Managing Corporate Distress in the Philippines: Some Policy Recommendations

27 Pages Posted: 15 Feb 2006

See all articles by Cheng Hoon Lim

Cheng Hoon Lim

International Monetary Fund (IMF)

Date Written: September 1998

Abstract

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.

Keywords: Corporate debt, corporate ownership, debt restructuring

JEL Classification: G32, G33, G38

Suggested Citation

Lim, Cheng Hoon, Managing Corporate Distress in the Philippines: Some Policy Recommendations (September 1998). IMF Working Paper No. 98/138, Available at SSRN: https://ssrn.com/abstract=882700

Cheng Hoon Lim (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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