Cover IMF Working Papers
Managing Corporate Distress in the Philippines: Some Policy Recommendations
Author:
Mr. Charles Woodruffnull

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and
Ms. G. C. Lim
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Series:
IMF Working Papers
Volume/Issue:
Volume 1998: Issue 138
Language:
English
Publication Date:
01 Sep 1998
DOI:
https://doi.org/10.5089/9781451930153.001
ISBN:
9781451930153
ISSN:
1018-5941
Pages:
27
Keywords:
WP; company; debtor company; debt service; debt; company manager; Corporate debt; corporate ownership; debt restructuring; debtor enterprise; distressed company; debtor company's operation; solvent company; tax liability; business house; Corporate sector; Business enterprises; Financial statements; Bank credit
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 1998: Issue 138