Annex A

ACCOUNTANCY LAW

RA 9298 PROPOSED COMMENTS

ARTICLE I TITLE, DECLARATION OF POLICY, OBJECTIVE AND SCOPE OF PRACTICE
SECTION 1. Short Title. – This Act shall be known as the “Philippine Accountancy Section 1. Short Title. - This act shall be known as the "Revised Philippine Section 1.
Act of 2004”. Accountancy Act of 2016"
SEC. 2. Declaration of Policy. – The State recognizes the importance of
accountants in nation building and development. Hence, it shall develop and
nurture competent, virtuous, productive and well rounded professional
accountants whose standards of practice and service shall be excellent,
qualitative, world class and globally competitive through inviolable, honest,
effective, and credible licensure examinations and through regulatory measures,
programs and activities that foster their professional growth and development.
SEC. 3. Objectives. – This Act shall provide for and govern: Section 3. Objectives. - This Act shall provide and govern: Section 2
(a) The standardization and regulation of accounting education; a) The standardization and regulation of accounting education;
(b) The examination for registration of certified public accountants; and b) The examination of registration of certified accountants, certified
(c) The supervision, control, and regulation of the practice of accountancy in the Philippines. professional accountants and certified public accountants; (hereinafter
collectively called as censed accountants) and;
c) The supervision, control, and regulation of the practice of accountancy
in the Philippines.
SEC. 4. Scope of Practice. – The practice of accountancy shall include, but not limited to, the Section 4. Scope of Practice. - The practice of accountancy in the Section 3
following: Philippines shall only be allowed for Certified Accountants, Certified
Professional Accountants and Certified Public Accountants who have
passed the applicable licensure examinations prescribed in Section 13 of
this Act, unless otherwise specifically permitted or excluded in the
paragraphs enumeration in this Section, the practice of accountancy
shall include, but not limited to, the following:
(a) Practice of Public Accountancy - shall constitute in a person, be it his/her a) Practice of Public Accountancy - shall constitute a person, be it his/her
individual capacity, or as a partner or as a staff member in an accounting or individual capacity, or as a partner or staff member in an professional
auditing firm, holding out himself/herself as one skilled in the knowledge, partnership of certified public accountants, or as a stockholder, officer or
science and practice of accounting, and as a qualified person to render employee of a corporation created for public practice of accountancy
professional services as a certified public accountant; or offering or rendering, or ,holding out himself/herself as one skilled in the knowledge, science and
both, to more than one client on a fee basis or otherwise, services such as the practice of accounting, and as a qualified person to render professional
audit or verification of financial transaction and accounting records; or the services as a licensed accountant; or offering or rendering, or both or
preparation, signing, or certification for clients of reports of audit, balance sheet, more than one client on a fee basis or otherwise, services as such as the
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and other financial, accounting and related schedules, exhibits, statements or audit or verification of financial transaction and accounting records; or
reports which are to be used for publication or for credit purposes, or to be filed the preparation, signing, or certification for clients of reports of audit,
with a court or government agency, or to be used for any other purpose; or the balance sheet, and other financial, accounting and related schedules,
design, installation, and revision of accounting system; or the preparation of exhibits, statement of reports which are to be used for publication or for
income tax returns when related to accounting procedures; or when he/she credit purposes, or to be filed with a court or government agency, or to
represents clients before government agencies on tax and other matters related be used for any other purposes; or to design, installation, and revision of
to accounting or renders professional assistance in matters relating to accounting system; or the preparation of tax returns when related to
accounting procedures and the recording and presentation of financial facts or accounting procedures; or when he/she represent clients before
data. government agencies on tax and other matters relating to accounting or
render professional assistance in matters relating to accounting
procedures and the recording and presentation of financial facts or data;
Provided that a person who has been licensed as a Certified Public
Accountant shall be the only one who can sign the Auditor Certification
or any other similar document that are covered by accounting and
auditing standards issued by the Board.
(b) Practice in Commerce and Industry - shall constitute in a person involved in decision making (b) Practice in Commerce and Industry - shall constitute in a person
requiring professional knowledge in the science of accounting, or when such employment or involved in decision making requiring professional knowledge in the
position requires that the holder thereof must be a certified public accountant. science of accounting, or when such employment or position requires
that the holder thereof must be a certified professional accountant.
Provided that the compilation services in the preparation of financial
statements of organizations in the private sectors is considered as
practice of accountancy in commerce and industry that can be done by a
Certified Accountant, Certified Professional Accountant or a Certified
Public Accountant.
(c) Practice in Education/Academe - shall constitute in a person in an educational institution which (c) Practice in Education/Academe - shall constitute in a person in an
involve teaching of accounting, auditing, management advisory services, finance, business law, educational institution which involve teaching of accounting, auditing,
taxation, and other technically related subjects: Provided, That members of the Integrated Bar of management advisory services, finance, business law, taxation and other
the Philippines may be allowed to teach business law and taxation subjects. technically related subject; Provided that Certified Professional
Accountants and Certified Public Accountants shall be the only ones who
can teach the aforementioned subjects indicated in this paragraph;
Provided that persons, who have been certified by organizations which
are accredited by the Board and which provide examinations, tests or its
equivalence for recognition or certification of accountancy related
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competencies, shall also be allowed to teach the aforementioned
subjects indicated in this paragraph; Provided, that members of the
Integrated Bar of the Philippines shall be allowed to teach business law
and taxation subjects; Provided finally, that all those who shall teach
shall also comply with the requirements of CHED.
