Personal Property Security Act (Republic Act No. 11057): Sponsorship Speech under Senate Bill No. 1459

[The Personal Property Security Act, or Republic Act No. 11057,  originated from House Bill No. 6907 under Committee Report No. 550 and Senate Bill. No. 1459 under Committee Report No. 86. For a background what spurred the enactment of Personal Property Security Act, it is helpful to look at the explanations given by the law’s sponsors, including the sponsorship speech of Senator Paolo Benigno “Bam” A. Aquino IV on 22 May 2016. Here’s the full text:] Continue reading Personal Property Security Act (Republic Act No. 11057): Sponsorship Speech under Senate Bill No. 1459

Electronic Clearing of Checks in the Philippines Starts January 2017

[The Bangko Sentral ng Pilipinas (BSP) has approved the implementation of the electronic clearing of checks, starting January 2017. This will speed up the clearing of checks from 3 to 5 banking days, down to 1 day. Issuers must consider the faster clearing of checks to avoid bouncing checks. To assist in the dissemination of this information, we are reproducing the media release of the BSP.] Continue reading Electronic Clearing of Checks in the Philippines Starts January 2017

Cram-Down Clause under the Financial Rehabilitation and Insolvency Act (FRIA) of 2010

Cram-down is the power of the rehabilitation court to approve and implement a rehabilitation plan notwithstanding the objection of the majority of creditors. As noted in the case of Bank of the Philippine Islands vs. Sarabia Manor Hotel Corporation (G.R. No. 175844, 29 July 2013), the “cram-down” clause, which is currently incorporated in Section 64 of Republic Act No. 10142, also known as the Financial Rehabilitation and Insolvency Act (FRIA) of 2010, “is necessary to curb the majority creditors’ natural tendency to dictate their own terms and conditions to the rehabilitation, absent due regard to the greater long-term benefit of all stakeholders. Otherwise stated, it forces the creditors to accept the terms and conditions of the rehabilitation plan, preferring long-term viability over immediate but incomplete recovery.” Section 64 reads: Continue reading Cram-Down Clause under the Financial Rehabilitation and Insolvency Act (FRIA) of 2010

Republic Act No. 10667: Philippine Competition Act

Republic of the Philippines
Congress of the Philippines

Metro Manila

Sixteenth Congress

Second Regular Session

Begun and held in Metro Manila, on Monday, the twenty-eighth day of July, two thousand fourteen.

Republic Act No. 10667

AN ACT PROVIDING FOR A NATIONAL COMPETITION POLICY PROHIBITING ANTI-COMPETITIVE AGREEMENTS, ABUSE OF DOMINANT POSITION AND ANTI-COMPETITIVE MERGERS AND ACQUISITIONS, ESTABLISHING THE PHILIPPINE COMPETITION COMMISSION AND APPROPRIATING FUNDS THEREFOR

Continue reading Republic Act No. 10667: Philippine Competition Act

Testing the Limit of Starbucks Warmth in the Philippines

A couple of things immediately stand out when referring to Starbucks. For one, the company is understandably proud of its baristas. This Seattle-born company is passionate about coffee but if we consider that Filipinos have not always consumed coffee at the Starbuck’s price range, it’s easy to see that service and ambiance are important factors why patrons flock to Starbucks.

Continue reading Testing the Limit of Starbucks Warmth in the Philippines

Republic Act No. 10667: Philippine Competition Act

Republic of the Philippines
Congress of the Philippines

Metro Manila

Sixteenth Congress

Second Regular Session

Begun and held in Metro Manila, on Monday, the twenty-eighth day of July, two thousand fourteen.

Republic Act No. 10667

AN ACT PROVIDING FOR A NATIONAL COMPETITION POLICY PROHIBITING ANTI-COMPETITIVE AGREEMENTS, ABUSE OF DOMINANT POSITION AND ANTI-COMPETITIVE MERGERS AND ACQUISITIONS, ESTABLISHING THE PHILIPPINE COMPETITION COMMISSION AND APPROPRIATING FUNDS THEREFOR

Continue reading Republic Act No. 10667: Philippine Competition Act