PNG’s new personal property Act will aid better business

22/03/2012

<p style="text-align: justify;">The newly passed Personal Property Security Act in Papua New Guinea will help local people obtain credit and conduct business more easily. Under the new Act, a Personal Property Security Online Registry will be established to help protect consumers.<!--more--></p>
<p style="text-align: justify;">Welcoming the new act, Charles Andrews, Country Director of Asian Development Bank’s (ADB) PNG Resident Mission said, “The registry will allow people to make safer and more informed purchases of vehicles, farm equipment and other moveable assets. Once up and running the new registry may be accessed via a website, and buyers can search it to ensure money isn’t owed on prospective purchases. Individuals and companies will be better protected when buying items and obtaining clear title.”</p>
<p style="text-align: justify;">The Act was introduced as part of the PNG government’s priority emphasis on facilitating business development by modernising business laws and increasing access to finance opportunities in PNG. Rural people in particular will be able to save time and money by using the online registry to do business instead of physically travelling to register or check collateral.</p>
<p style="text-align: justify;">ADB’s Private Sector Development Initiative started in 2006 with co-financing from the Australian Government – which supports efforts by developing member countries in the Pacific to encourage private sector-led, sustainable economic growth – funded the formation of the new Act.</p>

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