Senate ratifies bicam reports amending SSS Act, Central Bank Act
The Senate on Wednesday approved the bicameral conference committee reports amending the Social Security Act, Corporation Code of the Philippines and the Central Bank Act.
Last October, the bicameral conference committee approved the measure that allows Social Security System (SSS) members, who may become jobless, to receive “unemployment insurance” to be offered for two months.
Senator Richard Gordon, principal author of the bill’s Senate version, said the measure provides “defined benefits.”
Meanwhile, on Monday, the bicameral conference committee also approved the revisions on the Corporation Code of the Philippines to strengthen and simplify corporate governance standards.
The committee approved the reconciled bill of the House and the Senate following the latest Ease of Doing Business Report by the World Bank which revealed that the overall ranking of the country fell to the 124th place out of 190 economies, from its 113th last year.
The new corporation code aims to improve ease of doing business in the country by allowing one-person corporations, removing the minimum capital requirement and providing for perpetual existence of corporation.
With this, local business owners and investors could stop the practice of naming their entire household as incorporators simply to comply with the stringent requirement of the law.
The Senate also approved the bicameral committee report on the increase in the capitalization of the Bangko Sentral ng Pilipinas (BSP).
The measure amends Republic Act 7653 or the New Central Bank Act which increased the capitalization of the BSP from P50 billion to P200 billion.
The House of Representatives has yet to ratify the bicameral reports. After the measure gets ratified by both chambers, it will be brought to President Rodrigo Duterte to be signed. /muf
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