Bill Type
Congress Name
Long Title
AN ACT TO ESTABLISH THE LEGAL AND REGULATORY FRAMEWORK FOR SECURITIZATION AND THE DEVELOPMENT OF ASSET-BACKED SECURITIES MARKET IN THE PHILIPPINES AND FOR OTHER PURPOSES
Date filed
August 30, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 2759, 12th Congress of the Republic | |
| FULL TITLE : AN ACT TO ESTABLISH THE LEGAL AND REGULATORY FRAMEWORK FOR SECURITIZATION AND THE DEVELOPMENT OF ASSET-BACKED SECURITIES MARKET IN THE PHILIPPINES AND FOR OTHER PURPOSES | |
| ABSTRACT : "SECURITIZATION " means the process by which assets are transferred from the holder thereof to a buyer and the issuance and offer of securities which depend, for their payment, on the flow of income from the assets so transferred.> The country needsa law on securitization. The proposed Securitization Act provided for the simplication of the multi-layered taxation system on asset-backed securities by removing taxes such as VAT on the transfer of the asset to Special Purpose Vehicles (SPV), Documentary Stamp Tax (DST) on initial and subsequent transfers of mortgages ot SPV and investors and the gross receipts tax. | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2001-08-30 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Lacson (024 ) | 2. Del Mar (024 ) |
| 3. Lapus (024 ) | 4. Abaya (026 ) |
| 5. Plaza (030 ) | 6. Lopez (030 ) |
| 7. Badelles (039 ) | 8. Chiongbian (062 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE ACTION: jt. ref'ls as per J.25, p.6(dtd. Oct. 3,2001); jt. ref'ls as per J.39; p.17 | |
| MOTHER BILL: House Bill No. 4453, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2001-09-05 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON ECONOMIC AFFAIRS, HOUSING AND URBAN DEVELOPMENT |
Abstract
"SECURITIZATION " means the process by which assets are transferred from the holder thereof to a buyer and the issuance and offer of securities which depend, for their payment, on the flow of income from the assets so transferred.> The country needsa law on securitization. The proposed Securitization Act provided for the simplication of the multi-layered taxation system on asset-backed securities by removing taxes such as VAT on the transfer of the asset to Special Purpose Vehicles (SPV), Documentary Stamp Tax (DST) on initial and subsequent transfers of mortgages ot SPV and investors and the gross receipts tax.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.