The Securities and Exchange Commission (SEC), the government agency which exercises supervision and jurisdiction over all corporations and persons acting on their behalf, was reorganized in 1976 through Presidential Decree No. 902-A. Section 5 of PD 902-A reads:
Continue readingThe Rules on Liquidation of Closed Banks (“Rules”), which took effect on 1 April 2020, was approved by the Supreme Court on 18 February 2020 (A.M. No. 19-12-02-SC). The Rules applies to banks closed and placed under liquidation by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP). The summary or primer is provided below.
Continue readingDeclaring Filipino health care workers as mission critical skills (MCS), the the Philippine Overseas Employment Administration (POEA) temporarily suspended their deployment abroad until the lifting of the national state of emergency and the COVID-19-related travel restrictions. Only recently, a public figure in the United Kingdom acknowledged the contribution of Filipino medical workers in their national health system, and some foreign recruitment agencies ramped up efforts to replenish the depleted number of medical workers in the fight against the Coronavirus Disease 2019 (COVID-19). But Filipino health workers cannot yet leave the country (see also financial aid for displaced OFWs).
Continue readingA one-time financial assistance of Two Hundred US Dollars (US$200) or Ten Thousand Pesos (P10,000), or its equivalent in the local currency of the host country, for displaced Overseas Filipino Workers (OFWs) has been approved. On 8 April 2020, the Department of Labor and Employment (DOLE) issued Department Order No. 212, series of 2020, providing for guidelines on the provisional financial assistance for displaced landbased and seabased Filipino workers due to the Corona Virus Disease (COVID-19). This social amelioration program is called “DOLE-AKAP for OFWs” (separate from the CAMP and TUPAD#BKK for Philippine-based workers). The coverage and application procedure for displaced OFWs, based on D.O. 212, are discussed below.
Continue reading[There are a number of ways the government can release financial assistance or social amelioration programs during the Enhanced Community Quarantine (ECQ) brought about by the Coronavirus Disease 2019 (COVID-19). The government may directly release cash to recipients. The government can also encourage the private sector to donate, and consider the donation as deductions for purposes of computing the taxes payable by the donor. For this purpose, the Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 9-2020 dated 6 April 2020. Text reproduced below.]
Continue reading[The Bangko Sentral ng Pilipinas (BSP) issued Memorandum No. M-2020-018 dated 6 April 2020 (“Frequently-Asked Questions on the Implementing Rules and Regulations (IRR) on Section 4(aa) of Republic Act (R.A.) No. 11469, Otherwise Known as the “Bayanihan to Heal As One Act”). This clarifies some of the points discussed in our previous post. See updated quarantine classifications in all areas and the updated BSP FAQ, clarifying that loans with due dates falling on 1 June 2020 and thereafter are no longer entitled to the 30-day grace period. We are reproducing the full text of the BSP FAQs for educational purposes and to help in the dissemination of the information.]
[In a Memorandum dated 7 April 2020, the Executive Secretary, acting for the President, extended the effectivity of the Enhanced Community Quarantine (ECQ) until 30 April 2020 (effectively extended until 15 May 2020 in high-risk areas; see definitive guidelines under Executive Order No. 112). This covers only Luzon, but Local Government Units (LGUs) outside Luzon are free to modify their ECQ periods. This effectively extends the period for the grace period for loans and rents, duty-free importation, holiday pay, and anti-hoarding, among others. Here is the complete text of the OES Memorandum.]
Continue readingThe Department of Finance (DOF) and the Department of Trade and Industry (DTI) issued Joint Administrative Circular No. 2020-02, providing for guidelines on the operations and incentives of covered enterprises engaged in the manufacture, importation, and distribution of certain products, and for other purposes, pursuant to Republic Act No. 11469, otherwise known as the “Bayanihan to Heal as One Act“.
Continue readingA number of products critical to the fight against the Coronavirus Disease 2019 (COVID-19) are now EXEMPT from the payment of import duties, taxes and fees (see Guidelines). Per the Joint Administrative Circular No. 2020-02 of the Department of Finance (DOF) and the Department of Trade and Industry (DTI), the following are entitled to such exemption:
Continue readingThe government has just announced the extension of the Enhanced Community Quarantine (ECQ) period to 30 April 2020, which means that the existing guidelines will continue. On 1 April 2020, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) issued Resolution No. 18 [“IATF Recommendations Relative to the Management of the Coronavirus Disease 2019 (COVID-19) Situation”].
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