Press Release
June 10, 2010


As the new administration comes in Senator Edgardo J. Angara renews his call, one that he has been doing over the past few years, of putting forward reforms in the way the country handles investments and advised the public to remain vigilant of what programs, projects and reforms of the new leaders will be bringing that would be of high impact in our social and economic growth.

"Drive to reform and to be better must be ceaseless in order to address crisis," said Angara who chairs the Senate Committee on Finance.

"We must improve our business environment, and we must do it fast. In a global recession, capital is hard to come by. Cash is king. And those who have it are holding on to it tighter than usual. We are doing ourselves no favors by allowing the country to wallow in the nether regions of the "Doing Business" list. In tough times, the key to securing investment lies on a favorable climate, which is measured against this list. Can we really afford to remain in the bottom of one of the best marketing tools available to countries?" laments Angara.

Angara who authored Corporate Recovery and Insolvency Act that 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 the updated insolvency law, chances for the survival of the company concerned is maximized by providing an ailing enterprise four different remedies including fast-track rehabilitation; court-supervised rehabilitation; pre-negotiated rehabilitation; and dissolution-liquidation.

"During the economic crisis of the late 1990s, outdated insolvency proceedings further complicated corporate failures and caused immense waste of resources. More than fifteen years later, we face the same situation with a global crisis at our doorstep. And yet, we have done nothing. We need to turn the situation around. We must do it now. As I have repeatedly pointed out, the ongoing crisis may be harsh, but it also presents the best opportunity to advance an agenda of reform. While everyone else is reeling and wailing from the hits they took, we must get our act together, and prepare for the eventual upturn. This is the time to put our house in order. We must be ready to take advantage of the surge that is sure to come," said Angara.

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