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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Republic Act No. 11234: Energy Virtual Online One Stop Shop Law or the EVOSS ACT

The Philippines is an emerging economy and its economy has greatly shifted from agriculture to industry. In terms of energy use, conventional fossil fuels (oil and gas) are the main source for its primary energy demands. Philippines is highly exposed to oil price volatility due to the fact that it is dependent on imports for almost half of its primary energy supply. Consequently, the Government resolves to bolster its energy security while doing a delicate balancing act of pursuing a low carbon economic development to combat the effects of climate change. It…

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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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FIST Bill: Financial Institutions Strategic Transfer Bill or House Bill 6816

Earlier this year, FIST Bill or the Financial Institutions Strategic Transfer (FIST) Act proposed as House Bill (HB) No. 6816, seeks to ensure that banks and financial institutions (FIs) are able to maintain their financial health to cushion the adverse economic impact of COVID-19. The new measure provides the necessary options in order to expedite and provide the rehabilitation of distressed companies.  The State recognizes the role of banks and other financial institutions as mobilizers of savings and investments and in providing the needed financial system liquidity to keep the economy afloat.…

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