Press Release
November 9, 2009

As Senate resumes session
ANGARA LAYS DOWN TOP-PRIORITY FINANCIAL REFORM MEASURES

As Senate resumes its session today, Senator Edgardo J. Angara identified key financial reform measures geared towards achieving a better position for the country amid the continuing Global Financial Crisis.

"With the global economy still in a vulnerable recovering state from financial turmoil, we should do away with business-as-usual and shield the country from future booms and busts. We can do this by enacting financial reforms that will reinforce our country's position and build up our capital markets," said Angara who chairs the Senate Committee on Finance.

He added, "Multilateral talks and negotiations coupled with our Government's action would bail the country out of the devastating consequences of the credit crunch."

Angara led the passage of Pre-Need code which establishes rules to govern the operations of pre-need companies and provide protection to consumers and Real Estate Investment Trust (REIT) which boosts RP's position as a safe haven of investments in the Asia-Pacific region amid the Global Credit Crunch.

Further, the Senator is continuing to push for the amendment of the BSP charter and urging for the passage of Corporate Recovery and Insolvency Act (CRIA).

Amending BSP's charter will authorize the Central Bank to extend its supervision to subsidiaries and affiliates.

On the other hand, CRIA seeks to establish a more systematic framework for insolvency proceedings and provide equitable treatment to all parties involved in a financial restructuring or rehabilitation.

"Through these reforms the country will be placed in a better position to absorb shocks from the global credit crisis and financial turbulence," said Angara.

Apart from implementing financial reforms, the Senator said that "to sustain growth, we must target government spending on basic infrastructure, education, health, housing and the environment. We should complement these activities with vigorous research and development." The Senate is deliberating the 2010 national budget towards the end of this year.

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