Secured Transactions in the Philippines

Philippine law on secured transactions is primarily statutory. Special laws dealing with chattel mortgages have been in effect since August 1, 1906. Title XV of the Philippine Civil Code deals with guaranty transactions and title XVI covers pledges and mortgages, with its major emphasis on pledges. The Chattel Mortgage Law was enacted by the Philippine Commission and is, thus, American in nature, while the Civil Code provisions are largely Spanish in origin