Future directions We have done much of the groundwork. What we need now is a decisive follow through. I must admit, we have encountered some resistance and minor set-backs along the way. But as Chinese industrialist Yin Ming Shan puts it, “Purest gold fears no fire”. This also speaks for our intentions to make the capital market work.
Although we have made some milestones with the passage of the Securitization Law, the SPV Law and the elimination of documentary stamp tax in secondary trading, there are remaining measures in our legislative agenda that need to be pursued: the amendment of the BSP Charter, Corporate Recovery Act, Personal Equity and Retirement Account (PERA) Bill, Revised Investment Company Act (RICA), Credit Information System Act, revised Corporation Code of the Philippines, Iinsurance Code of the Philippines and Pre-Need Code of the Philippines.