The Federation of Philippine Industries said it welcomes the congressional review of the Financial Rehabilitation and Insolvency Act of 2010 for possible improvements.
FPI chairman Jesus Arranza said the congressional inquiry into the successes and failures of previous corporate rehabilitation under the current law shows the foresight of the lawmakers.
“We need this review of the efficacy of the country’s corporate rehab law to see the intricacies and learn from actual cases of how companies were successfully resuscitated or not. We need new investments, but we also need a better batting average on rehabilitation cases because this will save us a lot of economic wastage,” he said.
The House Committee on Banks and Financial Intermediaries led by Rep. Irwin Tieng, launched the inquiry on March 23, 2023 based on House Resolution No. 797.