New law to make PH more business-friendly
PRESIDENT Rodrigo Duterte signed on Wednesday, February 20, the proposed measure introducing amendments to the 38-year-old Corporation Code of the Philippines in an effort to provide a more business-friendly environment.
The ceremonial signing of the proposed law was held at Palace's Rizal Hall on Wednesday afternoon, February 20.
"I signed today the Revised Corporation Code, which seeks to simplify corporate governance standards and establish a more business-friendly environment," the President said in his keynote speech delivered before government officials.
The law, which amends Batas Pambansa 68 or the Corporation Code of the Philippines that was passed on May 1, 1980, allows the perpetual existence of a corporation and the creation of one-person corporations.
The law incorporates international best standards and practices into the Philippine commerce and business to address present day realities.
It also encourages the creation of new businesses; contributes to the ease of doing business; strengthens corporate governance; provides better protection to the rights of stockholders; deters corporate business fraud; boosts anti-corruption measures; and fortifies the regulatory authority of the Securities and Exchange Commission (SEC).
The SEC, under the law, is granted additional powers to enforce the code and investigate and penalize violations.