Managing Corporate Distress in the Philippines : Some Policy Recommendations

Author/Editor:

Charles Woodruff ; G. C. Lim

Publication Date:

September 1, 1998

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

While not widespread, the Philippine corporate sector is showing some signs of stress. The paper reviews the exposure of banks to distressed corporate borrowers, the ownership structure of the corporate sector, including the interlocking relationship of corporations and banks, and the legal framework in place for the resolution of debts of distressed companies and the protection of creditor rights. It recommends that immediate measures be taken to improve transparency and regulatory oversight, and to quickly resolve the debts of distressed companies by strengthening the policy framework and institutional capacity for suspension of debt payments by the Securities and Exchange Commission.

Series:

Working Paper No. 98/138

Subject:

English

Publication Date:

September 1, 1998

ISBN/ISSN:

9781451930153/1018-5941

Stock No:

WPIEA1381998

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

27

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