(d) Practice in the Government- shall constitute in a person who holds, or is appointed to, a (d) Practice in Government - shall constitute in a person who holds, or is
position in an accounting professional group in government or in a government–owned and/or appointed to, a position in an accounting professional group in
controlled corporation, including those performing proprietary functions, where decision making government or in an government-owned and/or controlled corporation,
requires professional knowledge in the science of accounting, or where a civil service eligibility as a including those performing proprietary functions, where decision making
certified public accountant is a prerequisite. requires professional knowledge in the science of accounting, or where a
civil service eligibility as a certified public accountant is a prerequisite
ARTICLE II PROFESSIONAL REGULATORY BOARD OF ACCOUNTANCY
SEC. 5. The Professional Regulatory Board of Accountancy and its Composition. – Section 5. The Professional Regulatory Board of Accountancy and its Section 4
The Professional Regulatory Board of Accountancy, hereinafter referred to as the Board, under Composition. – The Professional Regulatory Board of Accountancy,
the supervision and administrative control of the Professional Regulation Commission, hereinafter (hereinafter referred to as “Board”) under the supervision and
referred to as the Commission, shall be composed of a chairman and six (6) members to be administrative control of the Professional Regulation Commission,
appointed by the President of the Philippines from a list of three (3) recommendees for each hereinafter referred to as the Commission, shall be composed of a
position and ranked by the Commission, from a list of five (5) nominees for each position Chairperson and eight (8) members to be appointed by the President of
submitted by the accredited national professional organization of certified public accountants. The the Philippines from a list of three (3) recommendees for each
Board shall elect a vice-chairman from among its members for a term one (1) year. The chairman position to be submitted by the Commission The Board shall elect a vice
shall preside in all meetings of the Board and in the event of a vacancy in the office of the chairperson from among the members. The chairman shall preside in all
chairman, the vice-chairman shall assume such duties and responsibilities until such time as a meetings of the Board and in the event of a vacancy in the office of the
chairman is appointed. chairperson, the vice-chairperson shall assume such duties and
responsibilities until such time as a chairperson is appointed.
SEC. 6. Qualifications of Members of the Professional Regulatory Board. – A member of the Board Section 6. Qualifications of a member of the Professional Regulatory Section 5
shall, at the time of his/her appointment, possess the following qualifications: Board. – A member of the Board shall, at the time of his/her
(a) Must be a natural-born citizen and a resident of the Philippines; appointment, should possess the following qualifications:
(b) Must be a duly registered Certified Public Accountant with a least ten (10) years of work a) Must be a natural-born citizen and a resident of the Philippines;
experience in any scope of practice of accountancy. b) Must be a duly registered Certified Accountant, Certified Professional
(c) Must be of good moral character and must not have been convicted of crimes involving moral Accountant or Certified Public Accountant with at least ten (10) years of
turpitude; and work experience in any scope of practice of accountancy;
(d) Must not have any pecuniary interest, directly or indirectly, in any school, college, university or c) Must be of good moral character and must not have been convicted of
institution conferring an academic degree necessary for admission to the practice of accountancy crimes involving moral turpitude; and
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or where review classes in preparation for the licensure examination are being offered or d) Must not have any pecuniary interest, directly or indirectly, in any
conducted, nor shall he/she be a member of the faculty or administration thereof at the time of school, college, university or institution conferring an academic degree
his/her appointment to the Board. necessary for admission to the practice of accountancy or where review
classes in preparation for the licensure examination are being offered or
conducted, nor shall he/she be a member of the faculty or
administration thereof at a time of his/her appointment to the Board,
and/or must not be actively involved in public practice.
SEC. 7. Term of Office. - The Chairman and members of the Board shall hold office for a term of
three (3) years. Any vacancy occurring within the term of a member shall be filled up for the
unexpired portion of the term only. No person who has served two (2) successive complete terms
shall be eligible for reappointment until the lapse of one (1) year. Appointment to fill up an
unexpired term is not to be considered as a complete term.
SEC. 8. Compensation and Allowances of the Board. – The chairman and members of the Board
shall receive compensation and allowances comparable to that being received by the Chairman
and members of existing regulatory boards under the Commission as provided for in the General
Appropriations Act.
SEC. 9. Powers and Functions of the Board. – The Board shall exercise the following Section 9. Powers and Functions of the Board. - The Board shall exercise Section 6
specific powers, functions and responsibilities: the
(a) To prescribe and adopt the rules and regulations necessary for carrying out the provisions of following specific powers, functions and responsibilities:
this Act; a) To prescribe and adopt the rules and regulations necessary for
carrying out the provisions of this Act;
(b) To supervise the registration, licensure and practice of accountancy in the Philippines; b) To supervise the giving of the licensure examinations and registration
(c) To administer oaths in connection with the administration of this Act; of Certified Accountants, Certified Professional Accountants and
(d) To issue, suspend, revoke, or reinstate the Certificate of Registration for the practice of the Certified Public Accountants in the Philippines;
accountancy profession; c) To administer oaths in connection with the administration of this Act;
(e) To adopt an official seal of the Board; d) To issue, suspend, revoke, reinstate the Certificate of Registration for
(f) To prescribe and/or adopt a Code of Ethics for the practice of accountancy; the practice of the accountancy profession;
(g) To monitor the conditions affecting the practice of accountancy and adopt such measures, e) To adopt an official seal of the Board;
including promulgation of accounting and auditing standards, rules and regulations and best f) To prescribe and/or adopt a Code of Ethics for the practice of
practices as may be deemed proper for the enhancement and maintenance of high professional, accountancy;
ethical, accounting and auditing standards: Provided, That domestic accounting and auditing g) To monitor the conditions affecting the practice of accountancy and
standards, rules and regulations shall include the international accounting and auditing standards, adopt such measures, including promulgation of accounting and auditing
and generally accepted best practices; standards, rules and regulations and best practices as may be deemed
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(h) To conduct an oversight into the quality of audits of financial statements through a review of proper for the enhancement and maintenance of high professional,
the quality control measures instituted by auditors in order to ensure compliance with the ethical, accounting and auditing standards: That domestic accounting
accounting and auditing standards and practices; and auditing standards rules and regulations shall include the include the
(i) To investigate violations of this act and the rules and regulations promulgated hereunder and international accounting and auditing standards, and generally accepted
for this purpose, to issue summons, subpoena and subpoena ad testificandum and subpoena best practices; That, the special requirements of Micro ,Small and
duces tecum to violators or witness thereof and compel their attendance to such investigation or Medium Business Enterprises shall be considered in the promulgation of
hearings and the production of documents in connection therewith: Provided, That the Board the standards, rules and regulations., including but not limited, to
upon approval of the Commission may, subject to such rules and regulations that may be prescribing the audit or attest thresholds conducted by the Certified
promulgated to implement this section, delegate the factfinding aspect of such investigations to Public Accountant
the accredited national professional organization of certified public accountants: Provided, h) To investigate violations of this act and the rules and regulations
Further, That the Board and/or the Commission may adopt their findings of fact as it may seems promulgated hereunder and for the purpose, to issue summons,
