Spav Law
Republic of the Philippines CONGRESS OF THE PHILIPPINES Metro Manila Twelfth Congress Second Regular Session
Begun and held in Metro Manila, on Monday, the twenty-second day of July, two thousand two. Republic Act No. 9182 December 23, 2002 AN ACT GRANTING TAX EXEMPTIONS AND FEE PRIVILEDGES TO SPECIAL PURPOSE VEHICLES WHICH ACQUIRE OR INVEST IN NON-PERFORMING ASSETS, SETTING THE REGULATORY FRAMEWORK THEREFOR, AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: ARTICLE 1 GENERAL PROVISIONS SECTION 1. Title. – This Act shall be known as "The Special Purpose Vehicle (SPV) Act of 2002". Section 2. Declaration of Policy. – It is hereby declared the policy of the state: (a) To develop and maintain a sound financial sector for the country; (b) To address the non-performing asset problems of the financial sector; (c) To encourage private sector investments in non-performing assets; (d) To eliminate existing barriers in the acquisition of non-performing assets (e) To help in the rehabilitation of distressed business with the end in view of contributing to economic value added; and (f) To improve the liquidity of the financial system which can be harnessed to propel economic growth. Section 3. Definition of Terms. – For Purpose of this Act, the term: (a) "Approval Certificate" means the certificate of approval or authority issued by the Commission to an application by an SPV to issue Investment Unit Instruments (IUIs), pursuant to the provisions of this Act. (b) "Approved Plan" means an SPV Plan for which an Approval Certificate has been issued by the Commission. (c) "BSP" refers to the Banko Sentral ng Pilipinas. (d) "Commission" refers to the Securities and Exchange Commission
Begun and held in Metro Manila, on Monday, the twenty-second day of July, two thousand two. Republic Act No. 9182 December 23, 2002 AN ACT GRANTING TAX EXEMPTIONS AND FEE PRIVILEDGES TO SPECIAL PURPOSE VEHICLES WHICH ACQUIRE OR INVEST IN NON-PERFORMING ASSETS, SETTING THE REGULATORY FRAMEWORK THEREFOR, AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: ARTICLE 1 GENERAL PROVISIONS SECTION 1. Title. – This Act shall be known as "The Special Purpose Vehicle (SPV) Act of 2002". Section 2. Declaration of Policy. – It is hereby declared the policy of the state: (a) To develop and maintain a sound financial sector for the country; (b) To address the non-performing asset problems of the financial sector; (c) To encourage private sector investments in non-performing assets; (d) To eliminate existing barriers in the acquisition of non-performing assets (e) To help in the rehabilitation of distressed business with the end in view of contributing to economic value added; and (f) To improve the liquidity of the financial system which can be harnessed to propel economic growth. Section 3. Definition of Terms. – For Purpose of this Act, the term: (a) "Approval Certificate" means the certificate of approval or authority issued by the Commission to an application by an SPV to issue Investment Unit Instruments (IUIs), pursuant to the provisions of this Act. (b) "Approved Plan" means an SPV Plan for which an Approval Certificate has been issued by the Commission. (c) "BSP" refers to the Banko Sentral ng Pilipinas. (d) "Commission" refers to the Securities and Exchange Commission