The archaic, 111-year-old Warehouse Receipts Law is now one step closer to being updated. ManilaBulletin READ:
The lower chamber unanimously approves on third and final reading House Bill No. 198 or the Revised Warehouse Receipts Law of the Philippines.
Deputy Speaker and Cebu 5th district Rep. Vincent Franco "Duke" Frasco, who presided over plenary session Monday, May 29, bared after nominal voting that the measure received 284 "yes" votes. “We envision this measure to help farmers, agricultural workers and those in the sector of agriculture obtain greater access to credit by revising and modernizing the law. The House of Representatives has spent sufficient time deliberating on this and I am confident we crafted an outstanding measure,” added the Leyte 1st district congressman.
Among its key provisions include the establishment of a central electronic registry under the Securities and Exchange Commission for all warehouse receipts that should be made available online.
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