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The Philippine Securities and Exchange Commission (“SEC”) has further extended to September 30, 2023 the deadline for amnesty applications for late and non-filing of annual financial statements (“AFS”), general information sheets (“GIS”), as well as non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations and Individuals to Create and/or Designate Email Account Address and Cellphone Number for Transactions with the Commission) (“MC28”), and streamlined the application process to further encourage qualified corporations to avail of the amnesty. The further extension and streamlining of the application process was granted through SEC Memorandum Circular No. 9, series of 2023, titled Further Extension of the Deadline for Amnesty Applications under SEC Memorandum Circular No. 2, Series of 2023, and Streamlining of the Application Process (SEC MC No. 9-2023 or the “Circular”).
SyCipLaw’s Tax Department has prepared has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the second quarter of 2023.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Banking, Finance & Securities Department’s Banking Bulletin for July 2023 features an in-depth discussion of the implementing regulations of the Agri-Agra Reform Credit Act.
SyCipLaw has just published the SyCipLaw ESG Bulletin, which covers the latest issuances from the Securities and Exchange Commission (SEC) from January to June 2023. These include the SEC’s issuance of the following Memorandum Circulars (MC):
- MC No. 11, Series of 2022, which outlines the Rules on Sustainable and Responsible Investment Funds (SRI Funds) in recognition of the global trend and growth of SRIs in recent years.
- MC No. 3, Series of 2023, which contains the Guidelines on the Issuance of Sustainability-Linked Bonds (SLBs) under the ASEAN Sustainability-Linked Bond Standards (ASEAN SLBS) in the Philippines. The SLB Guidelines align with the ASEAN SLBS and the International Capital Market Association Sustainability-Linked Bond Principles (ICMA SLBP).
- MC No. 4, Series of 2023, which adopts the ASEAN Sustainable and Responsible Fund Standards (ASEAN SRFS) and establishes rules to implement it in the Philippines.
The bulletin also includes an article related to the SEC’s plans to adopt the Philippines’ Blue Bond Framework to promote the use of capital markets in achieving the United Nations Sustainable Development Goals (UN SDGs) and targets under the Paris Agreement to reduce greenhouse gas emissions, a link to the latest Chambers ExpertFocus podcast featuring partner Jose Florante M. Pamfilo and special counsel Catherina M. Fernandez, and an article highlighting SyCipLaw’s latest involvement in an ESG project.
SyCipLaw’s Banking, Finance & Securities Department’s Banking Bulletin for June 2023 features an in-depth discussion of the Securities and Exchange Commission (SEC) Memorandum Circular No. 5, series of 2023 or the IRR for financial consumer protection law.
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for May.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Banking, Finance & Securities Department’s Banking Bulletin for May 2023 features the latest issuances from the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines), which includes the adoption of the ASEAN Sustainable and Responsible (SRF) standards, and the clarifications made by BSP on what is considered excluded from the Real Estate Loan Limit and Stress Test:
SEC Adopts the ASEAN Sustainable and Responsible Fund Standards and Establishes Rules on Recognition of Foreign Collective Investment Schemes
BSP Clarifies Exclusions from Real Estate Loan Limit and Stress Test
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for April.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has just published the SyCipLaw TMT and Data Bulletin covering significant Philippine legal and regulatory developments in the technology, media, telecommunications and data space, from late 2022 to the first quarter of 2023. It also notes links to podcasts and materials relating to TMT and data PLUS a commentary on whether AI can replace a local counsel.
The bulletin was prepared by SyCipLaw’s Telecommunications, Media and Technology (TMT) and Data practice group, and the Banking, Finance and Securities Department led by SyCipLaw Partner Rose Marie M. King-Dominguez and assisted by Associates Patrick Edward L. Balisong, John Dominic P. Censon, Jose Maria C. Ramos, Liezel Angelique L. Sabaupan, and Rio Mei L. Uy.
