By Julito G. Rada, February 2 2018; Manila Standard Today
Image Credit to Department of Finance
THE Finance Department said the passage into law of the proposed Secured Transaction Systems Bill will strengthen the country’s position in the “getting credit” indicator in the Ease of Doing Business index worldwide.
In a statement Friday, the DoF said the passage would boost the country’s ranking by about 100 notches—from rank 142 among 190 countries to 42.
The Secured Transaction Systems Bill is at advanced discussions in both houses of Congress. The bill is on second reading in the Senate and scheduled for third reading in the House.
The DoF said if passed, the bill would bring several benefits, such as encourage more lending to MSMEs and agriculture since it offers entrepreneurs opportunity to use movable collaterals (e.g., inventory, receivables, crops, livestock, equipment) to back up their loan applications.