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Article: DoF supports SPV Law extension.(Business)
- Article from:
- Manila Bulletin
- Article date:
- May 18, 2005
CopyrightCOPYRIGHT 2005 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: LEE C. CHIPONGIAN
Finance Secretary Cesar V. Purisima said he is supporting proposals to extend the Special Purpose Vehicle law allowing tax exemptions and other incentives to banks with soured assets.
However, Purisima said the SPV law and its privileges is only a "one-time opportunity " to correct the banking industrys nonperforming assets and nonperforming loan problems and not a continuing process.
"We want to emphasize that the SPV route should be looked at as a one time opportunity to fix the NPL problem and not as a quick fix tool that can be tapped to address the NPAs of banks from time to time," Purisima said.
The DoF ...