SyCipLaw’s Banking, Finance & Securities Department’s Banking Bulletin for April 2023 features the latest issuances from the Bangko Sentral ng Pilipinas (BSP or Central Bank of the Philippines), which includes the amendment of the miscellaneous rules on deposits and the issuance of rules on mediation and adjudication of financial consumer complaints:
BSP Amends Miscellaneous Rules On Deposits
BSP Issues Rules on Consumer Assistance and Mediation/Adjudication of Cases
The Securities and Exchange Commission (SEC) has extended the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), as well as non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission) (MC28). This extension was granted through SEC Memorandum Circular No. 6, Series of 2023, entitled “Amendment of SEC Memorandum Circular No. 2, Series of 2023, and Extending the Deadline of Amnesty Applications” (SEC MC No. 6-2023 or the “Circular”). The Circular was issued on April 25, 2023, and took effect immediately following the completion of its publication in newspapers nationwide.
SyCipLaw’s Tax Department has prepared has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the first quarter of 2023.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Banking, Finance & Securities Department’s Banking Bulletin for March 2023 features the latest issuances from the Bangko Sentral ng Pilipinas (BSP) and the National Privacy Commission (NPC):
BSP Approves Regulatory Sandbox Framework
NPC Amends Guidelines On Processing Data For Loan Transactions
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for February.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Banking, Finance & Securities Department’s Banking Bulletin for February 2023 features the latest issuances from the Bangko Sentral ng Pilipinas (BSP):
BSP Issues Implementing Rules of Financial Consumer Protection Act
BSP Amends UITF Regulations
The Philippine Securities and Exchange Commission (“SEC”) issued Memorandum Circular (“MC”) No. 10, series of 2022 [Amendments to SEC Memorandum Circular No. 15, s. 2019 (The 2019 Revision of the GIS) Increasing the Penalties and Imposing Additional Non-Financial Penalties and Providing Further Guidelines for Submission] dated December 6, 2022 (the “Circular”) which became effective on January 1, 2023. The Circular amends SEC MC No. 15-2019 by increasing the penalties and imposing additional non-financial penalties for non-compliance with the required beneficial ownership disclosure in the GIS.
SyCipLaw’s Banking, Finance & Securities Department’s Banking Bulletin for January 2023 features the latest legal developments in the industry, including issuances from the Bangko Central ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).
The Banking Bulletin – January 2023 covers the following:
BSP Amends Guidelines On Digital Banks
BSP Adopts Standard Loan Application Forms
FAQs: Rules On Sustainable Finance
SEC Issues Rules To Implement BSP Ceilings On Interest Rates And Other Fees
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for January.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has listed down its Top 10 Tax Issues and Practical Solutions (T.I.P.S.) for 2022.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Employment & Immigration Update (Volume XVIII, Issue 1) features the latest issuances from the Department of Labor & Employment (DOLE), summaries of Supreme Court decisions, and labor and immigration updates.
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for November.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for October.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
On 1 September 2022, the Build-Operate-Transfer Law Implementing Rules and Regulations (IRR) Committee approved the Revised 2022 IRR of Republic Act No. 6957, as amended by Republic Act No. 7718, otherwise known as the Build-Operate-Transfer (BOT) Law (the Revised 2022 IRR).
The Revised 2022 IRR seeks to address the concerns raised by the private sector with the amendments introduced by the 2022 BOT IRR approved on 31 March 2022. The Revised 2022 IRR was published on 27 September 2022 and will take effect on 12 October 2022.
The SyCipLaw PPP Update was prepared by SyCipLaw partners Arlene M. Maneja and Bhong Paulo A. Macasaet.
SyCipLaw’s Tax Department has prepared a supplemental issue of its Tax Issues and Practical Solutions (T.I.P.S.) for the third quarter of 2022, international edition.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
Because of changing investment and consumer norms and a shifting global policy and regulatory landscape, sustainability and environmental, social and governance (ESG) concerns have become a compelling issue for businesses, and responding to these concerns have turned into an important performance metric and part of business agenda. In this bulletin, the Firm’s Sustainability & ESG Group notes key legal developments in this area.
The maiden issue of The SyCipLaw ESG Bulletin was prepared by SyCipLaw Partner Jose Florante M. Pamfilo and associates Julia Alexandra Chu, Rei Luis Anton A. Domingo and Patrice Jane L. Romero.
SyCipLaw’s Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the third quarter of 2022.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw Partner Aaron Roi B. Riturban and associates Angelica T. Abon, Giancarlo Kristoffer D. Gabriel and Ma. Carina Theresa G. Guanio provide an overview of the recent legal developments concerning the mining industry, particularly the proposed bill ushering a new fiscal regime, and the issuance of the Executive Order (EO) No. 130.
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for August 2022.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for July 2022.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the second quarter of 2022.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for April 2022.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the first quarter of 2022.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
Tax Updates February 2022 (SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) Vol. 16)
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of February.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
Tax Updates January 2022 (SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) Vol. 15)
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of January.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
Tax Updates December 2021 (SyCipLaw Tax Issues and Practical Solutions (T.I.P.S.) International Edition Vol. 4)
SyCipLaw’s Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the last quarter of 2021.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of November.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Litigation and Arbitration Department has prepared a bulletin on Philippine Laws and Jurisprudence on Electronic Signatures.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of October.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the third quarter of 2021.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
From September 16, 2021, the Philippine Competition Commission may again review mergers and acquisitions motu proprio. Please see the briefing prepared by SyCipLaw’s Competition and Anti-Trust practice group on the end the one-year-long suspension period under Bayanihan 2 of the PCC’s power to review such transactions.
From September 16, 2021, the Philippine Competition Commission may again review mergers and acquisitions motu proprio. Please see the briefing prepared by SyCipLaw’s Competition and Anti-Trust practice group on the end the one-year-long suspension period under Bayanihan 2 of the PCC’s power to review such transactions.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of August.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of July.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the second quarter of 2021.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
The Energy Regulatory Commission has revised its Rules of Practice and Procedure which govern the proceedings before the ERC through the issuance of ERC Resolution No. 01, Series of 2021. These revised rules took effect on April 13, 2021. They allow the ERC to adapt to changes brought about by the COVID-19 pandemic and modernize the ERC rules of procedure.
The briefing was prepared by SyCipLaw partner John Christian Joy A. Regalado with the assistance of Christopher A. Capulong (Associate).
This briefing summarizes policy measures put in place in recent years by various Philippine regulators to enable investors to consider ESG factors in their investment decision and to encourage companies to behave in a manner that benefits society and the environment.
The briefing was prepared by SyCipLaw partner Jose Florante M. Pamfilo with the assistance of Julia Alexandra D. Chu (Legal Assistant).
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of May.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of April.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521 (R.A. 11521). R.A. 11521 adds two new covered persons who are now required to report covered and suspicious transactions to the Anti-Money Laundering Council (AMLC). It also provides a new kind of covered transaction and penalizes two new unlawful activities.
The briefing was prepared by SyCipLaw partner Vicente D. Gerochi with the assistance of Irvin Christian D. San Pedro (Legal Assistant).
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of March.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
Republic Act No. 11523 (“An Act Ensuring Philippine Financial Industry Resiliency Against the COVID-19 Pandemic” (FIST Act)), which seeks to assist banks and financial institutions in dealing with the adverse effects of the COVID-19 pandemic, took effect on February 18, 2021. This law provides a legal framework for the full transfer of the bad loans and assets of banks by allowing them to clean their books and re-channel their resources to improve liquidity in the financial system
The briefing was prepared by SyCipLaw partner Vicente D. Gerochi, with the assistance of Kevin Joseph C. Berbaño (associate).
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of February.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Telecommunications, Media and Technology (TMT) and Data practice group and Banking, Finance and Securities Department prepared a bulletin on certain legal developments in the Philippines. It focuses on updates in data privacy, digital banking, and fintech.
The Philippine Stock Exchange issued Memorandum CN-No. 2020-0104 dated December 21, 2020 on the amendments to its Voluntary Delisting Rules. These amendments tighten the approval requirements for delisting and seek to ensure the fairness of the tender offer price.
The Supreme Court has issued Supreme Court Administrative Matter No. 20-12-01-SC (Re: Proposed Guidelines on the Conduct of Videoconferencing) dated December 9, 2020 to ensure that hearings via videoconferencing are conducted in an orderly manner and that the constitutional rights of the accused are protected. The guidelines, which took effect on January 16, 2021, recognize that proceedings via videoconferencing have become an alternative to in-court proceedings.
