Bill Type
Congress Name
Long 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
Date filed
December 6, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 4048, 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 : Creates 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 NON-PERFORMING ASSETS (NPAs) problem and thus has a limited effective period. This bill facilitates the creation of SPECIAL PURPOSE ASSET VEHICLE (SPAV) established to acquire non-performing assets, including loan assets and real and other properties, currently burdening the financial sector. | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2001-12-06 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Lopez | 2. Barbers |
| CO-AUTHORS (Journal Entries) : | |
| 1. Monfort (050 ) | 2. Lapus (060 ) |
| 3. Chiongbian (063 ) | 4. Del Mar (084 ) |
| 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 2001-12-12 |
Abstract
Creates 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 NON-PERFORMING ASSETS (NPAs) problem and thus has a limited effective period. This bill facilitates the creation of SPECIAL PURPOSE ASSET VEHICLE (SPAV) established to acquire non-performing assets, including loan assets and real and other properties, currently burdening the financial sector.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.