November 4, 2002 -- The Senate adjourned for recess on 24 October after approving on third and final reading the Special Asset Management Companies (SAMC) Act (SB 2116). Sixteen (16) senators, namely, Angara, Biazon, De Castro, Drilon, Ejercito-Estrada, Flavier, Honasan, Jaworski, Lacson, Legarda-Leviste, Magsaysay Jr., Osmeña J., Osmeña III S., Pangilinan, Recto, and Sotto voted in favor while Senators Aquino-Oreta and Pimentel Jr. voted against the bill.

The bill grants tax exemptions and fee privileges to special asset management companies who acquire or invest in non-performing assets. Senator Recto, sponsor of SB 2116, believes that the financial condition of banks will improve by reducing their Non Performing Assets, thus enable them to have more resources for lending to entrepreneurs and SMEs.

SB 2104 (Overseas Absentee Voters' Act) was also approved on third reading with 17 senators voting in-favor (Angara, Aquino-Oreta, Biazon, De Castro, Drilon, Ejercito-Estrada, Flavier, Honasan, Jaworski, Lacson, Legarda-Leviste, Magsaysay, Osmeña J., Osmeña S., Pangilinan, Pimentel, and Sotto). Voting against was Sen. Joker Arroyo who argued that the bill was hastily done. He said that it is a "faceless voting bill" because registration and voting of overseas voters can be done by mail.

The Senate also approved SB 2130 or the Citizen Retention Act (also known as the Dual Citizenship Act). Voting in favor were 16 senators: Angara, Aquino-Oreta, De Castro, Drilon, Ejercito-Estrada, Flavier, Honasan, Jaworski, Lacson, Legarda-Leviste, Magsaysay Jr., Osmeña J., Osmeña S., Pangilinan, Pimentel, and Sotto. Nobody voted against but Sen. Biazon abstained. The bill allows Filipinos who have acquired foreign citizenship but have not relinquished their Filipino citizenship to retain the latter. However, the bill has implications on rights such as practicing one's legal profession, serving in national defense, and acquiring property (land) in the Philippines.

Meanwhile, the House of Representatives adjourned for recess on 23 October. It was able to approve on third reading the National Railways Act (HB 5051) with 127 voting in favor, none against, and no abstentions. The bill seeks to have an integrated national railways system by creating the National Railway Authority (NRA) which will undertake studies for the rehabilitation and construction of railway lines. The Philippine National Railway and Light Rail Transit Authority will be abolished, transferring all assets and properties to the NRA.

HB 2266 was also approved on third reading with 126 congressmen voting in favor. The bill proposes to eliminate documentary stamp tax (DST) on secondary trading of financial instruments. Rep. Joey Salceda, author of the bill, claims that imposing DST distorts the pricing of securities and makes financial intermediation too costly. He expects an estimated P3.2 billion net loss when this becomes law but hopes for the release of long term capital into the financial system if the DST is removed.

Sessions will resume on 11 November.