Category Archives: Corporate and Investments

Proposed Rules on Initial Coin Offerings (ICO) in the Philippines

[The Securities and Exchange Commission (SEC) issued a notice, requesting for comments on the updated Proposed Rules on Initial Coin Offering (ICO). According to the SEC, ICOs will help raise capital and resources for small and local businesses start-ups or ventures, and provide alternative investment opportunity for the investing public. While the deadline for submission of comments has passed, we are reproducing the full text of the Proposed Rules on Initial Coin Offering for future reference.] Continue reading

Primer on the Price Act (Republic Act No. 7581, as amended by R.A. 10623)

The Price Act (Republic Act No. 7581, as amended by R.A. 10623) fleshes out the State’s policy to ensure the availability of basic necessities and prime commodities at reasonable prices at all times without denying legitimate business a fair return on investment, as well as the policy to provide effective and sufficient protection to consumers against hoarding, profiteering and cartels with respect to the supply, distribution, marketing and pricing of said goods, especially during periods of calamity, emergency, widespread illegal price manipulation and other similar situations. Continue reading

Mining in the Philippines, Foreign Investments and the Grandfather Rule

How much foreign ownership is allowed for mining companies in the Philippines? The Supreme Court again discussed this issue in a recent ruling denying a motion for reconsideration filed by certain mining companies in the Philippines. The controversy is anchored on the requirement that mining, among other activities, is reserved by the Constitution — the highest law of the land — for Filipinos. Sec. 2, Art. XII of the Constitution, which provides that the exploration, development, and utilization of of natural resources is reserved to Filipinos, whether natural persons or juridical persons. Filipino juridical persons refer to “corporations or associations at least sixty per centrum of whose capital is owned by such citizens.” Continue reading

Rules on Principal Office Address of Corporations and Partnerships

The Securities and Exchange Commission (SEC) has extended the compliance period — until 30 June 2015 (per Memorandum Circular No. 1, series of 2015) — for companies and partnerships to comply with the required designation of the principal office address. We believe that it’s helpful to disseminate the information to non-clients as well, so we are summarizing the requirements below, culled from SEC Memorandum Circular No. 6 (series of 2014; full text) and SEC Memorandum Circular No. 16 (series of 2014; full text). Continue reading

Principal Office Address of Corporations and Partnerships (SEC Memorandum Circular No. 16; full text)

[See also SEC Rules on Principal Offic Address; and Memorandum Circular No. 6, series of 2014]

Republic of the Philippines
Department of Finance
Securities and Exchange Commission
SEC Building, EDSA, Greenhills, Mandaluyong City

MEMORANDUM CIRCULAR No. 16
Series of 2014.

TO : ALL CONCERNED

SUBJECT : PRINCIPAL OFFICE ADDRESS OF CORPORATIONS
AND PARTNERSHIPS Continue reading

Amendment of the Principal Office Address (SEC Memorandum Circular No. 6; full text)

[See also Rules on Principal Office Address; and SEC Memorandum Circular No. 16, series of 2014]

Republic of the Philippines
Department of Finance
Securities and Exchange Commission
SEC Building, EDSA, Greenhills, Mandaluyong City

Company Registration and Monitoring Department

MEMORANDUM CIRCULAR No. 6
Series of 2014.

TO : ALL CONCERNED

SUBJECT : AMENDMENT OF THE PRINCIPAL OFFICE ADDRESS Continue reading

New Law Increasing the Exemption for 13th Month Pay and Other Benefits (Republic Act 10653)

Republic of the Philippines
Congress of the Philippines
Metro Manila

REPUBLIC ACT NO. 10653

AN ACT ADJUSTING THE 13TH MONTH PAY AND OTHER BENEFITS CEILING EXCLUDED FROM THE COMPUTATION OF GROSS INCOME FOR PURPOSES OF INCOME TAXATION, AMENDING FOR THE PURPOSE SECTION 32(B), CHAPTER VI OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED

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Republic Act No. 10623, Amending the Price Act (full text)

REPUBLIC ACT NO. 10623

AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 7581, ENTITLED “AN ACT PROVIDING PROTECTION TO CONSUMERS BY STABILIZING THE PRICES OF BASIC NECESSITIES AND PRIME COMMODITIES AND BY PRESCRIBING MEASURES AGAINST UNDUE PRICE INCREASES DURING EMERGENCY SITUATIONS AND LIKE OCCASIONS” AND FOR OTHER PURPOSES

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The Price Act (Republic Act No. 7581 – full text)

[See also: Primer on the Price Act (Republic Act No. 7581, as amended by R.A. 10623); full text of Republic Act No. 10623]

Republic Act No. 7581

THE PRICE ACT

AN ACT PROVIDING PROTECTION TO CONSUMERS BY STABILIZING THE PRICES OF BASIC
NECESSITIES AND PRIME COMMODITIES AND BY PRESCRIBING MEASURES AGAINST UNDUE
PRICE INCREASES DURING EMERGENCY SITUATIONS AND LIKE OCCASIONS

Continue reading