February 21, 2003 -- Congress is expected to enact priority measures by 13 March 2003, pursuant to the appeal of the Legislative Executive Development Advisory Council (LEDAC) early this year. On top of the list is the Amendments to the Anti-Money Laundering Act (AMLA), which kept legislators on their toes for the last three months, since deliberations started on December 2002. Members of the bicameral conference committee on the AMLA are expected to reconvene to discuss the proposed measure so it will conform to standards set by the Financial Action Task Force come 15 March 2003. The AMLA bill is important to the business community, as failure to come up with the acceptable legislation will merit sanctions that will affect international financial transactions conducted through banks and other financial institutions.

The second measure is the Farmland as Loan Collateral bill. Members of the House of Representatives had approved its version (HB 5511) on third reading as early as 28 November 2002. At the Senate, on the other hand, the Committee on Agrarian Reform, together with the Committees on Social Justice, Welfare and Development, and Ways and Means, had conducted three committee hearings on the measure. Thirteen stakeholder-parties have given their positions and recommendations on the bill. Stakeholder-parties include entities from the government such as the Department of Agrarian Reform, banking sector such as the Bankers Association of the Philippines, and agriculture sector such as the Philippine Rural Reconstruction Movement, Federation of Free Farmers and Kilos-saka. Although they claim that making loans available to the farmers will be beneficial, farmers need other solutions that will include an effective mechanism for distribution of lands, support services and safeguards to fully harness the potentials of the bill.

Members of the House of Representatives approved the Securitization Act (HB4453) on third reading on 29 May 2002. The Senate version (SB 2095) was sponsored by Senator Ramon B. Magsaysay, Jr. on 29 April 2002, wherein he stated that the bill can help spur development in the country's capital market and eventually make available capital for basic services. He cited the example of the United States' Federal National Mortgage Association, which became America's largest source of mortgage funds that helped more than 30 million American families own homes. The Securitization Act is due for interpellations at the Senate.

The LEDAC identifies the priority measures as follows: