Senate Minority Leader Franklin Drilon lauded on Wednesday the Senate ratification of the amendments to the Corporation Code of the Philippines, saying it would help improve country’s “ease of doing business.”
“The enactment of this landmark legislation is not only timely but is also necessary considering the fact that we are lagging behind our neighbors in terms of ease of doing business. This measure will vastly improve the regulatory environment for setting up a business in our country,” Drilon said in a statement.
READ: Despite reforms, PH 124th in ease of doing business
Earlier, the Senate ratified the bicameral conference committee report on amending the Corporation Code. The report, however, needs to be approved by the House of Representatives before it is sent to President Rodrigo Duterte.
READ: Senate ratifies bicam reports amending SSS Act, Central Bank Act
Drilon said the bill will introduce reforms to the Corporation Code to “remove the barriers hindering the entry of both small and large enterprises into the market.”
He added that the bill also pushes for strengthening corporate governance standards, which includes “allowing one-person corporations, removing the minimum capital requirement and providing for perpetual existence of corporations.”
The bill also allows one-person corporation to better avail of loans and grants, to help address the current business environment “where it is hard for corporations and individual businesses to avail loans.” /ee