fit; subpoena and subpoena ad testificandum and subpoena duces tecum to
(j) The Board may, motu propio in its discretion, make such investigations as it deems necessary to violator or witness thereof and compel their documents in connection
determine whether any person has violated any provisions of this law, any accounting or auditing therewith: Provided, That the Board upon approval and concurrence of
standard or rules duly promulgated by the Board as part of the rules governing the practice of the Commission may, subject to such rules and regulations that may be
accountancy; promulgated to implement this section, delegate the fact-finding aspect
(k) To issue a cease or desist order to any person, association, partnership or corporation engaged of such investigations to the accredited national professional
in violation of any provision of this Act, any accounting or auditing standards or rules duly organization of certified public accountant: Provided, further, That the
promulgated by the Board as part of the rules governing the practice of accountancy in the Board and/or the Commission may adopt their findings of fact as may be
Philippines; seems fit; The Board may, muto propio in its discretion, may conduct
(l) To punish for contempt of the Board, both direct and indirect, in accordance with the pertinent such investigations as it deems necessary to necessary to determine
provisions of and penalties prescribed by the Rules of Court; whether any person has violated any provisions of this law, any
(m) To prepare, adopt, issue or amend the syllabi of the subjects for examinations in consultation accounting or auditing standard or rules duly promulgated by the Board
with the academe, determine and prepare questions for the licensure examination which shall as part of the rules governing the practice of accountancy;
strictly be within the scope of the syllabi of the subjects for examinations as well as administer, i) To issue a cease or desist order to any person, associations,
correct and release the results of the licensure examinations; partnership or corporation engaged in violation of any provision of this
(n) To ensure, in coordination with the Commission on Higher Education (CHED) or other Act, any accounting or auditing standards or rules of duly promulgated
authorized government offices that all higher educational instruction and offering of accountancy by the Board as part of the rules governing the practice of accountancy
comply with the policies, standards and requirements of the course prescribed by CHED or other in the Philippines;
authorized government offices in the areas of curriculum, faculty, library and facilities; and j) To punish for contempt of the Board, both direct and indirect, in
(o) To exercise such other powers as may be provided by law as well as those which may be accordance with the pertinent provision of and penalties prescribed by
implied from, or which are necessary or incidental to the carrying out of, the express powers the Rules of Court;
granted to the Board to achieve the objectives and purposes of this Act. k) To prepare, adopt, issue or amend the syllabi of the subjects for
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examinations in consultation with the academe, determine and prepare
The policies, resolution, rules and regulations, issued or promulgated by the Board shall be subject questions for the licensure examination which shall strictly be within the
to review and approval of the Commission. However, the Board’s decisions, resolutions or orders scope of the syllabi of the subjects for examinations as well as
rendered in administrative cases shall be subject to review only if on appeal. administer, correct and release the result of the licensure examinations;
l) To ensure the coordination with the Commission of the Higher
Education (CHED) or other authorized government offices that all higher
educational instruction and offering of accountancy comply with the
policies, standards and requirements of the course prescribed by the
CHED or other authorized government offices in the areas of curriculum,
faculty, library and facilities;
m) To accredit organizations which provide examinations, tests or its
equivalence for recognition or certification of accountancy related
competencies
n) To exercise such other powers as may be provided by law as well as
those which may be implied from, or which are necessary or incidental
to the carrying out of, the express powers granted to the Board to
achieve the objectives and purposes of this Act. The policies resolution,
rules and regulations issued or promulgated by the Board shall be
subject to the review and approval of the Commission. However, the
Board's decisions, resolutions or orders rendered in the administrative
cases shall be subject to review only if on appeal.
SEC. 10. Administrative Supervisions of the Board, Custodian of its Records, Secretariat and
Support Services. – The Board shall be under the administrative supervision of the Commission. All
records of the Board, including applications for examination and administrative and other
investigative cases conducted by the Board shall be under the custody of the Commission. The
Commission shall designate the Secretary of the Board and shall provide the secretariat and other
support services to implement the provisions of this Act.
SEC. 11. Grounds for Suspension or Removal of Members of the Board. – The President of the Section 11. Grounds for Supervision or Removal of Members of the Section 7
Philippines, upon the recommendation of the Commission, after giving the concerned member Board. – The President of the Philippines, upon the recommendation of
an opportunity to defend himself in a proper administrative investigation to be conducted by the the Commission, after the giving the concerned member an opportunity
Commission, may suspend or remove any member on the following grounds: to defend himself in proper administrative investigation to be conducted
(a) Neglect of duty or incompetence; by the Commission, may suspend or remove any member of the
(b) Violation or tolerance of any violation of this Act and its implementing rules and regulations or following grounds:
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the Certified Public Accountant’s Code of Ethics and the technical and professional standards of a) Neglect of duty or incompetence;
practice for certified public accountants; b) Violation or tolerance of any violation of this Act and its Implementing
(c) Final judgment of crimes involving moral turpitude; and Rules and Regulations or the Code of Ethics and the technical and
(d) Manipulation or rigging of the certified public accountant’s licensure examination results, professional standards of practice for licensed accountant;
disclosure of secret and confidential information in the examination questions prior to the conduct c) Final judgment of crimes involving moral turpitude; and
of the said examination or tampering of grades. d) Manipulation or rigging of the licensed accountant's licensure
examination results, disclosure of secret and confidential information
concerning the examination questions prior to the conduct of the said
examination or tampering of grades.
SEC. 12. Annual Report. – The Board shall, at the close of each calendar year, submit an annual
report to the President of the Philippines through the Commission giving a detailed account of its
proceedings and accomplishments during the year and making recommendations for the
adoption of measures that will upgrade and improve the conditions affecting the practice of
accountancy in the Philippines.
ARTICLE III EXAMINATION, REGISTRATION AND LICENSURE
SEC. 13. The Certified Public Accountant Examinations. – All applicants for registration for the Section 13. The Licensure Examinations. - All applicants for registration Section 8
practice of accountancy shall be required to undergo a licensure examination to be given by the for the practice of accountancy shall be required to undergo the
Board in such places and dates as the Commission may designate subject to compliance with the applicable licensure examination to be given by the Board in such places
requirements prescribed by the Commission in accordance with Republic Act No. 8981. and dates as the Commission may be designate Provided, that the
licensure examination shall be two (2) levels, namely the (1) first level
Certified Accountant (“CA”) examination and (2) the second level
Certified Professional Accountants (“CPA”) and Certified Public
Accountants (“CPA”) examination; Provided, that the first level CA
examination is mandatory for the holders of the Accountancy course or
program referred to in Section 14 of this Act who shall practice
accountancy; Provided further, that the second level CPA examination
shall be optional for those who (1) have passed the CA examinations and
(2) have gained three years of meaningful work experience as may be
defined in rules and regulations that shall be issued for this purpose;
Provided finally, that there shall be a specific CPA examination that shall
be given for each Accountancy course or
program accredited by the CHED or other authorized government
offices.
