Section 30
SEC. 30. Article 262 of the Code is hereby amended to read as follows: "ART. 262. Voluntary arbitration.—All disputes, grievances and matters referred to in the immediately preceding Article which are not settled through the grievance procedure provided in the collective agreement shall be referred for voluntary arbitration prescribed in said agreement. "Every collective agreement shall designate in advance an arbitrator or panel of arbitrators or include a provision making the selection of such arbitrator or panel of arbitrators from the list provided by the Bureau of definite and certain when the need arises. Such arbitrator or panel of arbitrators shall have exclusive original jurisdiction to hear and decide all disputes, grievances or matters arising from the implementation or interpretation of a collective agreement which have gone through the grievance procedure. "The Labor Arbiter or the Bureau shall not entertain such disputes, grievances or matters and any decision of the Labor Arbiter or the Bureau concerning such dispute shall be null and void as in excess of jurisdiction. "Voluntary arbitration awards or decisions shall be final, inappealable, and executory. However, voluntary arbitration awards or decisions on money claims involving an amount exceeding P100,000 or forty percent of the paid-up capital of the respondent employer, whichever is lower, may be appealed to the Commission on the ground of abuse of discretion or gross incompetence."