Loans to small businesses increased in recent months after the Bangko Sentral ng Pilipinas (BSP) placed relief measures to encourage banks to lend financial loans to companies that employ 9 out of 10 Filipinos.
News/Advisory
The Securities and Exchange Commission (SEC), in a notice dated August 11, 2020, has issued further extended deadlines for the submission of Annual Reports (AR) in the Philippines. The circular likewise reiterates the guidelines on the filing process through various modes for the compliance of concerned corporations.
The Securities and Exchange Commission (SEC), in a notice dated August 11, 2020, has further adjusted the submission deadlines of Annual Reports, Annual Financial Statements (AFS), and General Information Sheet (GIS) due to reimplemented Modified Enhanced Community Quarantine (MECQ), which ended on August 18, 2020, covering the National Capital Region (NCR) and other areas of Luzon.
The Securities and Exchange Commission (SEC) issues new “relaxed” rules for small investors who want to open accounts to boost participation in the capital markets in the Philippines.
During the second regular session of the 18th Congress on July 27, Ang Probinsyano Party-List Representative Alfred Delos Santos appealed for local government units (LGUs) and national agencies to spare registration fees for online sellers.
The Department of Trade and Industry (DTI) stated that it will focus its efforts on manufacturing to help the Philippine economy recover and reduce dependence on international imports.
The Securities and Exchange Commission (SEC), in a notice dated July 12, 2020, has issued adjusted deadlines and submission processes of Annual Reports, Annual Financial Statements (AFS), and General Information Sheet (GIS) due to the closure of SEC’s Main Office.
The Philippine Economic Zone Authority (PEZA) released Memorandum Circular (MC) No. 2020-0035 indicating the requirements for submission of request for travel ban exemption for foreign nationals.
The Bureau of Immigration (BI), in a public advisory dated June 29, addresses concerns of Accredited Private Entities (APEs) on the submission deadline for accreditation requirements. BI took into consideration the appeal for deadline extension given the circumstances that the current BI Accreditation expired on June 30, and compliance processes have been hampered due to quarantine restrictions.
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 62-2020 indicating the entire list of medicines exempted from Value Added Tax (VAT) specifically for illnesses such as Diabetes, High-Cholesterol, and Hypertension.