Tag Archives: Philippines

Grace Period for Loans Already in Effect: Implementing Rules and Regulations Issued by DOF

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The grant of grace period for all loans, which is part of the emergency powers granted by Congress to the President, is now set for implementation. On 1 April 2020, the Department of Finance (DOF) issued the Implementing Rules and Regulations (IRR) of Section 4(aa) of Republic Act No. 11469, Otherwise Known as the “Bayanihan to Heal as One Act”. The salient points of the IRR are as follows: 

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Minimum Paid-Up Capital for Corporations in the Philippines

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No minimum capital stock is required for stock corporations under the Revised Corporation Code, except when specifically provided by law. The Securities and Exchange Commission (SEC) has a matrix (accessed on 29 March 2020) of the required minimum paid-up capital (paid-up capital is the portion of the authorized capital stock which has been subscribed and actually paid),  according to industry, for the registration of Philippine corporations. This covers foreign-owned domestic corporations, when not covered by the Negative List.

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Implementing the Bayanihan to Heal As One Act (Republic Act No. 11469): Full Text of the Memorandum from the Executive Secretary

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[The “Bayanihan to Heal As One Act” (Republic Act No. 11469), already effective after having been published in the Manila Bulletin on 25 March 2020, granted temporary emergency powers to the President to help address the national emergency brought about by the Coronavirus Disease 2019 (COVID-19). The emergency powers provided in R.A. 11469 are not self-executory, but require the directive of the President. On 28 March 2020, the Executive Secretary, acting on behalf of the President, issued a Memorandum providing for the implementation of temporary emergency powers granted to the President. Here is the full text of the Memorandum.]

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Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009: Table of Contents, Full Text

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SEC Memorandum Circular No. 1, series of 2020, containing “The Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009, was published at the PDI and Philippine Star, and filed with the UP Law Center, on 23 January 2020. The REIT Rules took effect on 7 February 2020. See Introduction / Salient Points. The full text is available by clicking the link to each item of the Table of Contents:

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Curfew, Home Quarantine Pass and Rapid Containment of Coronavirus Disease 2019 (Covid-19)

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There are a number of important issues raised in connection with the government actions to contain the outbreak of Coronavirus Disease 2019 (Covid-19). The recent discussion centers on the issuance of the “Home Quarantine Pass” (designating a single person in each residence allowed to go out and buy basic necessities) and the curfew ordinances issued by a number of cities and municipalities. Let’s start with concepts that we can all agree on.

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Additional Guidelines for the Community Quarantine Over Luzon and Management of Coronavirus Disease 2019 (COVID-2019): Memorandum from the Executive Secretary

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[On 18 March 2020, the Executive Secretary issued a Memorandum to amend/modify the previous guidelines on the Luzon-wide Enhanced Community Quarantine to address the Covid-19. The amendments are incorporated in the Primer. The full text of the Memorandum is reproduced below.]

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Primer on Enhanced Community Quarantine and Social Distancing in the Age of Coronavirus Disease 2019 (Covid-19)

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The coronavirus disease 2019 (Covid-19) has become a pandemic, according to the World Health Organization (WHO). One way to combat the spread of the virus is community quarantine and social distancing. The government has issued the general guidelines for general community quarantine and strict social distancing. To assist in the dissemination of information, we have prepared this primer.

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Enhanced Community Quarantine in Luzon, including the NCR (Guidelines, Memorandum from the Executive Secretary, full text)

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[An Enhanced Community Quarantine has been declared over Luzon, including the National Capital Region (NCR), effective 00:00 (12 a.m.) of 17 March 2020 and expiring on 00:00 (12 a.m.) of 13 April 2020). The guidelines are contained in the undated Memorandum issued by the Executive Secretary. The full text is reproduced below. See also: Amendments and Primer on Enhanced Community Quarantine and Social Distancing in the Age of Coronavirus Disease 2019 (Covid-19); and Definitive Guidelines for 1-15 May 2020 and post-May 15.]

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No More 4th Quarter Examination for Schools Covered by Suspension of Classes by Reason of Covid-19 (DepEd Memorandum No. 42; full text)

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[The Department of Education (DepEd) issued Memorandum No. 42, series of 2020, issued guidelines for the rest of the School Year 2019-2020, including the non-holding of the 4th Quarter Examination for areas covered by the Covid-19 suspension of classes. Here’s the full text of DepEd Memorandum No. 42.]

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