Locally owned and operated businesses, will soon be given the opportunity to access finance, and engage in more productive economic activities, thus contributing to economic development and nation building as a whole.
Treasury Minister Patrick Pruaitch, said this when launching the country's first ever Personal Property Security Act (PPSA) and Online Registry, in Port Moresby today. Minister Pruaitch said, the launch is a significant and historical milestone achievement for PNG, because it will now allow lenders to readily accept moveable property such as vehicles, machinery or stock as collateral for loans. Mr. Pruaitch said, this reform will simplify lending system because this honour and registry will accommodate registration of notices that essentially alert perspective creditors and buyers of collateral or possible existence of a security interest, thus improving the capacity of SME's and individuals to access credit and lenders on the other hand will remain confident knowing that their money lended out is fully secured in the event of a default". Minister Pruaitch also said that the implementation of this reform signifies this government's ongoing commitment to significant structural reforms, which will provide the people and businesses, the avenue to do business despite the prevailing economic conditions.
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
Papua New Guinea Breaking NewsPapua New Guinea daily News updates Let Your Voice be heard: Submit your news articles, commentaries, letters , Photos, Media Releases etc to us on this email: pngfacts@gmail.com
Mining & PetroleumTop Links |