Bill Type
Congress Name
Long Title
AN ACT TO BE KNOWN AS `THE MARITIME LIENS AND SHIP MORTGAGE ACT OF 2002
Date filed
January 15, 2002
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 4210, 12th Congress of the Republic |
| FULL TITLE : AN ACT TO BE KNOWN AS `THE MARITIME LIENS AND SHIP MORTGAGE ACT OF 2002 |
| ABSTRACT : Rationale: The Mortgage Law has not helped ship owners to gain access to more affordable financing because foreign banks, generally, do not accept a mortgage over a vessel constituted under Philippine law. There, apparently, is a problem in the concurrence and preference of credits as provided in the law. There are presently no laws governing this sector of the industry as this has always been viewed as part of ship owning and ship operation. > Thus, this proposed measure. |
| PRINCIPAL AUTHOR/S : SYJUCO, AUGUSTO JR. L |
| DATE FILED : 2002-01-15 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON TRANSPORTATION AND COMMUNICATIONS ON 2002-01-22 |
Abstract
Rationale: The Mortgage Law has not helped ship owners to gain access to more affordable financing because foreign banks, generally, do not accept a mortgage over a vessel constituted under Philippine law. There, apparently, is a problem in the concurrence and preference of credits as provided in the law. There are presently no laws governing this sector of the industry as this has always been viewed as part of ship owning and ship operation. > Thus, this proposed measure.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.