This provides the legal and institutional framework to facilitate the use of movable property. The Law expands the range of properties which can be used as loan collateral, particularly by the micro, small and medium enterprises addressing the challenges on accessing credit because of the lack of acceptable collateral. We look forward to the operationalization of the unified collateral registry.
Equally important is R.A. No. 11127 or the National Payment Systems Act which was passed in October 2018. This formalizes the BSP’s oversight on the efficiency of payments systems as channels of funds in the financial market benefiting the consumers. The proposed implementing rules and regulations are currently exposed for comments.