A Year in Reflection

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The past two years have been full of twists and turns, ups, and downs. It’s been a year of unprecedented events from the Taal Volcano’s eruption to the pandemic and the subsequent world’s longest lockdown. What started as a vision is now fast becoming a reality. The degree of difficulty by which the firm has navigated amidst all these monumental challenges is undisputable. However, it has also been a testament to our resilience, adaptability, and boundless capacity for growth. Abo and Penaranda Law demonstrated not only our ability to adapt but also…

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House Bill 7760: Financial Technology Industry Development Act of 2020

The coronavirus pandemic has weakened economies throughout the world, however, it also amplified the reliance on the internet, cyberspace, and online technologies massively, making financial technology an emerging global industry. Cyber technology has indeed become a part of everyone’s daily life The financial technology industry is booming because it gives convenience to people and accessibility to various needs at a click of the finger.  People can do their banking transactions and shop online, or order food, groceries, and other necessities from online markets, and even make business dealings through their mobile phones or laptops; all these without the hassle of waiting in…

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HOUSE BILL NO. 6135: THE PROPOSED FISCAL MINING REGIME BILL

One of the economic measures being fast-tracked by Congress is House Bill No. 6135 or the Fiscal Mining Regime Bill. The objective of the bill is to rationalize and institutionalize a fiscal regime applicable to all mineral agreements. This would enhance the government’s equitable share in the utilization of natural resources without compromising the mining sector’s need for a reasonable return on investment. Tax Implication of the Fiscal Mining Regime Bill The proposed bill seeks to amend Sections 34 and 151 of the National Internal Revenue Code, as amended. By the proposed…

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House Bill No. 7749 or the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery

Keeping MSMEs Afloat amidst the Pandemic On Tuesday, December 1, 2020, The House of Representatives passed House Bill 7749 or the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act. The Act focuses on recognizing the necessity of keeping Micro, Small, and Medium Enterprises (MSMEs for brevity)   afloat during this pandemic as these businesses play a strategic role in providing employment to the Filipino people and in supporting the Philippine economy. Thus, it is deemed essential that the State be able to provide the necessary access to credit…

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General Appropriations Bill 2021— House Bill 7727

Ode to 2021: Reset, Rebound, Recover As we enter the final month of what has been a universally challenging, unprecedented year of tackling both a pandemic and the subsequent financial crisis it plunged the world into, concerns regarding the imminent new year is expected. On Thursday 26 November 2020, the House of Senate approved the third and final reading of the 2021 national budget known as the General Appropriations Bill (GAB). The proposed budget stands at an impressive Php 4.5 trillion. This is 9.9% higher than the national budget for 2020 and…

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