Professional Documents
Culture Documents
PPSA - Euromoney Philippines Investement Forum (October 19 2018) 20181022 Rev PDF
PPSA - Euromoney Philippines Investement Forum (October 19 2018) 20181022 Rev PDF
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Secured Transactions: A Historical
Perspective
• Chattel Mortgage Law (1906)
• Pledge
• Antichresis
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Documentation and
Legal Issues
• Chattel Mortgage
• Pledge
• Assignment
• Receivables
• Contract rights
• Accounts
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Commercial Issues
• MSMEs usually do not own real property.
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Efforts at reform
• Memorandum of Understanding between
Department of Finance and World Bank Group’s
International Finance Corporation
• Regulation of movable assets as collateral
• Centralized electronic notice registry
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Enter the PPSA
• Promote economic activity by increasing access to
least cost credit, particularly for micro, small, and
medium enterprises (“MSMEs”)
• Repealing clause
• Coverage: all movables, except:
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Key Features of the PPSA
• Single type of security arrangement: “security
interest”
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Object
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Creation
• Security Agreement must be
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Perfection
Perfected by any of the following:
Registration Control
Possession
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Priority
General Rule: Priority is determined according to time of
perfection (without regard to mode of perfection).
Exception: Mode of perfection determines
priority in respect of the certain assets.
Deposit Negotiable
Account Document
Security Goods by Providers of
Certificate Services and Materials
Electronic Purchase Money
Securities Security Interest
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
The Registry
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Enforcement – Key Changes
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Some observations
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Implementation Timeline
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Implementation Timeline
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
What Lenders and
Borrowers Need to Do
Effectivity Implementation
Transitional Period
Security interest
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
What Lenders and
Borrowers Need to Do
Effectivity Implementation
Transitional Period
Security interest
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
What Lenders and
Borrowers Need to Do
Effectivity Implementation
Transitional Period
Security interest
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.
Thank you!
Disclaimer: This slide presentation, which contains a very high level discussion of the new Personal Property Security Act (Republic Act No.
11057), was prepared solely for purposes of a lecture on the same topic given at Euromoney’s Philippines Investment Forum held on October
19, 2018. It may not be relied upon by any person, and neither the speaker nor SyCip Salazar Hernandez & Gatmaitan assumes any liability,
warranty or obligation for any information, statement, or conclusion contained in this presentation to any person. By making a copy of this
presentation available, we do not enter into any attorney-client relationship with Euromoney or with any other person.