House approves bills on cooperative banks, LANDBANK charter
THE House of Representatives approved two bills related to financial institutions on third and final reading on Monday as it resumed its plenary sessions.
House Bill (HB) 9541 or the Cooperative Banking Act was approved after receiving 156 affirmative votes and no negative votes.
The measure aims to regulate the activities of these banks and encourage the private sector to form cooperatives.
A committee report on the bill was submitted by the Committee on Ways and Means and the Committee on Banks and Financial Intermediaries on May 31, 2021.
Meanwhile, HB 10581 or the measure providing a charter for Land Bank of the Philippines was approved on third reading with 160 affirmative votes and 0 negative votes.
