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Managing Corporate Distress in the Philippines: Some Policy Recommendations

Author

Listed:
  • Mr. Charles Woodruff
  • Ms. G. C. Lim

Abstract

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.

Suggested Citation

  • Mr. Charles Woodruff & Ms. G. C. Lim, 1998. "Managing Corporate Distress in the Philippines: Some Policy Recommendations," IMF Working Papers 1998/138, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1998/138
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    Cited by:

    1. World Bank, 2000. "Philippines - Growth with Equity : The Remaining Agenda - A World Bank Social and Structural Review," World Bank Publications - Reports 15142, The World Bank Group.

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