The Institute of Government and Law Reform of the UP Law Center, in collaboration with the International Finance Corporation (IFC), recently held an Academic Seminar on Warehouse Receipts Law on November 6, 2024, at the UP College of Law. The seminar started with an opening remark given by Prof. Solomon F. Lumba, the Associate Dean of the UP College of Law and Director of the Institute of Government and Law Reform of the UP Law Center.
Mr. Nicholas Budd, legal consultant of IFC and a retired partner of White & Case and Dentons with extensive experience in trade and commodity finance, delivered an in-depth presentation on the Warehouse Receipts Law. Mr. Budd discussed the evolution of the Warehouse Receipts Law by tracing its historical alignment with the U.S. Uniform Warehouse Receipts Act, and highlighted the advantages and disadvantages of negotiable receipts in relation with the law.
The seminar also featured Atty. Teresita Herbosa from ACCRALaw and Dr. Paolo R. Cruz of the Securities and Exchange Commission as reactors. They emphasized modernizing the law to include technological advances like electronic receipts, and suggested regulatory measures to improve trust and access in the warehouse receipts system, particularly for agricultural producers seeking financing solutions.
Closing remarks were given by Mr. Jinchang Lai, who placed the Warehouse Receipts Law within the larger scope of movable asset-based finance and highlighting its potential to boost Philippine commerce.
There were around 97 attendees from a wide range of sectors and institutions. Attendees were composed of representatives from various government agencies like the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Department of Agriculture, and Philippine Stock Exchange, as well as faculty and students from the UP College of Law and other academic institutions.