SyCipLaw’s Corporate Services Department has prepared a bulletin on the SEC’s Beneficial Ownership Transparency Guidelines (SEC Memorandum Circular No. 01, series of 2021) which took effect on January 29, 2021.
The SEC requires all shareholders or directors/trustees of registered corporations to disclose to the SEC by February 28, 2021 their principals or persons on whose behalf they act as such shareholders or directors/trustees.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of January.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of December.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Circular No. 1105, Series of 2020 (Digital Bank Circular) dated December 2, 2020 to provide guidelines on the establishment of digital banks.
The briefing was prepared by SyCipLaw partner Vicente D. Gerochi with the assistance of associate Samantha Marie C. Sundiam.
SyCipLaw’s Special Projects Department has prepared a bulletin on the 2020 Investment Priorities Plan (2020 IPP) that took effect on December 6, 2020. The 2020 IPP lists preferred areas of investments that may qualify for incentives under the Omnibus Investments Code of 1987, as amended.
The briefing was prepared by SyCipLaw partner Joan Mae S. To-Conejos with the assistance of associate Leo Francis A. Abot.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of November.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
The Securities and Exchange Commission (SEC), under its Memorandum Circular No. 28-2020, is requiring all existing corporations, associations, partnerships, and persons under its jurisdiction and supervision to submit to the SEC (1) a valid official e-mail address and a valid official cellular phone number and (2) an alternate e-mail address and cellular phone number, within 60 days from the effectivity of the circular.
The briefing was prepared by SyCipLaw partners Simeon Ken R. Ferrer and Leah C. Abutan, with the assistance of Joanna Marie O. Joson (Senior Associate) and Lyle Ariane M. Regencia (Associate).
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of October.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
The Philippine Supreme Court recently released the “Guidelines on the Implementation in the Philippines of the Hague Service Convention on the Service Abroad of Judicial Documents in Civil and Commercial Matters” (Supreme Court Administrative Order No. 251-2020). These guidelines took effect on October 1, 2020.
The briefing was prepared by SyCipLaw partner John Christian Joy A. Regalado with the assistance of associates Kathleen Mae L. Nieto and Severino Miguel B. Sanchez.
The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Memorandum No. M-2020-074 to implement Section 4(uu) of the Bayanihan to Recover as One Act which grants debtors a one-time 60-day grace period for loan payments that are due on or before December 31, 2020. The memorandum, which took effect on October 1, requires all BSP-Supervised Financial Institutions with lending operations to implement a non-extendible, one-time 60-day grace period on the payments of all loans that are existing, current, and outstanding beginning September 15, 2020, including the payments of the principal and interest.
The briefing was prepared by SyCipLaw associate Samantha Marie C. Sundiam.
An increasing number of Filipinos are opting to do their transactions online, as well as turning to Internet-based content for entertainment. With this, Philippine authorities are inevitably focusing their regulatory gaze on the electronic commerce (eCommerce) industry and streaming services.
The briefing was prepared by SyCipLaw partner Rose Marie M. King-Dominguez with the assistance of associates Leo Francis F. Abot, Christopher A. Capulong, and Lloyd Marc Vincent M. Flores.
PCC Implementing Rules on Transaction Value Threshold for the Exemption from Compulsory Notification
SyCipLaw’s Competition and Anti-trust practice group has prepared a briefing on the implementation of Section 4(eee) of Bayanihan 2 on the transaction value threshold for the exemption from compulsory notification.
The briefing was prepared by SyCipLaw partners Arlene M. Maneja and Franco Aristotle G. Larcina.
SyCipLaw’s Banking, Finance and Securities Department has prepared a briefing on Securities and Exchange Commission Memorandum Circular No. 23, Series of 2020, dated August 18, 2020, which provides a regulatory framework for the creation and operation of Corporate Debt Vehicles.
The briefing was prepared by SyCipLaw partner Vicente D. Gerochi with the assistance of associate Kevin Joseph C. Berbano.
SyCipLaw’s Litigation Department has prepared a briefing on the Department of Justice Circular No. 016 (Rules Implementing the Criminal Provisions of Republic Act No. 10667, Otherwise Known As the Philippine Competition Act) (“PCA Rules on Criminal Provisions”).
