SEC ISSUES RULES TO IMPLEMENT BSP CEILINGS ON INTEREST RATES AND OTHER FEES
Last March 1, 2022, the Securities and Exchange Commission (“SEC”) issued its Memorandum Circular No. 3 to implement the ceilings previously imposed by the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “BSP”) via BSP Circular No. 1133, series of 2021 on interest rates and other fees imposed by financing companies, lending companies, and …
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FAQs: RULES ON SUSTAINABLE FINANCE
BSP Circular No. 1085 defines “sustainable finance” as any form of financial product or service which integrates environmental, social and governance (“ESG”) criteria into business decisions that supports economic growth and provides lasting benefit for both clients and society while reducing pressures on the environment. This also covers green finance which is designed to facilitate …
BSP ADOPTS STANDARD LOAN APPLICATION FORMS
What is the BSP’s objective in issuing Circular No. 1156 (the Guidelines on the Adoption of the Standard Business Loan Application Form or the “Guidelines”)?
BSP AMENDS GUIDELINES ON DIGITAL BANKS
On September 14, 2022, the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “BSP”) issued Circular No. 1154 (the “New Circular”) to amend the guidelines on digital banks previously set out in Circular No. 1105 dated December 2, 2020 and Monetary Board Resolution No. 1536 dated November 26, 2020. Circular 1154 took effect on …
Republic Act No. 11765: An Act Affording More Protection to Consumers of Financial Products and Services
Financial Products and Services Consumer Protection Act On May 06, 2022, Republic Act (RA) No. 11765, or the Financial Products and Services Consumer Protection Act, was signed into law. It aims to provide more protection to consumers of financial products and services against abusive and fraudulent practices by strengthening the powers of financial regulators, laying …
Philippines: BIR Updates its Procedures for Claiming Tax Treaty Benefits
In March 2021, the Philippine Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order No. 014-21 (the Memorandum), which streamlines the procedures for non-resident corporations and other juridical entities (collectively “non-resident taxpayers”) to access Philippine tax treaty benefits.
Tax Updates August 2020 (SyCipLaw Tax Issues and Practical Solutions (TIPS) Vol. 2)
SyCipLaw’s Tax Department prepared a TIPS bulletin for the month of August.
Tax Updates July 2020 (SyCipLaw Tax Issues and Practical Solutions (TIPS) Vol. 1)
SyCipLaw’s Tax Department has prepared T.I.P.S. covering the following tax issues:
Philippine Legislation in the Pipeline: Can They “De-contract” the Economy?
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 …
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Corporate Governance in the Time of COVID-19: Navigating New Horizons
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 …
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