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SEC. 14. Qualifications of Applicants for Examinations. – Any person applying for examination shall Section 14. Qualifications of Applicant for the Licensure Examinations. – Section 9
establish the following requisites to the satisfaction of the Board that he/she: Any person applying for examination shall establish the following
(a) is a Filipino citizen; requisites to the satisfaction of the Board that he/she:
(b) is of good moral character; a) is a Filipino citizen;
(c) is a holder of the degree of Bachelor of Science in Accountancy conferred by a school, college, b) is of good moral character;
academy or institute duly recognized and/or accredited by the CHED or other authorized c) is a holder of the degree of Bachelor of Science Accountancy degree or
government offices; and program conferred by the school, college, academy or institute duly
(d) has not been convicted of any criminal offense involving moral turpitude. recognized and/or accredited by the CHED or other authorized
government offices; and
d) has not been convicted of any criminal offence involving moral
turpitude.

Provided that person who is not a citizen of the Philippines may be

allowed to take the Licensure Examination upon completion of the
applicable requirements indicated above and after proving in a manner
provided by the Philippine Rules of Court that, by specific provision of
law, the country of which he is a citizen, subject, or national allows
citizens of the Philippines to take the licensure examination or any other
similar process, or to the practice of the profession on terms of strict and
absolute equality with citizens, subjects, or nationals of the country
concerned.
SEC. 15. Scope of Examination. – The licensure examination for certified public accountants shall Section 15. Scope of Examination. - The CA and CPA licensure Section 10
cover, but are not limited to, the following subjects: examinations shall include such subjects that may be prescribed by the
(a) Theory of Accounts Board, subject to the approval of the Commission. Furthermore, the
(b) Business Law and Taxation Board, with the approval of the Commission, may be allowed to
(c) Management Services outsource the preparation of some of the questions that shall be used in
(d) Auditing Theory the licensure examinations.
(e) Auditing Problems
(f) Practical Accounting Problems I
(g) Practical Accounting Problems II
The Board, subject to the approval of the Commission, may revise or exclude any of the subjects
and their syllabi, and add new ones as the need arises.
SEC. 16. Rating in the Licensure Examination. – To be qualified as having passed the licensure Section 16. Rating in the Licensure Examination. – Section 11
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examination for accountants, a candidate must obtain a general average of seventyfive percent (a) Rating in the Certified Accountant examinations. To be qualified as
(75%), with no grades lower than sixty-five percent (65%) in any given subject. In the event a having passed the licensure examination for Certified Accountant and be
candidate obtains the rating of seventy-five percent (75%) and above in at least a majority of considered as a licensed accountant, a candidate must obtain a general
subjects as provided for in this Act, he/she shall receive a conditional credit for the subjects passed: average of seventy five percent (75%), with no grade lower than sixty-
Provided, That a candidate shall take an examination in the remaining subjects within two years five percent (65%) in any given subject. In the event a candidate obtains
from the preceding examination: Provided, further, That if the candidate fails to obtain at least a the rating of seventy-five percent (75%) and above in at least a majority
general average of seventy-five percent (75%) and a rating of at least sixtyfive percent (65%) in of subjects as provided for in this Act, he/she shall receive a conditional
each of the subjects reexamined, he/she shall be considered as failed in the entire examination. credit for the subjects passed: Provided, That a candidate shall take
an examination in the remaining subjects within two (2) years from
preceding examination: Provided, further, That if the candidate fails to
obtain at least a general average of seventy-five percent (75%) and a
rating of at least sixty-five percent (65%) in each of the subjects
reexamined, he/she shall be considered as having failed the entire
examination.
(b) Rating in the Certified Professional or Certified Public Accountant
examinations - To be Certified Professional Accountant and be
considered as a licensed accountant, a candidate must obtain a general
average of seventy five percent (75%)
SEC. 17. Report of Ratings. – The Board shall submit to the Commission the ratings obtained by Section 17. Report of Rating. - The Board shall submit to the Commission Section 12
each candidate within ten (10) calendar days after the examination, unless extended for just the rating obtained by each candidate within ten (10) calendar days after
cause. Upon the release of the results of the examination, the Commission shall send by mailing the examination, unless extended for just cause. Upon the release of the
the rating received by each examinee at his/her given address using the mailing envelope results of the examination, the Commission shall send by mailing the
submitted during the examination. rating received by ach examinee at his/her given address using the
mailing envelop submitted during the examination or by other means of
transmittal that the Board may recommend to the Commission.
SEC. 18. Failing Candidates to Take Refresher Course- Any candidate who fails in two (2) complete Section 18. Failing CA Examination Candidates to Take Refresher Course. Section 13
Certified Public Accountant Board Examinations shall be disqualified from taking another set of – Any candidate who fails in two (2) complete CA examinations shall be
examinations unless he/she submits evidence to the satisfaction of the Board that he/she enrolled disqualified from taking another set of examinations unless he/she has
in and completed at least twenty-four (24) units of subject given in the licensure examination. For submitted evidence to the satisfaction of the Board that he/she enrolled
purposes of this Act, the examination in which the candidate was conditioned together with the in and completed at least twenty-four (24) units of subject given in the
removal examination on the subject in which he/she failed shall be counted as one complete licensure examination For purposes of this Act, the CA examination in
examination. which the candidate was conditioned together with the removal
examination on the subject in which he/she failed shall be counted as
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one complete examination.
SEC. 19. Oath. - All successful candidates in the examination shall be required to take an oath of
profession before any member of the Board or before any government official authorized by the
Commission or any person authorized by law to administer oaths upon presentation of proof of
his/her qualification, prior to entering upon the practice of the profession.
SEC. 20. Issuance of Certificates of Registration and Professional Identification Card. – A certificate
of registration shall be issued to examinees who pass the licensure examination subject to
payment of fees prescribed by the Commission. The Certificate of Registration shall bear the
signature of the chairperson of the Commission and the chairman and members of the Board,
stamped with the official seal of the Commission and of the Board, indicating that the person
named therein is entitled to the practice of the profession with all the privileges appurtenant
thereto. The said certificate shall remain in full force and effect until withdrawn, suspended or
revoked in accordance with this Act. A Professional Identification Card bearing the registration
number, date of issuance, expiry date, duly signed by the chairperson of the Commission, shall
likewise be issued to every registrant renewable every three (3) years.
