Bill Type
Congress Name
Long Title
AN ACT INCREASING THE COMPULSORY MOTOR VEHICLES LIABILITY INSURANCE FEE FROM FIVE THOUSAND PESOS (P5,000.00) TO THIRTY THOUSAND PESOS (P30,000.00) FOR DEATH CLAIM AND NOT EXCEEDING TEN THOUSAND PESOS (P10,000.00) FOR PHYSICAL INJURY CLAIM, TO INDEMNIFY THE DEATH OR BODILY INJURY OF A PASSENGER OR THIRD PARTY, AMENDING FOR THIS PURPOSE SECTION 378, CHAPTER VI OF PRESIDENTIAL DECREE NO. 1460, OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978
Date filed
November 3, 1999
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB08706 | |
| FULL TITLE : AN ACT INCREASING THE COMPULSORY MOTOR VEHICLES LIABILITY INSURANCE FEE FROM FIVE THOUSAND PESOS (P5,000.00) TO THIRTY THOUSAND PESOS (P30,000.00) FOR DEATH CLAIM AND NOT EXCEEDING TEN THOUSAND PESOS (P10,000.00) FOR PHYSICAL INJURY CLAIM, TO INDEMNIFY THE DEATH OR BODILY INJURY OF A PASSENGER OR THIRD PARTY, AMENDING FOR THIS PURPOSE SECTION 378, CHAPTER VI OF PRESIDENTIAL DECREE NO. 1460, OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978 | |
| ABSTRACT : Ratinale: In 1998, the peso's purchasing power has gone down to P0.34. Conversely, the real value of P5,000 ia only P1,700. The decline was further aggravated following the recent spate of price increases in oil, transport fare, electricity, tuitionfee, prime commodities, and the skyrocketeing increase in toll rates. > It is in this context that this bill is filed to increase the said amount from P5,000.00 to P30,000.00 for death claim and not exceeding P10,000.00 for physical injury claim. | |
| PRINCIPAL AUTHOR/S : PONCE, NESTOR JR. C. | |
| DATE FILED : 1999-11-03 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. | 2. |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON REVISION OF LAWS ON 1999-11-15 |
Abstract
Ratinale: In 1998, the peso's purchasing power has gone down to P0.34. Conversely, the real value of P5,000 ia only P1,700. The decline was further aggravated following the recent spate of price increases in oil, transport fare, electricity, tuitionfee, prime commodities, and the skyrocketeing increase in toll rates. > It is in this context that this bill is filed to increase the said amount from P5,000.00 to P30,000.00 for death claim and not exceeding P10,000.00 for physical injury claim.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.