Author Archives: P&L Law

About P&L Law

Pamaos & Labao Law Firm (P&L Law) is a full-service professional legal firm, located in Metro Manila, Philippines | Telephone: (+632) 7799-0589 | Email: info@pnl-law.com | Website: http://pnl-law.com

What You Need to Know about the Balik Probinsya, Bagong Pag-asa (BP2) Program

5 Replies | Related posts at the end of article

The President institutionalized the Balik Probinsya, Bagong Pag-asa (BP2) Program as a continuing national program and a pillar of balanced regional development. The guidelines for the BP2 Program, including the creation of the Balik, Probinsya, Bagong Pag-asa Council, are contained in Executive Order No. 114 issued on 6 May 2020. Here are the salient points of EO 114.

Continue reading →

Beneficial Ownership: Layers in Corporations must be Disclosed in the General Information Sheet (GIS)

Leave a reply | Related posts at the end of article

The Securities and Exchange Commission (SEC) has issued a directive, covering both stock and non-stock DOMESTIC corporations, that the beneficial ownership of corporations must be reflected in the General Information Sheet (GIS), which is one of the reportorial requirements that must be submitted every year. This requirement is contained SEC Memorandum Circular No. 17, series of 2018 (dated 27 November 2018), on the “Revision of the General Information Sheet (GIS) to Include Beneficial Ownership Information“. 

Continue reading →

Guidelines for Malls and Shopping Centers in GCQ Areas (DTI MC No. 20-21)

Leave a reply | Related posts at the end of article

Malls and shopping centers are allowed to open in areas under General Community Quarantine (GCQ). The Department of Trade and Industry (DTI) issued Memorandum Circular No. 20-21 dated 4 May 2020, or the “Guidelines on the Operations of Malls and Shopping Centers in Areas Declared Under General Community Quarantine (GCQ)“. The pertinent portions of the guidelines read:

Continue reading →

Omnibus Guidelines on the Implementation of Community Quarantine in the Philippines, as Amended (IATF)

2 Replies | Related posts at the end of article

[The guidelines were issued on 29 April 2020 by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), as amended by subsequent Resolutions of the IATF, as noted in the appropriate provisions. The full text of the Omnibus Guidelines is reproduced below. Added: See Revised Omnibus Guidelines.]

Continue reading →

Unpaid Subscription, Delinquent Stocks and Delinquency Sale: Revised Corporation Code

Leave a reply | Related posts at the end of article

No shares of stock against which the corporation holds any unpaid claim shall be transferable in the books of the corporation (RCC, S62). Still, holders of subscribed shares not fully paid which are not delinquent shall have all the rights of a stockholder (RCC, S71). The stockholder loses the rights as a stockholder, except the right to receive dividends, only when the stock becomes delinquent. 

Continue reading →

Notarial Wills: Form and Requirements of Last Will and Testament

1 Reply | Related posts at the end of article

A will is an act whereby a person is permitted, with the formalities prescribed by law, to control to a certain degree the disposition of this estate, to take effect after his death (Civil Code, Art. 783). The person who makes the Will is called the testator. The elements are discussed below. For easy reference, the provisions are cited (unless stated otherwise, the provisions are from the Civil Code).

Continue reading →

Securities Borrowing and Lending (SBL) and Short Selling in the Philippines: Implementing Guidelines

1 Reply | Related posts at the end of article

The SEC announced that in its en banc meeting on 17 December 2019, it approved the Implementing Guidelines on Securities Borrowing and Lending (SBL) and Short Selling issued by the PSE’s Capital Markets Integrity Corporation (CMIC). The Securities Regulation Code and the 2015 SRC Rules provide for the general regulations on short selling. The salient features of the Implementing Guidelines on SBL and short selling, which took effect on 25 February 2020, are as follows:

Continue reading →

Insider Trading in the Philippines: Prohibited under the Securities Regulation Code

Leave a reply | Related posts at the end of article

Insider trading is illegal in the Philippines. Section 27 of the Securities Regulation Code provides that: “It shall be unlawful for an insider to sell or buy a security of the issuer, while in possession of material information with respect to the issuer or the security that is not generally available to the public.” This, in essence, is the definition of insider trading. It has three elements: (1) the person must be an insider; (2) the insider sells or buys the security of the issuer; and (3) the insider is in possession of material nonpublic information with respect to the issuer or its security. These are discussed in seriatim below.

Continue reading →