SEC. 21. Roster of Certified Public Accountants. – A roster showing the names and place of Section 21. Roster of Licensed Accountants. - A roster showing the Section 14
business of all registered certified public accountants shall be prepared and updated by the Board, names and place of business of all licensed accountants shall be
and copies thereof shall be made available to any party as may be deemed necessary. prepared and updated by the Board.
SEC. 22. Indication of Certificate of Registration, Identification Card and Professional Tax Receipt. - Section 22. Indication of Certificate of Registration, Identification Card Section 15
The certified public accountant shall be required to indicate his/her certificate of registration and Professional Tax Receipt. - The licensed accountant shall be required
number, and date of issuance, the duration of validity, including the Professional Tax Receipt to indicate his/her certificate of registration number and date of
number on the documents he/she signs, uses or issues in connection with the practice of his/her issuance, the duration of validity, including the Professional Tax Receipt
profession. number on the documents he/she signs, or uses.
SEC. 23. Refusal to Issue Certificate of Registration and Professional Identification Card - The Board
shall not register and issue a certificate of registration and professional identification card to any
successful examinee convicted by a court of competent jurisdiction of a criminal offense involving
moral turpitude or guilty of immoral and dishonorable conduct or to any person of unsound mind.
In the event of refusal to issue certificate for any reason, the Board shall give the applicant a
written statement setting forth the reasons for such action, which statement shall be incorporated
in the record of the Board.
SEC. 24. Suspension and Revocation of Certificates of Registration and Professional Identification
Card and Cancellation of Special Permit. - The Board shall have the power, upon due notice and

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hearing, to suspend or revoke the practitioner’s certificate of registration and professional
identification card or suspend him/her from the practice of his/her profession or cancel his/her
special permit for any of the causes or grounds mentioned under Section 23 of this Act or for any
unprofessional or unethical conduct, malpractice, violation of any of the provisions of this Act, and
its implementing rules and regulations, the Certified Public Accountant‘s Code of Ethics and the
technical and professional standards of practice for certified public accountants.
SEC. 25. Reinstatement, Reissuance and Replacement of Revoked or Lost Certificates. - The Board Section 25. Reinstatement, Reissuance and Replacement of Revoked or Section 16
may, after the expiration of two (2) years from the date of revocation of a certificate of registration Lost Certificates. – The Board may, after the expiration of two (2) years
and upon application and for reasons deemed proper and sufficient, reinstate the validity of a from the date of revocation of a certificate of registration and upon
revoked certificate of registration and in so doing, may, in its discretion, exempt the applicant from application and for reasons deemed proper and sufficient, reinstate the
taking another examination. A new certificate of registration to replace lost, destroyed, or validity of a revoked certificate of registration and in so doing, may, in its
mutilated certificate/license may be issued, subject to the rules promulgated by the Board and the discretion, exempt the applicant from taking another examination. A
Commission, upon payment of the required fees. new certificate of registration to replace lost, destroyed, or mutilated
certificate/license may be issued, subject to the rules and promulgated
by the Board and the Commission, upon the payment of the required
fees.
ARTICLE IV PRACTICE OF ACCOUNTANCY
SEC. 26. Prohibition in the Practice of Accountancy. - No person shall practice accountancy in this Section 26. Prohibition in the Practice of Accountancy. - No person shall Section 17
country, or use the title “Certified Public Accountant”, or use the abbreviated title “CPA” or display practice accountancy in this country, or use the title “Certified
or use any title, sign, card, advertisement, or other device to indicate such person practices or Accountant,” Certified Professional; Accountant” or "Certified Public
offers to practice accountancy, or is a certified public accountant, unless such person shall have Accountant", or use the abbreviated title “Acct,” “CA,” or "CPA" or
received from the Board a certificate of registration/professional license and be issued a display or use any title, sign, card, advertisement or other device to
professional identification card or a valid temporary/special permit duly issued to him/her by the indicate such person practices or offers to practice accountancy, or is a
Board and the Commission. licensed accountant, unless such person shall have received from the
Board a certificate of registration/Professional license and be issued a
professional identification card or a valid temporary/special permit duly
issued to him/her by the Board and the Commission.
SEC. 27. Vested Rights: Certified Public Accountants Registered When This Law is Passed. - All Section 27. Vested Rights. - Certified Public Accountants Registered Section 17
certified public accountants registered at the time this law takes effect shall automatically be When This Law is Passed. - All certified public accountants registered at
registered under the provisions hereof, subject however, to the provisions herein set forth as to the time this law takes effect shall automatically be registered under the
future requirements. Certificates of registration/professional license held by such persons in good provisions hereof, subject, however, to the provisions herein set forth as
standing shall have the same force and effect as though issued after the passage of this Act. to future requirements. Certificate of Registration/Professional license
held by such persons in good standing shall have the same license force
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and effect as though issued after the passage of this Act.
SEC. 28. Limitation of the Practice of Public Accountancy. – Single practitioners and partnerships Section 28. Forms of Practice of Public Accountancy. - The practice of Section 17
for the practice of public accountancy shall be registered certified public accountants in the public accountancy can be in the form of a sole practice; professional
Philippines: Provided, That from the effectivity of this Act, a certificate of accreditation shall be partnership, including that with limited liability; and a corporation, the
issued to certified public accountants in public practice only upon showing, in accordance with stock holders of which are all licensed accountants. The Board, with the
rules and regulations promulgated by the Board and approved by the Commission, that such concurrence of the Commission, shall issue the rules and regulations to
registrant has acquired a minimum of three (3) years meaningful experience in any of the areas of implement the practice of public accountancy in the form of a limited
public practice including taxation: Provided, further, That this requirement shall not apply to those liability partnership and a corporation.
already granted a certificate of accreditation prior to the effectivity of this Act. The Securities and
Exchange Commission shall not register any corporation organized for the practice of public
accountancy.
SEC. 29. Ownership of Working Papers - All working papers, schedules and memoranda made by
a certified public accountant and his staff in the course of an examination, including those
prepared and submitted by the client, incident to or in the course of an examination, by such
certified public accountant, except reports submitted by a certified public accountant to a client
shall be treated confidential and privileged and remain the property of such certified public
accountant in the absence of a written agreement between the certified public accountant and
the client, to the contrary, unless such documents are required to be produced through subpoena
issued by any court, tribunal, or government regulatory or administrative body.