The briefing was prepared by SyCipLaw partners Ricardo Ma. P.G. Ongkiko and John Christian Joy A. Regalado, and associates Severino Miguel B. Sanchez and Kathleen Mae L. Nieto.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of September.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Competition and Anti-trust practice group has prepared a briefing on the competition law aspects of Bayanihan 2 (the Bayanihan to Recover as One Act which was signed into law on September 11, 2020).
The briefing was prepared by SyCipLaw partners Arlene M. Maneja and Franco Aristotle G. Larcina.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of August.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of July.
The briefing was prepared by SyCipLaw Tax Department lawyers headed by Carina C. Laforteza.
SyCipLaw’s Banking, Finance and Securities Department has prepared a briefing on Philippine Stock Exchange (PSE) Memorandum Circular 2020-0076 dated August 3, 2020, which sets out the Guidelines on Minimum Public Ownership Requirement for Initial and Backdoor Listings.
The briefing was prepared by SyCipLaw associate Yzabel Renee R. Espino with the assistance of Vicente D. Gerochi and Joyce de Guzman.
SyCipLaw’s Litigation Department has prepared a briefing on the Supreme Court Administrative Matter No. 20-07-04-SC (2020 Interim Rules on Remote Notarization of Paper Documents) dated July 14, 2020 (“RON Rules”)
The briefing was prepared by SyCipLaw partners Ricardo Ma. P.G. Ongkiko and John Christian Joy A. Regalado
SyCipLaw’s Banking, Finance and Securities Department has prepared a briefing on BSP Circular No. 1089 which sets out the Payment System Oversight Framework (Oversight Framework) dated July 7, 2020.
The briefing was prepared by SyCipLaw partner John Paul V. De Leon and associate Diane Kristel E. Falcoleto.
SyCipLaw’s Special Projects Department has prepared a briefing on IC Circular Letter No. 2020-73 (“ICL 2020-73”): “Guidelines on the Adoption of a Regulatory Sandbox Framework for Insurance Technology (InsurTech) Innovations” dated June 14, 2020.
The briefing was prepared by SyCipLaw partners Rose Marie M. King-Dominguez, Hiyasmin H. Lapitan, and John Paul V. De Leon.
The briefing provides guidelines on the conduct of online or virtual proceedings. In response to the clamor of various CIAC arbitral tribunals and CIAC sole arbitrators seeking guidance on how to proceed with their CIAC arbitration proceedings during the community quarantine
brought about by the COVID 19 pandemic, CIAC issued Memorandum Circular No. 01-2020. It provides guidelines on the conduct of online or virtual
proceedings and these guidelines have been in effect since June 15, 2020.
The briefing was prepared by SyCipLaw partners Ricardo Ma. P.G. Ongkiko and John Christian Joy A. Regalado, with the assistance of associate Christopher A. Capulong.
SyCip Salazar Hernandez & Gatmaitan’s (SyCipLaw) publication about the general guidelines in doing business in the Philippines has been updated. It aims to showcase the Philippines as an attractive venue for business ventures, to guide the businessmen and lawyers alike in their business decision making, and to help investors restart the Philippine economy in connection with the lifting of certain COVID-19-related quarantine restrictions.
The updates include the changes in the requirements to set up a corporation based on the Revised Corporation Code of the Philippines (Republic Act No. 11232) and the recent issuances of the Philippine Securities and Exchange Commission, which intend to make it easier to do business in the Philippines.
SyCipLaw partners Bhong Paulo A. Macasaet and Joan Mae S. To-Conejos prepared the updated version, with the assistance of legal assistants Kevin Joseph C. Berbaño, Raymond Joseph S. Garcia, and Ma. Jhysty G. Pineda.
Analysts predict that the Philippine economy may contract by as high as 9% in the second quarter of 2020. The country’s financial managers and some policymakers are asking that Congress prioritize some key bills — the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), the Digital Economy Taxation Act, and An Act Ensuring Philippine Financial Industry Resiliency Against the COVID-19 Pandemic – in the hope that these measures can address the impact of the pandemic on business and the economy.
