Latest Breaking News On - Personal property security act - Page 8 : comparemela.com

MANILA - The Department of Finance (DOF) has set in motion the Personal Property Security Act (PPSA) with its recent issuance of the rates for the fees on the use of the electronic registry mandated to be established under the law. Republic Act (RA) No. 11057 or the PPSA aims to promote economic activity among micro, small and medium enterprises (MSMEs) as well as farmers and fisherfolk by establishing a unified modern legal framework for securing obligations with personal property. It allows MSMEs and small farmers and fisherfolk to offer movable properties as loan security collateral to encourage lenders to extend more credit to these sectors. "This law will benefit MSMEs along with small farmers and fisherfolk as the establishment of a modern and unified legal framework for personal property security will now let them use their movable properties as collateral for their loans, in keeping with President (Rodrigo) Duterte's goal of expanding the ordinary Filipinos access to e

Rodrigo duterteDepartment of financeLand registration authorityPersonal property security actSecretary carlos dominguezAdministrative orderPersonal property security registryBayani agabinOfficial gazetteManila the department of finance dof has set in motion personal property security act ppsa with its recent issuance rates for fees on use electronic registry mandated to be established under law republic ra no 11057 or aims promote economic activity among microMall and medium enterprises msmes as well farmers fisherfolk by establishinga unified modern legal framework for securing obligations with personal property it allows small to offer movable properties loan security collateral encourage lenders extend more credit these sectors quot this law will benefit along the establishment ofa now let them use their loansN keeping with president rodrigo duterte 39s goal of expanding the ordinary filipinos access to easy credit and promoting financial inclusion on his watchUot finance secretary carlos dominguez iii said on sept 17He dof issued administrative order ao no 001 2021Hich set the fees to be imposed in connection with use of personal property security registry ppsr allow recovery cost establishing and operatingA single rate structure of fee is adopted for the ppsr services fees under ao