THE PHILIPPINE central bank has pushed for amendments to the Warehouse Receipts Law of 1912, in which warehouse receipts financing would help provide loans for Filipino farmers and agriculture-based micro, small, and medium enterprises (MSMEs).
THE PHILIPPINE central bank has pushed for amendments to the Warehouse Receipts Law of 1912, in which warehouse receipts financing would help provide loans for Filipino farmers and agriculture-based micro, small, and medium enterprises .
The proposed changes to the Warehouse Receipts Law of 1912 aim to address the development needs of MSMEs and the agriculture sectors by allowing them greater access to loans, professionalizing warehousing activity through the accreditation of warehouses and their operators, and establishing an electronic warehouse receipts registry.
Over 200 participants from several financial institutions attended the virtual forum, expressing their support for the reforms that would benefit the MSMEs and agriculture sectors. “But while we fully recognize that enabling laws are necessary, they are not sufficient to develop a thriving warehouse receipts financing market that ultimately benefits MSMEs and the agriculture sector,” Mr. Medalla said.
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