SEC. 30. Accredited Professional Organization.- All registered certified public accountants whoseSection 30. Accredited Professional Organization. - All registered licensed Section 17
names appear in the roster of certified public accountants shall be united and integrated throughaccountants shall be united and integrated though their membership in
their membership in a one and only registered and accredited national professional organization a one and only registered and accredited national professional
of registered and licensed certified public accountants, which shall be registered with the Securities
organization of registered and licensed accountants, which shall be
and Exchange Commission as a nonprofit corporation and recognized by the Board, subject to the registered with the Securities and Exchange Commission as a nonprofit
approval by the Commission. The members in the said integrated and accredited national corporation and recognized by the Board subject to the approval by the
professional organization shall receive benefits and privileges appurtenant thereto upon payment Commission. The members of the said integrated and accredited
of required fees and dues. Membership in the integrated organization shall not be a bar to national professional organization shall receive benefits and privileges
membership in any other association of certified public accountants. appurtenant thereto upon payment of required fees and dues.
Membership in the integrated organization shall not be a bar to
membership in any other association of certified public accountants.
SEC. 31. Accreditation to Practice Public Accountancy. – Certified public accountants, firms and Section 31. Accreditation to Practice Accountancy. – Section 17
partnerships of certified public accountants, engaged in the practice of public accountancy, (a) Accreditation to Practice Public Accountancy . Certified Public
including partners and staff members thereof, shall register with the Commission and the Board, accountants, firms partnerships, engaged in the practice of public
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such registration to be renewed every three (3) years: Provided, That subject to the approval of accountancy including partners and staff members thereof, and
the Commission, the Board shall promulgate rules and regulations for the implementation of corporations, including its stockholders and officers who are certified
registration requirements including the fees and penalties for violation thereof. public accountants, shall register with the Commission and the Board
and/or Accountancy Regulatory Office, such registration to be renewed
at time intervals to be prescribed by the Board and/or the ARO :
Provided, That subject to the approval of the Commission, the Board
and/or ARO shall promulgate rules and regulations for the
implementation of registration requirements including the fees and
penalties for violation thereof. Provided further, that the sole power to
regulate the practice of accountancy and accredit Certified Public
Accountants, including among others- their categorization/ classification
to the exclusion of all other government agencies, shall belong to the
Board and/or the ARO.

(b) Accreditation of Certified Accountants and Certified Professional

Accountants in Commerce and Industry, in Education and in
Government. The Board and/or the Accountancy Regulatory Office shall
have the authority to require the accreditation of the CAs and CPAs in
the sectors of Commerce and Industry, in Education and in Government,
following the rules and regulations that may be prescribed for this
purpose; Provided further, that the sole power to regulate the practice
of accountancy in the various sectors, including among others – their
categorization/classification to the exclusion of all other government
agencies, shall belong to the Board and/or the Accountancy Regulatory
Office.
SEC. 32. Continuing Professional Education (CPE) Program. – All certified public accountants shall Section 32. Continuing Professional Development (CPD) Program. - All Section 17
abide by the requirements, rules and regulations on continuing professional education to be licensed accountants shall abide by the requirements, rules and
promulgated by the Board, subject to the approval of the Commission, in coordination with the regulations on continuing professional development to be promulgated
accredited national professional organization of certified public accountants or any duly accredited by the Board, subject to the approval of the Commission, in coordination
educational institutions. For this purpose, a CPE Council is hereby created to implement the CPE with the accredited national professional organization of certified
program. accountants or any duly accredited educational institutional. For this
purpose, a CPD Council is hereby created to implement the CPD
program.
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SEC. 33. Seal and Use of Seal. - All licensed certified public accountants shall obtain and use a seal of
a design prescribed by the Board bearing the registrant’s name, registration number and title. The
auditor’s reports shall be stamped with said seal, indicating therein his/her current Professional
Tax Receipt (PTR) number, date/place of payment when filed with government authorities or
when used professionally.
SEC. 33. Seal and Use of Seal. - All licensed certified public accountants shall obtain and use a seal of
a design prescribed by the Board bearing the registrant’s name, registration number and title. The
auditor’s reports shall be stamped with said seal, indicating therein his/her current Professional
Tax Receipt (PTR) number, date/place of payment when filed with government authorities or
when used professionally the Philippine government with other countries. A person who is not a
citizen of the Philippines shall not be allowed to practice accountancy in the Philippines unless
he/she can prove, in the manner provided by the rules of court that, by specific provision of law,
the country of which he/she is a citizen, subject or national admits citizens of the Philippines to the
practice of the same profession without restriction.
SEC. 35. Coverage of Temporary/Special Permits. - Special / temporary permit may be issued by
the Board subject to the approval of the Commission and payment of the fees the latter has
prescribed and charged thereof to the following persons:
(a) A foreign certified public accountant called for consultation or for a specific purpose which, in
the judgment of the Board, is essential for the development of the country: Provided, That
his//her practice shall be limited only for the particular work that he/she is being engaged:
Provided, further, That there is no Filipino certified public accountant qualified for such
consultation or specific purposes;
(b) A foreign certified public accountant engaged as professor, lecturer or critic in fields essential to
accountancy education in the Philippines and his/her engagement is confined to teaching only;
and
(c) A foreign certified public accountant who is an internationally recognized expert or with
specialization in any branch of accountancy and his/her service is essential for the advancement of
accountancy in the Philippines.
ARTICLE V ACCOUNTANCY REGULATORY OFFICE
Section 37. Creation of the Accountancy Regulatory Office. - The Section 22
Accountancy Regulatory Office, ( “ARO”) shall be created. The ARO shall
be under the supervision and administrative control of the Professional
Regulation Commission or any other government office that the
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President of the Philippines may designate. The ARO shall be headed by
an Executive Director whose salary shall be equivalent to that of the
Chairman of the Board of Accountancy.
Section 38. Powers and Functions of the ARO. - The ARO shall exercise Section 22
the following specific powers, functions and responsibilities:
a) To prescribe and adopt the rules and regulations necessary for
regulating the accountancy profession and carrying out the provisions of
this Act;
b) To supervise the practice of accountancy in the Philippines;
c) To issue, suspend, revoke, reinstate the Certificate of Accreditation
that may be prescribed for the practice of the accountancy profession;
d) To administer and implement the Continuing Professional
Development Program
e) To conduct an oversight into the quality of audits of financial
statements and operations of certified public accountants though a
quality assurance review of the control and practice operational
measures instituted by auditors in order to ensure compliance with the
accounting and auditing standards, rules, regulations and practices,. For
this, the ARO may disclose the results of the review it has conducted to
provide feedback to the certified public accountants on their practice of
profession
f) To adopt an official seal of the ARO ;
g) To monitor the conditions affecting the practice of accountancy and
adopt such measures, including promulgation of, rules and regulations
and best practices as may be deemed proper for the effective regulation
of the accountancy profession. That, the special requirements of Micro
,Small and Medium Business Enterprises shall be considered in the
promulgation of the standards, rules and regulations
h) To investigate violations of this act and the rules and regulations
promulgated ere under and for the purpose, to issue summons,
subpoena and subpoena ad testificandum and subpoena duces tecum to
violator or witness thereof and compel their documents in connection
therewith: Provided, That the ARO upon approval and concurrence of
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the Commission may, subject to such rules and regulations that may be
promulgated to implement this section, delegate the fact-finding aspect
of such investigations to the accredited national professional
organization of certified public accountant: Provided, further, That the
ARO and/or the Commission may adopt their findings of fact as may be
seems fit; The ARO may, muto propio in its discretion, may such
investigations as it deem necessary to determine whether any person
has violated any provisions of this law, any accounting or auditing
standard or rules duly promulgated by the ARO as part of the rules
governing the practice of accountancy;
i) To issue a cease or desist order to any person, associations,
partnership or corporation engaged in violation of any provision of this
Act, any accounting or auditing standards or rules of duly promulgated
by the ARO as part of the rules governing the practice of accountancy in
the Philippines;
j) To punish for contempt of the ARO , both direct and indirect, in
accordance with the pertinent provision of and penalties prescribed by
the Rules of Court;
k) To implement a Whistleblower Program that will encourage the
reporting of instances of violations of the provisions of this Act ,
standards
and Implementing Rules and Regulations
l) To pursue the development and upliftment of the public practice of
the Small and Medium Practitioners (SMP), including but not limited to
the consolidation, merger of strengthening of the organization of the
SMPs
m) To exercise such other powers as may be provided by law as well as
those which may be implied from, or which are necessary or incidental
to the carrying out of, the express powers granted to the Board to
achieve the objectives and purposes of this Act. The policies resolution,
rules and regulations issued or promulgated by the ARO shall be subject
to review and approval of the Commission. However, the ARO Board's
decisions, resolutions or orders rendered in the administrative cases
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shall be subject to review only if on appeal:
Section 39. Quality Assurance Review Fund. The ARO is authorized Section 22
collect fees in the course of regulatory function, where such fees
collected will be held in trust as a “Quality Assurance Review Fund” by
the ARO in a trust fund, no portion thereof or any of its income shall
accrue to the General Fund of the National Government. The fund will
partially finance the quality assurance review activities and allowances
that shall be paid to the quality inspectors or reviewers who will be
conducting the Quality ssurance Review of the ARO.
Section 40.. Organization and staffing plan for the ARO. - The Section 22
organization structure and the staffing plan of the ARO shall be prepared
by the Board of Accountancy. In the preparation, the Board shall
consider the requirements to discharge the functions prescribed in
Section 38. With the concurrence of the Commission, the organization
and staffing plan shall be referred to the Department of Budget and
Management for evaluation and approval thereof.
ARTICLE VI ACCOUNTANCY COUNCILS
Section 41. Accountancy Councils. - The Financial Reporting Standards Section 23
Council, ,the Auditing and Assurance Standard Council, the Public Sector
Financial Accounting Reporting Council, the Accountancy Education
Council and the Ethics Standards Council (“Accountancy Councils”) are
created. These Accountancy Councils shall be under the supervision and
administrative control of the Board of Accountancy or any other
government office that the President of the Philippines may designate.
Each of the Advisory Councils shall be headed by a Technical Director
whose salary shall be equivalent to that of the Member of the Board of
Accountancy. The composition of the Councils shall come from the
representatives of the APO and various sectoral organizations as may be
prescribed by the Board of Accountancy with the concurrence of the
Commission
Section 42. Powers and Functions of the Accountancy Councils . - The Section 23
Accountancy Councils shall exercise the following specific powers,

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functions and responsibilities:
a) Financial Reporting Standards Council, (1) to establish standards for
financial reporting of entities in the private sector for approval of the
Board of Accountancy and, (2) to facilitate their adoption and
implementation
b) Auditing and Assurance Standard Council, - (1) To establish standards
for auditing, assurance, and other related areas for the approval of the
Board of Accountancy, and (2) to facilitate their adoption and
implementation
c) Public Sector Financial Accounting Reporting Council- (1) To establish
standards for the sector entities for the approval of the Board of
Accountancy, and (2) to facilitate their adoption and implementation
d) Accountancy Education Council – (1)To establish standards in the area
of accounting education for the approval of the Board of Accountancy,
(2) to facilitate their adoption and implementation (3) to coordinate with
the Commission of Higher Education and accounting schools on matters
on the accounting education, (4) to conduct inspection of accounting
schools based on rules and regulations to be issued by the Board of
Accountancy with the concurrence of the Professional Regulation
Commission,
e) Ethics Standards Council –To establish standards in professional ethics
and governance for the approval of the Board of Accountancy, and (2) to
facilitate their adoption and implementation
Section 43. Organization and staffing plan for the Accountancy Councils. Section 23
– The organization structure and the staffing plan of the various
Accountancy Councils shall be prepared by the Board of Accountancy. In
the preparation,, the Board shall consider the requirements to discharge
the functions prescribed in Section 42. With the concurrence of the
Commission, the organization and staffing plan shall be referred to the
Department of Budget and Management for evaluation and approval
thereof.
Section 44 Appropriations. - The amount needed for the initial Section 23
implementation of the ARO and the various Accountancy Councils shall
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be taken from the current fiscal years appropriation of the Professional
Regulation Commission. Thereafter, the amount needed for this purpose
shall be included in the General Appropriations Act. More ever, nothing
in this Act shall prevent the National Government for allocating funds for
the operations and capital equipment acquisition of the ARO and the
various Accountancy Councils Section 24.
ARTICLE VII SPECIAL PROVISIONS
Section 45. Requirement for Licensed Accountant n Audit Committee. Section 24
The Audit Committee of publicly listed companies in the Philippines shall
be required to include at least one Licensed Accountant to be a
Chairperson or member of Audit Committees of publicly listed
companies in the Philippines.
