Legislative History
| House Bill/Resolution NO. House Bill No. 3236, 12th Congress of the Republic | |
| FULL TITLE : AN ACT AUTHORIZING THE CREATION OF SPECIAL PURPOSE ASSET VEHICLES TO ALLOW INVESTMENT IN AND ACQUISITION OF NON-PERFORMING LOANS, REAL ESTATE AND OTHER ASSETS, AND FOR OTHER PURPOSES | |
| ABSTRACT : This Act seeks to create a legislative framework to encourage private sector investment into the non-performing loans and assets of Philippine banks. It is an extraordinary measure enacted for the limited purpose of alleviating the temporary NPL problem, and thus has a limited effective period. This bill facilitates the creation of special purpose asset vehicles (the "SPAV") established to acquire non-performing assets, including loan assets and real and other properties, currently burdeningthe financial sector. Investment enhancements include: (1) reduction for a limited time of taxes, fees and duties relating to NPL and real estate acquisitions, dispositions and resolutions; (2) waiver on restrictions on foreign ownership of land andd assets for a limited period; and (3) improvement of domestic insolvency and creditor rights laws. | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2001-09-25 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Lopez | 2. Barbers |
| CO-AUTHORS (Journal Entries) : | |
| 1. Espina (035 ) | 2. Espino (035 ) |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: House Bill No. 4403, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2001-10-01 |
Abstract
This Act seeks to create a legislative framework to encourage private sector investment into the non-performing loans and assets of Philippine banks. It is an extraordinary measure enacted for the limited purpose of alleviating the temporary NPL problem, and thus has a limited effective period. This bill facilitates the creation of special purpose asset vehicles (the "SPAV") established to acquire non-performing assets, including loan assets and real and other properties, currently burdeningthe financial sector. Investment enhancements include: (1) reduction for a limited time of taxes, fees and duties relating to NPL and real estate acquisitions, dispositions and resolutions; (2) waiver on restrictions on foreign ownership of land andd assets for a limited period; and (3) improvement of domestic insolvency and creditor rights laws.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.