Legal, Regulatory Framework for Asset-Backed Securities Sought

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President Joseph Estrada has ordered the goveernment agencies concern to develop a legal and regulatory framework which will accelerate the issuance and sale of assetbacked securities (ABS).

In an Executive Order issued over the weekend, the President instructed the Department of Finance, the Bureau of Internal Revenue, and the Securities and Exchange Commission, as well as the Housing and Urban Development Coordinating Council (HUDCC), to form top-level teams which will develop the administrative and regulatory framework in their respective departments for the development of a market for assetbacked securities, in consultation with the private sector .

Signed …