Section 46. Authority of Commission of Audit to allow Certified Public Section 24
Accountants to conduct accounting and audit services of the financial
records and financial statements of government units, including
government owned and controlled corporations. The Commission of
Audit can promulgate the necessary issuance to allow CPAs to conduct
accounting and audit services of the financial records and financial
statements of government units, including government owned and
controlled corporations.
ARTICLE V PENAL AND FINAL PROVISIONS ARTICLE VIII PENAL AND FINAL PROVISIONS
SEC. 36. Penal Provision. - Any person who shall violate any of the provisions of this Act or any of its Section 46. Penal Provision. - Any person, whether accountant or not, Section 25
implementing rules and regulations as promulgated by the Board subject to the approval of the who shall commit a violation of any of the provisions of this Act or any of
Commission, shall, upon conviction, be punished by a fine of not less than fifty thousand pesos (P its Implementing Rules and Regulations by himself or through conspiring
50,000.00) or by imprisonment for a period not exceeding two (2) years or both. and abetting with others, shall upon conviction, be punished by a fine of
not less than Five Thousand Pesos (5,000.00) and/or imprisonment for a
period of not less than six (6)r but not more than six (6) years. Violations
include, but are not limited to:
a) Illegal practice of profession
i. False or fraudulent issuance of an audit or assurance report;
ii. False representations in a compilation report;
iii. Fraudulent documentation or use of falsified documents as basis for

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an audit or assurance report;
iv. Practice of accountancy profession without a valid and effective
license; [or accreditation]
b) Gross negligence in the conduct of an audit or assurance engagement
c) Violation of the Code of Ethics for Professional Accountants or any
rule of professional conduct promulgated by the Board;
d) Dishonesty, fraud or deceit in obtaining a license or certificate of
accreditation;
e) Disclosure of information on administrative and criminal cases
filed/decided by the Board.
f) Any other violation of this Act or any of its Implementing Rules and
egulations.
SEC. 37. Implementing Rules and Regulations. - Within ninety (90) days after the effectivity of this Section 47. Implementing Rules and Regulations. - Within Ninety (90) Section 29
Act, the Board, subject to the approval of the Commission and in coordination with the accredited days after the effectivity of this Act, the Board, subject to the approval
national professional organization of certified public accountants, shall adopt and promulgate such and concurrence of the Commission and in coordination with the
rules and regulations to carry out the provisions of this Act and which shall be effective fifteen (15) accredited national professional organization of licensed accountants,
days following their publication in the Official Gazette or in any major daily newspaper of general shall adopt and promulgate such rules and regulations to carry out the
circulation. provisions of this Act and which shall be effective Fifteen (15) days
following their publication in the Official Gazette or in any of the major
daily newspaper of general circulation.
SEC. 38. Interpretation of this Act. - Nothing in this Act shall be construed to effect or prevent the
practice of any other legally recognized profession.
SEC. 39. Enforcement of the Act. - It shall be the primary duty of the Commission and the Board to Section 48. Enforcement of this Act. - It shall be primary duty of the Section 25
effectively enforce the provisions of this Act. All duly constituted law enforcement agencies and Commission and the Board, ARO and the Accountancy Councils to
officers of national, provincial, city or municipal government or of any political subdivision thereof, enforce the provisions of this Act. All duly constituted law enforcement
shall, upon the call or request of the Commission or the Board, render assistance in enforcing the agencies and officers of national, provincial, city or municipal
provisions of this Act and to prosecute any person violating the provisions of the same. The government or of any political subdivision thereof, shall upon the call or
Secretary of Justice or his duly designated representative shall act as legal adviser to the request of the Commission, the Board, ARO and Accountancy Councils ,
Commission and the Board and shall render legal assistance as may be necessary in carrying out render assistance in enforcing the provisions of this Act and to prosecute
the provisions of this Act. Any person may bring before the Commission, Board or the any person violating the provisions of the same.
aforementioned officers of the law, cases of illegal practice or violations of this Act committed by
any person or party. The Board shall assist the Commission in filing the appropriate charges
through the concerned prosecution office in accordance with law and rules of court.
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SEC. 40. Funding Provision. - The chairperson of the Professional Regulation Commission shall
immediately include in the Commission’s programs the implementation of this Act, the funding of
which shall be included in the annual General Appropriations Act.
SEC. 41. Transitory Provision. - The incumbent chairman and members of the Board shall continue Section 49. Transitory Provision. - Pending the organization of the Section 26
to serve in their respective positions under the terms for which they have been appointed under Accountancy Regulatory Office and the Accountancy Councils, the Board
Presidential Decree No. 692, without the need of new appointments. and any other organizations recognized by the Board shall be
All graduates with a Bachelors Degree, major in Accounting shall be allowed to take the CPA responsible for discharging the functions thereof. The Certified Public
Licensure Examination within two (2) years from the effectivity of this Act under the rules and Accountant licensure examination prescribed in Republic Act No. 9892
regulations to be promulgated by the Board subject to the approval by the Commission. shall continue pending the start of the effectivity of the two level
licensure examinations upon the issuance of the Implementing Rules and
Regulations by the Board with the concurrence of the Commission.
SEC. 42. Separability Clause. - If any clause, provision, paragraph or part thereof shall be declared Section 50. Separability Clause. - If any clause, provisions, paragraph or Section 27
unconstitutional or invalid, such judgment shall not affect, invalidate or impair any other part parts thereof shall be declared unconstitutional or invalid, such
hereof, but shall be merely confined to the clause, provision, paragraph or part directly involved in judgment shall not affect, invalidate or impair any other part hereof, but
the controversy in which such judgment has been rendered. shall be merely confined to the clause, provisions, paragraph or part
directly involved in the controversy in which such judgment has been
rendered.
SEC. 43. Repealing Clause. - Presidential Decree No. 692 is hereby repealed and all other laws, Section 51. Amendatory Clause. – Republic Act No. 9298 is hereby Section 28
orders, rules and regulations or resolutions or part/s thereof inconsistent with the provisions of amended and all other laws, orders, rules and regulations or resolutions
this Act are hereby repealed or modified accordingly. or part/s thereof inconsistent with the provisions of this Act are hereby
repealed or modified accordingly.
SEC. 44. Effectivity. - This Act shall take effect after fifteen (15) days following its publication in the Section 30. Effectivity. - This Act shall take effect after Fifteen (15) days Section 30
Official Gazette or in any major daily newspaper of general circulation. following its publication in the Official Gazette or in any major daily
newspaper of general circulation.

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