Philippines
Personal Property Security Registry
The Philippines established a Personal Property Security Registry in 2019 under Republic Act No. 11057, modernising secured transactions in the country.
The Philippines established a Personal Property Security Registry under Republic Act No. 11057 — the Personal Property Security Act — which was signed into law in 2018 and took effect in 2019.
This was a significant modernisation of the Philippines' secured transactions framework, replacing a fragmented system of registries (including the Chattel Mortgage Registry) with a single, centralised electronic registry.
The Act was developed with technical assistance from the International Finance Corporation (IFC) and is based on international best practices, drawing on models from Australia, New Zealand, and the UNCITRAL Model Law on Secured Transactions.
Key features:
- Centralised electronic registry administered by the Land Registration Authority (LRA)
- Notice-filing system — similar to Australia and New Zealand
- Broad scope — covers tangible and intangible personal property, including future property and proceeds
- Priority rules — based on time of registration, similar to other modern PPSR systems
The registry aims to improve access to credit, particularly for small and medium enterprises, by making it easier to use movable assets as collateral.