Representatives; 6/26/2014 Enrolled copies of the consolidated version of SBN-2159 and HBN-3984, sent to the Office of the President of the Philippines, through PLLO, for the signature and approval of His Excellency, President Benigno S. Aquino III; 7/15/2014 Consolidated with SBN-2159 which was approved and signed into law, by the President of the Philippines, His Excellency President Benigno S. Aquino III on July 15, 2014, and became; (See: O.B. dated August 6, 2014) 7/15/2014 REPUBLIC ACT NO. 10641. (Pursuant to paragraph g, Sec. 7, Rule V of the Rules of the Senate, R.A.No. 10641 (SBN-2159 and HBN-3984) with pertinent documents transmitted to the Legislative Records and Archives Service for safekeeping and preservation on August 12, 2014) (Prepared by the Indexing, Monitoring and LIS Section, Legislative Bills and Index Service)
Abstract
Opens for the entry of foreign banks through full acquisition of voting stock of domestic banks which can also serve as a tool to further strengthen the country's system to open up opportunities for weak banks to exit from the system through sale of their voting stock or equity to foreign banks which are expected to possess sufficient resources for such purpose.
Law PDF
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.