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THE REAL ESTATE INVESTMENT TRUST (REIT) : SALIENT PROVISIONS OF R.A. 9856

Republic Act (RA) 9856 otherwise known as “An Act Providing the Legal Framework for Real Estate Investment Trust and for Other Purposes” or the Real Estate Investment Trust (REIT) Act of 2009 lapsed into law on December 17, 2009 when then President Gloria Macapagal Arroyo did not sign the same. PURPOSE OF REAL ESTATE INVESTMENT TRUST LAW The purpose of the REIT law as pursuant to Section 2 thereof is “It is the policy of the State to promote the development of the capital market, democratize wealth by broadening the participation of…

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CALAMITY FUND IN THE PHILIPPINES

In May 07, 2010, then President Gloria Macapagal-Arroyo signed in to law Republic Act (RA) 10121 or the “Philippine Disaster Risk Reduction and Management Act of 2010”.  In a nut shell, this law’s aim is to have a framework for the mitigation of risks, programs for quick responses during the time of disasters and recovery thereafter. An important aspect of the Disaster Risk Reduction and Management Plan is its implementation which is only possible if there ample is ample funding. Hence, RA 10121 have provisions for a Local Disaster Risk Reduction and…

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FOREIGN INVESTMENT NEGATIVE LIST

On 29 October 2018 President Rodrigo Duterte issued the 11th Foreign Investment Negative List. The said Foreign Investment Negative List took effect on 16 November 2018. As with the previous List, the current one outlines, clarifies the scope and limitations of foreign ownership in businesses in specific industries. The intent of the 11th Foreign Investment Negative List is to ease restrictions on foreign participation in certain investment areas or activities. This can be seen in the easing of restrictions of foreign ownership in many sectors or industries, which now can be owned…

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PREMIUM PAYMENTS (HOLIDAY PAY) FOR WORKERS WHO REPORT FOR DUTY ON REGULAR AND SPECIAL HOLIDAYS

PREMIUM PAYMENTS (HOLIDAY PAY) It’s the time of the year where holidays are a plenty and where millions spend valuable time with their loved ones. However, many businesses do not stop on holidays and some workers are required by their employers to go on duties. In return, workers who are required to report for work on holidays are given additional pay in accordance with labor laws. PREMIUM PAYMENTS FOR WORKERS WHO REPORT ON A REGULAR HOLIDAY Workers who report for work during an official regular holiday are entitled to “double pay” or…

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RA 11285-Energy Efficiency And Conservation Act: Salient Provisions And Incentives

Energy Efficiency And Conservation Act On April 12, 2019 President Rodrigo Duterte signed into law Republic Act (RA) 11285 entitled - Energy Efficiency And Conservation Act An Act Institutionalizing Energy Efficiency and Conservation, Enhancing the Efficient Use of Energy, Granting Incentives to Energy Efficiency and Conservation Projects”. The law seeks to “… establish a framework for introducing and institutionalizing fundamental policies on energy efficiency and conservation, including the promotion of efficient and judicious utilization of energy, increase in the utilization of energy efficiency and renewable energy technologies, and the delineation of responsibilities…

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Body-Worn Cameras For The Police in PDEA In The “War On Drugs”

In a memorandum dated October 31, 2019, and released on November 5, 2019, President Rodrigo Duterte appointed Vice-President Leni Robredo as the co-chairperson of the Inter-Agency Committee on Anti-illegal Drugs (ICAD). The President's action effectively placed one of the staunchest critics of the administration’s war on drugs inside its policy-making body where she can propose changes to make the campaign more agreeable to everyone. Vice-President Robredo upon accepting her appointment was quick to give suggestions to improve the Philippines' anti-drug operations. One of these suggestions is the use of body-worn cameras of…

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REVISED CORPORATION CODE OF THE PHILIPPINES: SALIENT PROVISIONS

Salient Provisions of the Revised Corporation Code of the Philippines On February 20, 2019, President Rodrigo Duterte signed into law the Republic Act (RA) 11232 or the Revised Corporation Code of the Philippines effectively repealing Batas Pambansa (BP) 68 or the Corporation Code of the Philippines. RA 11232 law took effect on February 23, 2019. RA 11232 introduced many provisions drastically changing the process of organizing corporations, day to day activities, and compliance with regulatory requirements. The more distinct revisions made by the new law are the following: First, there is no…

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