HB06310: AN ACT STRENGTHENING AND MODERNIZING THE WAREHOUSE RECEIPTS LAW OF THE PHILIPPINES IN ORDER TO PROVIDE A LEGAL FRAMEWORK IN THE PHILIPPINES THAT SHALL FACILITATE TRADE, COMMERCE, AND OTHER RELATED PURPOSES
This bill strengthens and modernizes the Warehouse Receipts Law of the Philippines, aiming to facilitate trade and commerce by creating a simplified, unified, and modern framework for the storage of goods in warehouses and the subsequent trading of interests therein.2 It establishes a central Registry for all Warehouse Receipts, promoting transparency and security in transactions involving stored goods. The bill also mandates the registration and accreditation of Warehousemen and Warehouses, ensuring that only qualified individuals and facilities handle stored goods.
This modernized system will not only protect the interests of depositors but also facilitate access to credit by enabling them to use their stored goods as collateral. By simplifying the process and enhancing security, the bill aims to encourage greater utilization of warehouse receipts, thereby promoting economic activity and growth, particularly in the agricultural sector.