Senate Minority Leader Franklin Drilon. INQUIRER.NET PHOTO/CATHY MIRANDA
MANILA, Philippines – Senate Minority Leader Franklin Drilon on Thursday hailed President Rodrigo Duterte’s signing into law the Revised Corporation Code.
Duterte signed the Revised Corporation Code during a ceremony in Malacañang Palace on Wednesday.
READ: Duterte signs revised corporation code into law
The new code, which Drilon principally authored and sponsored, will strengthen corporate governance standards aimed improving the ease of doing business in the country.
Drilon said that its enactment is very timely in light of the country’s ranking in the latest World Bank’s Ease of Doing Business Report, which showed the overall ranking of the Philippines falling to 124th place, out of 190 economies, from its previous place at 113.
“The passage into law of this measure is critical in our bid to improve the country’s business climate and make our economy more competitive with the rest of the world,” Drilon said in a statement.
The new law, Drilon said, amends the 38-year-old Corporation Code of the Philippines.
Among other things, the law would now allow one-person corporations, remove the minimum capital requirement, and provide for the perpetual existence of corporations.
With this, Drilon said it would easier for local business owners and investors to register their businesses with the Securities and Exchange Commission.
The law will also remove the minimum number of incorporators, allow the electronic filing of reportorial requirements, and attendance in meetings via remote communication or in absentia. /cbb