Monday, 19 February 2018
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philippines - Corporate & Commercial

SEC warns Public vs Unregistered Retail Trade Firms

MANILA, Feb 12 (PNA) - The Securities and Exchange Commission (SEC) has warned the public against dealing with unregistered entities, wholly or partly owned by foreign nationals, engaging in retail trade.
Date: 12 February 2018; Type: Legal News; Source: Philippine News Agency

DOTr pursues Reforms to reduce Red Tape, promote Transparency

MANILA, Feb 9 (PNA) - The Department of Transportation (DOTr) is pursuing various initiatives to ensure that procurement procedures, transactions and other frontline services are delivered efficiently, timely and corruption-free pursuant to the provisions of Republic Act 9485 or the Anti-Red Tape Act of 2007 (ARTA). The DOTr said in its report ...
Date: 09 February 2018; Type: Legal News; Source: Philippine News Agency

"Tinimbang ka ngunit kulang" will be a thing of the Past

All private and public markets nationwide shall soon be mandated to establish a Timbangan ng Bayan Center that will determine the accuracy of weights and measurements of products being bought by the public once a law is passed amending Republic Act No. 7394, otherwise known as the “Consumer Act of the Philippines."
Date: 05 February 2018; Type: Legal News; Source: House of Representatives

SEC Memorandum Circular prescribing a Website Template for all Publicly-Listed Companies

This Memorandum Circular directs all Companies applying for registration of its securities for listing to comply with the Securities and Exchange Commission (SEC)- prescribed website template as one of the requirements before the Registration Statement is rendered effective and to those Companies listed before the issuance of this Me ...
Date: 22 January 2018; Type: Circular; Source: Securities and Exchange Commission

Palace rejects MIASCOR’s Appeal to reconsider Contract Termination

MANILA, Jan 21 (PNA) - Malacanang on Sunday turned down an appeal of aviation services provider MIASCOR since the lease and concession agreement of the Manila International Airport Authority (MIAA) with MIASCOR has already expired.
Date: 21 January 2018; Type: Legal News; Source: Philippine News Agency

MIAA terminates Contract with MIASCOR

MANILA, Jan 19 (PNA) - The Manila International Airport Authority (MIAA) has terminated its contract Friday with airport service provider MIASCOR Groundhandling Corporation following a luggage theft incident at the Clark International Airport in Pampanga.
Date: 19 January 2018; Type: Legal News; Source: Philippine News Agency

DTI wants to amend Trade Remedy Laws

MANILA, Jan 10 (PNA) - The Department of Trade and Industry (DTI) wanted to introduce amendments to trade remedy laws, DTI Undersecretary Ceferino Rodolfo told reporters Wednesday.
Date: 10 January 2018; Type: Legal News; Source: Philippine News Agency

SEC approves Marcventures Merger with 2 Mining Firms

MANILA, Jan 9 (PNA) - Publicly-listed Marcventures Holdings Inc. said Tuesday it received regulatory approval to merge with two other mining firms in a bid to expand its business.
Date: 09 January 2018; Type: Legal News; Source: Philippine News Agency

DILG to Public: use only allowed Firecrackers or be fined or imprisoned

Three days before New Year’s Eve, the Department of the Interior and Local Government (DILG) warns that any person who is caught manufacturing, selling, distributing or using illegal firecrackers and pyrotechnics may be fined or imprisoned or suffer both penalties.
Date: 28 December 2017; Type: Legal News; Source: Department of the Interior and Local Government

Integrated Annual Corporate Governance Report

SEC Memorandum Circular No. 15; Series of 2017
Date: 15 December 2017; Type: Circular; Source: Securities and Exchange Commission

Executive Order adjusting the Dividend Rate of selected Government Owned or Controlled Corporations

Executive Order No. 48
Date: 13 December 2017; Type: Executive Order; Citation: Executive Order No. 48; Source: Official Gazette

Benjamin Evangelista v Screenex Inc

Date: 20 November 2017; Court: Supreme Court of The Philippines; Citation: GR No. 211564; Source: Supreme Court

House pushes Regulation of Food Technology in PH

MANILA, Dec 19 (PNA) - The House of Representatives has unanimously approved on final reading a measure seeking to regulate the practice of food technology in the Philippines. With 189 affirmative votes, the Lower House passed House Bill 6714, or the Philippine Food Technology Act, which seeks the creation of the Professional Regulatory Board of Fo ...
Date: 19 December 2017; Type: Legal News; Source: Philippine News Agency

Request for Comments on the Proposed Rules and Regulations governing Crowdfunding

The Commission is soliciting comments from market participants and interested parties on the proposed CF Rules. Parties are encouraged to indicate the specific section and provision in the CF Rules to which their comments pertain.
Date: 29 November 2017; Type: Circular; Source: Securities and Exchange Commission

