Angara sets financial reform agenda for 2008

As the year opens, Senator Edgardo Angara sets the financial reform agenda for 2008.

According to Senator Angara, "this year's financial reform agenda would push and build up the capital market and strengthen the financial system."

"By strengthening the financial system, capital markets are built up, and more businesses will thrive, thereby broadening the government's tax revenue base. Only then will our country's fiscal position truly improve and stabilize," explained Senator Angara, chair of the Senate Committee on Banks and Financial Institutions

With this, Senator Angara lined up the bills he intends to push for in 2008. These include a Pre-Need Code, a Corporate Recovery Act, and a Real Estate Investment Trust (REIT) Act, among several.

"All these bills will build up our capital market and equities and bond market, and provide alternative financing to bank borrowing," he said.

"The Pre-Need Code establishes rules to govern the operations of pre-need firms and provide protection to consumers; while the Corporate Recovery Act seeks to improve insolvency procedures to make debt recovery process more efficient and gives insolvent companies a chance to recover from liquidation," said Senator Angara.

On the other hand, the REIT bill "shall establish a legal and regulatory framework for real estate investment trusts."

"2007 was a productive year for reforms in our financial system, especially since the Senate has passed the Personal Retirement Equity Act, the Credit Information System Act, and the extension of the Agricultural Competitiveness Enhancement Fund," Senator Angara said.

"We hope to achieve if not surpass the said feat in 2008. With some reforms already in place and other financial reform bills lined up, I am looking forward to a more stable, healthier financial system this year," said Senator Angara.