Senator Bongbong Marcos holds hearing organizing the Senate Oversight Committee on the Special Purpose Vehicle Act

spv-300x199Senator Bongbong Marcos on 23 November 2010 held the initial hearing to organize the Senate Oversight Committee on the Special Purpose Vehicle Act, which he chairs. The Special Purpose Vehicle Act, or Republic Act No. 9182, is a law enacted in 2002 that extended tax exemptions and other privileges to juridical entities that registered as “special purpose vehicles”, and which would acquire or invest in non-performing loans and assets of specific financial institutions defined under the law.

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