THE newly signed Republic Act 11057, or the Personal Property Security Act (PPSA), will boost small businesses, farmers and fishermen’s access to credit, as well as improve competitiveness, the Department of Finance (DoF) said on Wednesday.
In a statement, the DoF said the law “simplified and harmonized the Chattel Mortgage law of 1906 and other fragmented and outdated financing regulations in the country by enabling borrowers to secure financing using non-traditional collateral, such as account receivables, inventory, warehouse receipts, crops, livestock, machinery and equipment.”
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