House passes revised warehouse receipts bill on final reading
MANILA, Philippines — The House of Representatives on Monday passed House Bill (HB) No. 198 or the Revised Warehouse Receipts Law of the Philippines which would modernize the use of warehouse receipts in the country.
The bill seeks to amend Republic Act No. 2137 or the Warehouse Receipts Law of 1912.
“With the fast-changing times, many of our laws do not respond to the needs of the people in the present day. One of them is the Warehouse Receipts Law of 1912. Certainly, many of the conditions prevalent over 111 years ago do not exist today, and amending the law is of paramount importance,” Speaker Martin Romualdez said.
According to Romualdez, the measure will aid farmers and agricultural workers, as it increases access to the least cost of credit by creating a streamlined receipts framework.
One of the bill’s provisions include an electronic receipt registry with the Securities and Exchange Commission.
“It also provides that warehouse receipts may only be issued by a duly authorized warehouse operator and that the warehouse receipt must contain certain details such as the location of the warehouse, date of issue, description of the goods contained and others,” stated Romualdez.
Among the principal authors of the bill are Reps. Jurdin Jesus Romualdo, Linabelle Ruth Villarica, Carl Nicolas Cari, Bernadette Herrera, LRay Villafuerte, Rufus Rodriguez and Salvador Pleyto.