New law to make PH more busi­ness-friendly

Sun.Star Pampanga - - NATION! -

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.

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