𝐒𝐄𝐂 𝐚𝐧𝐝 𝐔𝐏𝐏𝐀𝐅 𝐑𝐄𝐒𝐏𝐎𝐍𝐃 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐅𝐨𝐫𝐠𝐞 𝐚𝐧 𝐀𝐥𝐥𝐢𝐚𝐧𝐜𝐞 𝐭𝐨𝐰𝐚𝐫𝐝𝐬 𝐀𝐮𝐠𝐦𝐞𝐧𝐭𝐢𝐧𝐠 𝐀𝐠𝐫𝐢𝐜𝐮𝐥𝐭𝐮𝐫𝐚𝐥 𝐆𝐫𝐨𝐰𝐭𝐡

In a significant step to bolster agricultural financing and modernize the sector, the Securities and Exchange Commission (SEC) and the USAID Regulatory Support Program for National Development (RESPOND) through the U.P. Public Administration Research and Extension Services Foundation, Inc. (UPPAF) signed a Memorandum of Understanding (MOU) to collaborate on the passage of the Revised Warehouse Receipts Law last 12 December 2023 in Makati City. The MOU which was signed by SEC Commissioner Javey Paul D. Francisco and UPPAF RESPOND Chief of Party Dr. Enrico L. Basilio, signifies a pivotal step toward revolutionizing the agricultural industry's financing landscape and was witnessed by SEC General Counsel Romuald C. Padilla and UPPAF RESPOND Project Team Leader Dr. Mario B. Lamberte.

SEC Commissioner Javey Paul D. Francisco (sitting second from left) and UPPAF RESPOND Chief of Party Dr. Enrico L. Basilio (sitting third from right) together with SEC General Counsel Romuald C. Padilla (sitting outmost left) and UPPAF RESPOND Project Team Leader Dr. Mario B. Lamberte (sitting second from right) with SEC and RESPOND Project personnel.

Dr. Basilio, during his message of support, underscored the need of empowering the agricultural sector by unlocking financing opportunities through the use of warehouse receipts. Dr. Basilio shared RESPOND's successful collaborations with government and private sector partners in advocating for key economic reform measures like the Public Service Act, Creative Industries Act, Retail Trade Liberalization Act, and other key measures that can help push the revision of the more than century-old Warehouse Receipts Law.

SEC Commissioner Francisco expressed his gratitude for USAID RESPOND’s Project collaboration and emphasized the pivotal role of this proposed law in fostering inclusive finance, particularly within the agricultural industry. Following the MOU signing, RESPOND Senior Legal Specialist Atty. Anthony A. Abad provided a comprehensive briefing to senior SEC officials on the legislative status and salient provisions of the Revised Warehouse Receipts Law.

The Revised Warehouse Receipts Law aims to strengthen the Warehouse Receipts System in order to encourage financing and investments needed in the agricultural industry. The proposed bills, currently pending in Congress, introduce provisions for licensing warehouse operators issuing receipts and advocate for enhanced transparency and security through electronic receipt issuance. Notably, the House of Representatives passed HB 198 on Third and final Reading in May 2023, setting the groundwork for these crucial reforms. Its counterpart measure at the Senate is still currently pending.

SEC Commissioner Javey Paul D. Francisco (second from left) and UPPAF RESPOND Chief of Party Dr. Enrico L. Basilio (second from right) together with SEC General Counsel Romuald C. Padilla (outmost left) and UPPAF RESPOND Project Team Leader Dr. Mario B. Lamberte (outmost right) showing the signed Memorandum of Understanding.