House Bill No.5 and Senate Bill No. 1421: Puhunan, Tulungan,Kaunlaran (PTK) Act

HOUSE BILL NO. 5 and SENATE BILL NO. 1421: PUHUNAN, TULUNGAN, KAUNLARAN (PTK) ACT - Proposed Bills to Institutionalize Microfinance Programs and Access to Capital to Support and Grow Micro, Small, and Medium Enterprises (MSMEs)             From the Explanatory Notes of each Bill, it can be gathered that MSMEs make up an immense portion of the business sector, with the large enterprises consisting of a small percentage of the business pie in the Philippines. Despite recognizing the vital and important role of MSMEs in the economic growth of the Philippines, however, this…

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R.A.11520: Extending the Availability of Appropriations under Republic Act 11494 and An Act Extending the Availability of the 2020 Appropriations to December 31, 2021

As the world continues its fight against the pandemic, the Philippines' response is continued assistance to its citizens. The availability of the 2020 national budget and funds has been extended through RA 11519— An Act Extending the Availability of Appropriations under Republic Act 11494 otherwise known as the “Bayanihan to Recover As One Act” and RA 11520— An Act Extending the Availability of the 2020 Appropriations to December 31, 2021, Amending for the Purpose section 60 of the General Provisions of Republic Act No. 11465 or the General Appropriations Act of Fiscal…

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REPUBLIC ACT NO. 11521: AN ACT FURTHER STRENGTHENING THE ANTI MONEY-LAUNDERING LAW

Last January 29, 2021, President Rodrigo R. Duterte signed into law Republic Act (R.A.) No. 11521, which intends to strengthen the Anti-Money Laundering Act (AMLA). R.A. No. 11521 includes real estate developers and brokers, offshore gaming operators, as well as their service providers in the list of covered persons under the AMLA. The said law also requires the submission of reports to the Anti-Money Laundering Council (AMLC) of all real estate transactions involving an amount of more than seven million five hundred thousand pesos (P 7,500,000.00). Additionally, R.A. No. 11521 expands the…

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