An Act to Amend Section Fourteen of Republic Act Numbered Seven Hundred Twenty, Otherwise Known as the Rural Banks’ Act
Year:
1961
Category:
Other
Date Approved:
June 17, 1961
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act amends Section Fourteen of the Rural Banks’ Act, providing tax exemptions for rural banks with net assets not exceeding seven hundred thousand pesos. The amendment aims to support the financial viability of smaller rural banks.Full Text
REPUBLIC ACT No. 3128
An Act to Amend Section Fourteen of Republic Act Numbered Seven Hundred Twenty, Otherwise Known as the Rural Banks’ Act
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Section fourteen of Republic Act Numbered Seven hundred twenty, otherwise known as the Rural Banks’ Act, is hereby amended to read as follows:
Section 2. This Act shall take effect upon its approval.
Approved: June 17, 1961.
"Sec. 14. All Rural Banks created and organized under the provisions of this Act, with net assets not exceeding seven hundred thousand pesos, excluding the counterpart capital subscribed and paid in by the government under sections seven and eight of this Act, shall be exempt from the payment of all taxes, charges and fees of whatever nature and description."
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.