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Pending key modifications, the Bangko Sentral ng Pilipinas (BSP) is encouraging the use of warehouse receipts financing for agricultural commodities. This will form part of the proposed changes to the 1912 Warehouse Receipts Law, which the BSP has been supporting. The changes will address the deve ....
MANILA - The Court of Appeals (CA) affirmed the conviction for estafa of a trader who claimed he incurred losses after a typhoon ravaged his company's warehouse. The CA's Fourth Division on June 20 affirmed the Makati Regional Trial Court Branch 66 ruling that sentenced Roland Magno up to eight years in prison for multiple counts of estafa and violation of the Trust Receipts Law (Presidential Decree 115). Magno was found guilty by the Makati court in four of five charges filed by Equicom Savings Bank, from which he secured a trust receipt credit line amounting to PHP18 million in 2013. It covered transactions from March to June 2013, with the maturity date between June to September 12 of the same year, for consumer goods supplied by Kraft Foods. Under the terms of the agreement, Magno as president and general manager of Proact Marketing and General Services, Inc. agreed to sell the goods with the obligation to turn over to Equicom the proceeds of the sale or if unsold, return t ....
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