Category Archives: Corporate & Investments

P5,000-P8,000 Wage Subsidy under the Small Business Wage Subsidy (SBWS) Program

246 Replies | Related posts at the end of article

The government has rolled out another subsidy program — between P5,000 to P8,000 (based on the region) — per month per eligible employee. The Department of Finance (DOF) recently announced Small Business Wage Subsidy (SBWS) program. The SBWS measure will be rolled out through the Social Security System (SSS), which will only be accepting applications from 16 April 2020 to 30 April 2020 [Note: Extended by the DOF to 8 May 2020, in the light of the extension of the ECQ to May 15. Important Update: Refund of SBWS benefits; See also Grievance Procedure for those eligible but not covered, and Non-Duplication of SBWS, CAMP and SAP.]

Continue reading →

Unregistered Cryptocurrency Investments: SEC Advises Public to be Wary

Leave a reply | Related posts at the end of article

The Securities and Exchange Commission (SEC) advised the public not to invest or stop investing in schemes or initial coin offerings and digital asset trading which are not compliant with the guidelines of the Bangko Sentral ng Pilipinas (BSP) and SEC. The SEC, through its Enforcement and Investor Protection Department, recently issued a number of advisories warning the public about the activities of certain entities, including the following:

Continue reading →

Court-Supervised Rehabilitation in the Philippines: Financial Rehabilitation and Insolvency Act (FRIA)

Leave a reply | Related posts at the end of article

Rehabilitation, under the Financial Rehabilitation and Insolvency Act (FRIA) of 2010, refers to the restoration of the debtor to a condition of successful operation and solvency, if it is shown that its continuance of operation is economically feasible and its creditors can recover by way of the present value of payments projected in the plan, more if the debtor continues as a going concern than if it is immediately liquidated. The procedure and requirements are discussed below.

Continue reading →

Suspension of Payments of Individual Debtors: Options for Debtors in Distress

Leave a reply | Related posts at the end of article

Individual debtors under financial distress may be covered by any of the following options: (a) Suspension of payments; (b) Voluntary liquidation; and (c) Involuntary liquidation. This discussion covers only suspension of payments under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010“, as fleshed out in the FLSP Rules. Moreover, the discussion below on Suspension of Payments applies only to individual debtors.

Continue reading →

Guidelines on Teleconferencing, Video Conferencing and Other Remote or Electronic Means of Communications in Corporate Meetings: Summary

Leave a reply | Related posts at the end of article

Regular and special meetings of stockholders or directors can be done by means of electronic communications. In Memorandum Circular No. 6, series of 2020, the Securities and Exchange Commission (SEC) provided the guidelines on the attendance and participation of directors, trustees, stockholders, members and other persons of corporations in regular and special meetings through teleconferencing, video conferencing and other remote or electronic means of communication. These guidelines apply to all corporations registered with the SEC.

Continue reading →

Enhanced Operations of BPOs and Export Enterprises During the Extended ECQ Period

Leave a reply | Related posts at the end of article

The Department of Trade and Industry (DTI) issued a circular to ensure enhanced operations for Business Process Outsourcing (BPO) companies and export enterprises, and their service providers, throughout the extended Enhanced Community Quarantine (ECQ) period (extended until 30 April 2020, pursuant to OES Memorandum dated 7 April 2020; further extended to May 15 for high-risk areas). The following entities are covered by DTI Memorandum Circular No. 20-14, series of 2020 (issued on 11 April 2020): 

Continue reading →

Primer on the Rules on Liquidation of Closed Banks (A.M. No. 19-12-02-SC)

Leave a reply | Related posts at the end of article

The 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 reading →

Grace Period for Loans: FAQ from BSP (Memorandum No. M-2020-018; full text)

1 Reply | Related posts at the end of article

[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.]

———————

Continue reading →