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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 318 -
INSTRUCTING THE CONCERNED AGENCIES OF GOVERNMENT, PARTICULARLY THE
DEPARTMENT OF FINANCE, THE BUREAU OF INTERNAL REVENUE, AND THE
SECURITIES AND EXCHANGE COMMISSION TO DEVELOP A LEGAL AND REGULATORY
FRAMEWORK WHICH WILL ACCELERATE THE ISSUANCE AND SALE OF ASSET-BACKED
SECURITIES
WHEREAS,
government recognizes the need to improve and deepen capital markets to
allow the private sector to participate in funding the development
needs of the country.
WHEREAS, both government and the private sector have identified the
creation of a primary and secondary market for asset-backed securities
as one of the most efficient and effective ways by which private sector
funding can be tapped for development priorities such as housing.
WHEREAS, the private sector has identified specific legal, fiscal and
regulatory issues which hinder the development of a market in
asset-backed securities and has taken the initiative to prepare a
proposal in the form of legislation to respond to such issues.
WHEREAS, the need for a Presidential directive to mobilize the
government agencies concerned in order to facilitate the creation of a
primary and secondary market for asset-backed securities is
imperative.
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic
of the Philippines, by virtue of the powers vested in me by law, do
hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Sec. 7.
Sec. 8.
Sec. 9.
Done in the City of Manila,
this 17th day of November, in the Year of our Lord, Two Thousand.
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Since 19.07.98.