ANGARA TO PURSUE FINANCIAL REFORMS FOR THE 15TH CONGRESS

Senator Edgardo J. Angara identified key financial reform measures geared towards achieving stronger capital markets as the country recovers from the Global Financial Crisis. He cited reforms in the Bangko Sentral, amending the archaic insolvency procedures for troubled companies, and promoting mutual funds as his legislative priorities in the banking and finance sector.

"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.

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) and the Collective Investment Schemes Law (CISL).

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 and the CISL will establish a comprehensive regulatory framework as a means to develop the Philippine capital market.

"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."