Kittelson & Carpo Consulting – News and Advisories
We provide weekly updates on the latest news that affect local and foreign companies doing business in the Philippines.
The Department of Trade and Industry (DTI) announced that seven food manufacturing companies have confirmed that there will be no increase in their prices on Noche Buena products amid the COVID-19 pandemic.
The Department of Trade and Industry (DTI) places the Philippines as an investment destination amid the growing tension between the United States (US) and the European Union (EU) by leveraging their tariff perks in both economies.
The Department of Trade and Industry (DTI) is aiming to complete the e-commerce roadmap within this year. The e-commerce roadmap of 2022 is aimed at improving the market access of businesses through digitization and logistics integration.
The Securities and Exchange Commission (SEC), in a public notice dated September 21, 2020, has implemented a mandatory one-time 60-day grace period covering all existing, current, and outstanding loans as a relief to borrowers pursuant to Republic Act (RA) No. 11494, otherwise known as the Bayanihan to Recover As One Act.
PayMongo, a Filipino-owned online platform payment, secures ₱12 million to support its mission of building a digital infrastructure and support the shift to digitization of Filipino-owned businesses.
The Securities and Exchange Commission (SEC) released a memorandum that seeks to uphold the rights of stakeholders to inspect corporate records. This action was initiated afteCr numerous complaints against companies refusing stakeholder’s access to such records were filed to SEC.
The Bureau of Internal Revenue (BIR) released Revenue Memorandum Circular (RMC) No. 92-2020, amending RMC No. 60-2020 and 75-2020, to further extend the deadline of registration for businesses engaged in digital transactions.
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.
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.