Ninth Metrobank Foundation Professorial Chair Lecture
On January 25, 2013, PHILJA conducted the Ninth Metrobank Foundation Professorial Chair Lecture featuring the topic “Toward a More Forward-Looking Insolvency System.” The lecture was delivered by Professor Francis Ed. Lim, the 2012 holder of the Metrobank Foundation Professorial Chair in Commercial Law. In attendance were 336 participants comprising justices from SC, CA, Sandiganbayan and Court of Tax Appeals; SC and PHILJA officials and staff; selected judges of the NCJR; CA Manila officials, lawyers and staff; a retired official; and other guests.
In his opening remarks, Justice Arturo D. Brion mentioned that the Financial Rehabilitation and Insolvency Act (FRIA) of 2010 (RA No. 10142) is “an innovation as it redefined court-supervised and pre-negotiated rehabilitation; introduced out-of-court rehabilitation; and has incorporated into our legal system the Model Law on Cross-Border Insolvency of the United Nations Center for International Trade and Development.” The subcommittee that drafted FRIA’s implementing rules, composed of Justice Estela Perlas-Bernabe, Justice Japar Dimaampao, Justice Apolinario Bruselas, Jr., Judge Reynaldo Daway, IPO Director General Ricardo Blancaflor, and Professor Lim, is waiting for the completion of responses from major stakeholders. The Rules are expected to be approved, promulgated, and made effective by June of this year. Professor Lim’s paper discussed the topics: importance of having an effective insolvency system; international best practices; Philippine Insolvency Law under Republic Act No. 10142; and additional key components for an effective insolvency system. Senator Edgardo J. Angara and Atty. Monico V. Jacob, Former Commissioner of the Securities and Exchange Commission, gave their reactions to the lecture.
The Metrobank Foundation Professorial Chair Lecture is endowed by the Metrobank Foundation, Inc. to assist PHILJA’s judicial education programs by providing grants to its Corps of Professors to write and publish treatises with innovative concepts and approaches in designated areas of law. Since 2004, nine PHILJA Professors have delivered professorial chair lectures in various fields of law.