Increased investment and consumption in the domestic economy following the easing of Covid-19 restrictions is expected to support a recovery in manufacturing and construction activity, as well as government spending on infrastructure, which would help boost equity market investment in the Philippines. Enforcement of these strengthened laws has been mixed. Although progress has been made in establishing special commercial courts, prosecutions for stock market irregularities may be subject to delays and uncertainties in the Philippine legal system. The Philippine stock index fell to a low of 6,547.44 from 6,759.90 points last Friday when the market reopened on Tuesday. This is the lowest level since August 2021. The index then rose higher, closing at 6,720.93 on Tuesday, but moving between 6,630.52 and 6,695.85 on Wednesday. Currently (12. More than 200 companies are listed on the Philippine Stock Exchange. The Philippine Stock Exchange Composite Index (PSEi) tracks the performance of a fixed basket of the 30 largest companies. The revised Companies Code (RCC), or RA 11232, signed into law by President Rodrigo R. Duterte on February 20, 2019 and entered into force on February 23, 2019, amended the nearly four-decade-old BP 68 and is among the legislative priorities of the current administration.
It is in line with the president`s 10-point socio-economic agenda, especially to increase the competitiveness of the Philippine economy and improve the ease of doing business in the country. The RCC aims for a more competitive business sector by applying international best practices and standards tailored to the needs and realities of the Philippine business environment and introducing new concepts and mechanisms to help the Philippines keep pace with changing times. Among the notable amendments to the Companies Code is the granting of an unlimited period to existing and future companies, unless there is a statutory provision. The RCC also allows the incorporation of a sole proprietorship, a company with a single shareholder and no minimum capital required. Another important feature of the RCC is the establishment of an emergency board of directors when a vacancy on a corporation`s board of directors prevents the remaining directors from forming a quorum and, therefore, from taking the necessary emergency measures to prevent serious, significant and irreplaceable loss or damage. Dedicated client advisor to assist you with any research or inquiries on international markets. The Comprehensive Banking Act of 2000 paved the way for the progressive adoption by the Philippine banking system of internationally recognized and risk-based standards. Since 2011, the central bank has substantially revised its risk-based capital framework in line with adjustments to Basel capital requirements. In July 2007, the Philippines adopted the Basel 2 Capital Framework for Commercial Banks and their Bank/Quasi-Bank Subsidiaries, which extends credit and market risk coverage to operational risk and improves the risk weighting and disclosure framework for capital adequacy and risk management systems.
The central bank began phasing in Basel 3 capital requirements for commercial banks in January 2011. Full implementation is scheduled for January 2014, four years ahead of schedule set by the Basel Committee on Banking Supervision. By 2025, SEC, with its team of motivated, highly skilled, agile and client-focused professionals equipped with digital technologies and adaptive data recording and management systems, is the leading investor champion and catalyst for a deep, broad and informed investor-focused capital market and a stronger industry ranked among the best in the Southeast Asia (SEA) region. The SEC of the Philippines, the Committee on Investment Operations, the National Economic and Development Authority (NEDA) (www.neda.gov.ph/) and the central bank each produce direct investment statistics. The SEC, BOI and NEDA have investment approvals. The central bank records real investment according to the balance of payments methodology, which is readily available in US dollars. Central bank data are widely used as a reasonably reliable indicator of foreign investment stocks and foreign investment flows. In the area of copyright, the Philippine Congress ratified legislation that would fully implement the World Intellectual Property Organization (WIPO) treaties on copyright and performances and phonograms after more than a decade of waiting. Once adopted, a copyright office will be established within IPOPHL to deal with copyright issues. Philippine law also protects software as literary works, and exclusive rental rights may be offered in several categories of works and sound recordings. The conditions for the protection of phonograms, audiovisual works, newspapers and periodicals are consistent with the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). In addition, the adoption of the anti-camcorder law in 2010 provided for severe penalties for the illegal recording of films in cinemas.
The law would have helped to significantly reduce incidents of illegal camcorder recording in the Philippines. The figures in Table 1 refer to the stocks of foreign direct investment (FDI) reported by the central bank.