Legal Framework
From The Report: Philippines 2021
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This chapter examines the legal system of the Philippines, focusing largely on the stipulations of Bayanihan 1 and 2, which were passed into law in March and September 2020, respectively, to address the economic and health impacts of the Covid-19 pandemic. The chapter also outlines new guidelines on remote participation, corporate donations, corporate debt vehicles and draft guidelines for the licensing of digital banks, alongside various other changes to tax laws and regulations, labour-related laws and regulations, and regulations for the filing and submission of securities deposits that were implemented during the pandemic period. This chapter contains an interview with Raoul Angangco, Partner, Villaraza & Angangco Law.

Articles from this Chapter

Overview

Real-time evolution: Legislative and regulatory developments help to establish the roadmap for economic recovery
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In 2020 the Philippines experienced one of the world’s longest and strictest lockdowns implemented to stem the Covid-19 pandemic. These measures presented significant economic challenges. Indeed, GDP contracted by 11.5% year-on-year in the third quarter of 2020 – albeit at a slower rate than the previous quarter, which saw a drop of 16.9%. Nevertheless, swift action was necessary, and in early March President Rodrigo Duterte declared a State of Public Health Emergency throughout the Philippines.…

Interview

Streamlined processes: Raoul R Angangco, Senior Partner, Villaraza & Angangco Law, on improving the business environment
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Interview:Raoul R Angangco Which legal reforms should be prioritised to stimulate growth after the Covid-19-induced recession? RAOUL R ANGANGCO: The Bayanihan to Recover as One Act (Bayanihan 2) and tax reforms such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill should be prioritised to stimulate growth after the recession, as they form part of the government’s economic stimulus package. The enactment of Bayanihan 2, which allocates up to P165bn ($3.3bn) for…