Clarification of the Three-Year Consecutive Microfinance Operations Requirement

For accrediting a newly registered MF-NGO which is a spin-off of an old one, the length of microfinance operations of the old entity shall be added in the computation to determine if the requirement of three (3) consecutive years of microfinance operations is met. Memorandum Circular No. 2; Series of 2017
Date: 29 November 2017; Type: Circular; Source: Securities and Exchange Commission

Rules and Regulations on Minimum Public Ownership on Initial Public Offerings

These Rules shall apply to any company applying for the registration of its shares of stocks for the purpose of conducting an initial public offering. SEC Memorandum Circular No. 13; Series of 2017.
Date: 28 November 2017; Type: Rule; Source: Securities and Exchange Commission

Rules and Regulations Governing Crowdfunding

This Securities Exchange Commission (SEC) Memorandum Circular authorizes the Commission to issue, amend and rescind rules and regulations as may be necessary or appropriate, including rules and regulations defining accounting, technical, and trade terms used in the SRC, and prescribe forms in which information shall be set forth in registratio ...
Date: 29 November 2017; Type: Circular; Source: Securities and Exchange Commission

IFC urges PH to pass Measures to hike Access to MSMEs

MANILA, Nov 29 (PNA) - The World Bank's corporate arm, the International Finance Corp. (IFC), has urged the Philippines to prioritize the passage of legislation that will increase access to finance Micro, Small and Medium Enterprises (MSMEs) and make doing business easier for them.
Date: 29 November 2017; Type: Legal News; Source: Philippine News Agency

SEC OKs Puregold Merger with 3 Grocery Chains

MANILA, Nov 27 (PNA) - The Securities and Exchange Commission (SEC) has approved the merger between listed supermarket chain operator Puregold Price Club Inc and three acquired grocery chains.
Date: 27 November 2017; Type: Legal News; Source: Philippine News Agency

Congress seeks Removal of System Loss Charges

The House committee on energy chaired by Rep. Lord Allan Jay Velasco (Lone District, Marinduque) on Tuesday gathered comments from various sectors affected by proposals to stop private electric utilities from collecting system loss charges from consumers and reduce the cap of recoverable system loss of rural electric cooperatives to a maximum of fi ...
Date: 22 November 2017; Type: Legal News; Source: House of Representatives

Industry Updates

Swiss Institute of Federalism ink Academic Cooperation with UP

MANILA, Feb 16 (PNA) - The University of the Philippines-National College of Public Administration and Governance (NCPAG) and the University of Fribourg’s Institute of Federalism (IFF) have entered into a Memorandum of Understanding (MOU) for academic cooperation and exchange, the Department of Foreign Affairs (DFA) said.

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Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Group urges DOLE: release Rules on 'Workplace Romance'

MANILA, Feb 13 (PNA) - A group called on the Department of Labor and Employment (DOLE) to issue guidelines on workplace romance policy to prevent employers from implementing oppressive management prerogatives.

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Individuals earning above P250K also getting Bigger Take-Home Pay under TRAIN

The Tax Reform for Acceleration and Inclusion Act (TRAIN) effectively increases the take-home pay not only of salaried workers earning P250,000 yearly and below but also of those with annual taxable income from P250,000 to a maximum of P2 million.

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ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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DOJ provides Legal Aid to 11,833 Persons in 2017

MANILA, Feb 4 (PNA) - Close to 12, 000 people were given legal assistance through the Department of Justice Action Center (DOJAC) in 2017.

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UP Board of Regents names Proffessor Fides Cordero-Tan as new UP Law Dean

The UP Board of Regents announced the appointment of Atty. Fides Cordero-Tan as the new dean of the UP College of Law on Jan. 26, 2018.

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IPOPHL to heighten IPR Enforcement; seeks MOU with Anti-Crime Body

The Intellectual Property Office of the Philippines (IPOPHL) is seeking to intensify intellectual property rights enforcement in the country, targeting to craft a Memorandum of Understanding (MOU) with other members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOC).

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Century-Old Biz Group wants Mining Law amended

MANILA, Jan 31 (PNA) - The country’s oldest business organization, the Chamber of Commerce of the Philippines Islands (CCPI), has sought sponsorship in Congress to amend mining laws.

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IPOPHL eyes to expand Enforcement of Intellectual Property Rights

MANILA, Jan 29 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) aims to further expand intellectual property rights (IPR) enforcement through cooperating with members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOS).

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SC to act on Mamasapano Trial Transfer

MANILA, Jan 26 (PNA) - The Supreme Court is set to tackle the transfer of trial of the criminal case over the Mamasapano clash that killed more than 60 persons, including 44 members of the elite Philippine National Police-Special Action Force (PNP-SAF).

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