This briefing notes the status and highlights of these bills, as well as a look at a COVID relief measure for small and medium enterprises.
The briefing was prepared by SyCipLaw partners Carina C. Laforteza, Vicente D. Gerochi IV, John Christian Joy A. Regalado, and Maria Patricia B. Paz.
The NPC has issued a bulletin answering FAQs on returning-to-work and current work-from-home arrangements (NPC PHE Bulletin No. 14: Updated Frequently Asked Questions (FAQs)). The full text of the NPC bulletin FAQs can be found here: https://www.privacy.gov.ph/2020/06/npc-phe-bulletin-no-14-updated-frequently-asked-questions-faqs/.
The briefing was prepared by SyCipLaw partner Rose Marie M. King-Dominguez.
With the National Capital Region (NCR) — which includes Manila, Makati, Taguig, Pasig, Quezon City, and surrounding cities — entering a “modified enhanced community quarantine” phase (from May 16, 2020 to May 31, 2020), and other regions being placed under a less restrictive general community quarantine, Philippine businesses that have had to suspend operations since March 17 will now need to step up their return-to-work plan.
SyCipLaw has prepared a general checklist that may help with these preparations. This is based on, among others, government press briefings and announcements on COVID 19-related guidelines, and focuses on MECQ-relevant rules.
The checklist was prepared by SyCipLaw partners Rose Marie M. King-Dominguez, Carina C. Laforteza, Ronald Mark C. Lleno, Hiyasmin H. Lapitan, John Christian Joy A. Regalado, and Ma. Patricia B. Paz.
The COVID-19 pandemic has forced companies to change the way that they do business. The fact that the National Capital Region is currently under a Modified Enhanced Community Quarantine (MECQ), and prior to that, was under Enhanced Community Quarantine (ECQ) for two months since 16 March 2020, makes it difficult for Philippine domestic corporations to navigate the Philippine business landscape and conduct business as usual. There is a need to adapt, and the Securities and Exchange Commission (SEC) has issued a number of regulations in an attempt to address certain issues that companies are facing.
SyCipLaw prepared a legal briefing to give its clients an overview of recent SEC regulations and to help them address corporate governance issues triggered by the current pandemic, or issues which have become more relevant because of it.
The briefing was prepared by SyCipLaw partners Simeon Ken R. Ferrer, and Leah C. Abutan.
Philippine government agencies continue to issue additional and more specific guidelines on dealing with business continuity concerns, in light of more enterprises being able to resume operations under the Modified Enhanced Community Quarantine (MECQ), and more areas now being under the less restrictive General Community Quarantine (GCQ).
SyCipLaw has prepared a general checklist that may help businesses on preparing guidelines for employees’ re-entry. This is based on, among others, government press briefings and announcements on COVID 19-related guidelines, and focuses on MECQ-relevant rules.
The checklist was prepared by SyCipLaw partner Ronald Mark C. Lleno.
The National Privacy Commission (NPC) has issued guidelines on data protection in work from home (WFH) arrangements (NPC PHE Bulletin No. 12 on “Protecting Personal Data in a Work from Home Arrangement; issued May 15, 2020).
SyCipLaw prepared a legal briefing to give its clients an overview of recent NPC bulletin and to help them address possible issues that may arise from a work-from-home arrangement.
The briefing was prepared by SyCipLaw partner Rose Marie M. King-Dominguez.
SyCipLaw prepared a briefing which takes a deeper dive into the labor and employment aspect of COVID-19 issuances.
The briefing was prepared by SyCipLaw partner Dante T. Pamintuan.
SyCipLaw’s Litigation and Dispute Resolution group prepared a legal briefing that touches on Philippine issues in Litigation triggered by the global pandemic.
The briefing was prepared by SyCipLaw partners Ricardo Ma. P.G. Ongkiko and Ma. Patricia B. Paz.
SyCipLaw’s TMT group prepared a legal briefing that touches on Philippine issues in TMT triggered by the global pandemic.
The briefing was prepared by SyCipLaw partners Rose Marie M. King-Dominguez, Franco Aristotle G. Larcina, and John Paul V. De Leon.