[ February 21, 2008 ]
The central bank, Bangko Sentral ng Pilipinas (BSP), sees no need for another extension of the Special Purpose Vehicle (SPV) Act, which is expected to reduce the banking system’s bad assets by P70 billion by the time the law expires in May.
BSP Deputy Governor Nestor Espenilla Jr. said the extended SPV law had done its job of encouraging banks to get rid of bad assets that piled up after the Asian economic crisis of 1997.
The law waives the documentary stamp tax, capital gains tax and value-added tax, and reduces the registration/transfer fees by 50 percent usually collected in the sale or transfer of assets. > > > [ full story ]
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