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Corporate Governance

Company Registration and Transactions with the SEC During the Period of Enhanced Community Quarantine

The Securities and Exchange Commission ("SEC") adopted guidelines as a response to the imposition of the enhanced community quarantine (ECQ) all over Luzon by reason of the rapid spread of the COVID-19 pandemic.  Most transactions with the SEC, which include applications for company registration and submission of required reports, can be made online.

Philippines | Corporate Governance | 28 April 2020

General

The Revised Omnibus Guidelines on Community Quarantine in the Philippines

After the implementation of an Enhanced Community Quarantine ("ECQ") for two months in Luzon and other high-risk areas, the Philippine Government has gradually started easing restrictions and has begun transitioning to the "new normal".  On 30 April 2020, the Philippines President issued Executive Order No. 112), which adopted the Inter-Agency Task Force ("IATF") for the Management of Emerging Infectious Diseases Resolution No. 30 or the Omnibus Guidelines on the Implementation of Community Quarantine in the Philippines ("Omnibus Guidelines") and granted the IATF the authority to modify the Omnibus Guidelines without need of further approval of the President.  On 15 May 2020, the IATF issued the Revised Omnibus Guidelines on the Implementation of Community Quarantine in the Philippines.

Philippines | General | 22 May 2020
Supreme Court Suspends Operations of Courts and Issues Rules on Online Filing of Complaint or Information and Posting of Bail

In line with the implementation of enhanced community quarantine ("ECQ") measures by the National Government, the Philippine Supreme Court ("SC") has ordered the physical closure and suspension of operations of all courts, except for urgent matters.  The SC has also issued rules of procedure for the online filing of complaints or informations in criminal cases, posting of bail, and pilot testing of hearings in criminal cases involving persons deprived of liberty ("PDLs") through videoconferencing. In line with the extension of the ECQ over certain areas (including the National Capital Region), the SC has also extended the effectivity of these measures until May 15, 2020.  Separate guidelines were also issued for courts located in areas placed under General Community Quarantine (GCQ).  These are provided in SC Administrative Circulars Nos. 35-2020 and 36-2020, both issued on 27 April 2020.

The SC also issued guidelines on reduced bail and recognizance as modes for releasing indigent PDLs during the period of public health emergency pending the resolution of their cases.  These are provided in SC Administrative Circular No. 38-2020 issued on 30 April  2020. 

Philippines | General | 07 May 2020
DFA, BI Suspend Transactions Due to Enhanced Community Quarantine

In view of the enhanced community quarantine (ECQ), the Department of Foreign Affairs ("DFA") and the Bureau of Immigration ("BI") imposed a suspension on certain visa-related transactions.

Philippines | General | 28 April 2020
Imposition of Price Freeze and Enumeration of Establishments Allowed to Operate during the Period of Enhanced Community Quarantine

The Department of Trade and Industry issued various circulars in line with the Philippine government’s response to the COVID-19 pandemic. These circulars address various measures taken by the government including the imposition of price freeze or price control, measures against panic buying and hoarding, and granting of grace period for rent due on residential and commercial leases. The circulars also address the movement of cargo and transit of personnel of business establishments allowed to operate during the enhanced community quarantine (ECQ) declared under the Memorandum issued by the Executive Secretary on 16 March 2020.

Philippines | General | 21 April 2020
Philippine Legislature Grants the President Temporary Emergency Powers to Combat COVID-19 Outbreak

On 8 March 2020, the President of the Philippines declared a State of Public Health Emergency throughout the Philippines due to COVID-19. Following the continued rise of COVID-19 cases, the President, on 16 March 2020, declared a State of Calamity throughout the Philippines and imposed an Enhance Community Quarantine (“ECQ”) throughout Luzon from 17 March 2020 until 12 April 2020, which was subsequently extended until 30 April 2020.

The imposition of the ECQ resulted in the suspension of all classes, prohibition of mass gatherings, observance of strict home quarantine in all households with the exception of accessing basic necessities, closure of private establishments except those providing basic necessities, and suspension of mass public transport, among others.

Philippines | General | 21 April 2020

Mergers & Acquisitions

PCC Suspends Merger Process and Timelines Due to Enhanced Community Quarantine

The Philippine Competition Commission (PCC) has suspended certain activities in view of the enhanced community quarantine imposed by the Philippine government in response to the worsening COVID-19 outbreak in the Philippines. The quarantine was announced in the evening of 16 March 2020, and is currently scheduled to end on 14 April 2020.

Philippines | Mergers & Acquisitions | 06 April 2020

Support Measures

BSP Grants Relief Measures to Manage the Financial Impact of COVID-19, Temporarily Suspends Administrative Proceedings, and Issues Guidelines for the Implementation of the Bayanihan to Heal As One Act

The Bangko Sentral ng Pilipinas (“BSP”) Monetary Board has approved the granting of relief measures to BSP-supervised financial institutions (“BSFIs”) to enable them to extend the same relief measures to their clients, borrowers, and employers in view of the Enhanced Community Quarantine (“ECQ”) imposed by the Philippine government in response to the COVID-19 outbreak in the Philippines. The BSP also temporarily suspended proceedings of administrative cases at the BSP’s Office of the General Counsel and Legal Services-Investigation and Prosecution Group due to the Luzon-wide ECQ. It likewise directed all BSFIs to comply with Section 4(aa) of the Bayanihan to Heal As One Act.

On April 24, 2020, President Rodrigo Duterte announced another extension of the ECQ in high-risk areas which include Metro Manila, Central Luzon (except Aurora), the CALABARZON Region (Cavite, Laguna, Batangas, Rizal and Quezon), the island of Cebu, the provinces of Davao del Norte, Davao de Oro, and Davao City, among other areas until May 15, 2020.

Philippines | Support Measures | 14 May 2020
BIR Further Extends Deadlines, Suspends Assessment, and Collection of Deficiency Taxes Due to Enhanced Community Quarantine

The Bureau of Internal Revenue ("BIR") previously issued Revenue Regulations No. 007-2020, as amended by Revenue Regulations No. 010-2020, extending the deadline for the submission and/or filing of certain documents and/or returns as well as payment of certain taxes. On 29 April 2020, BIR issued Revenue Regulations No. 011-2020  further extending the deadlines to submit, file and/or pay the necessary documents and/or taxes required under the National Internal Revenue Code, as amended, as well as in the existing revenue regulations.  The extension of due dates is applicable throughout the Philippines. 

Philippines | Support Measures | 07 May 2020
Extension of Deadlines of Payment Obligations and Submission Requirements, and Implementation of Other Measures to Provide Relief to Electricity Consumers

The Department of Energy ("DOE") extended the deadlines for the payment of certain obligations in the energy supply chain, such as those due to the Power Sector Assets and Liabilities Management Corp. (PSALM), the National Power Corporation (NPC), the National Transmission Corporation (TRANSCO), the National Grid Power Corporation (NGCP) and the Independent Electricity Market Operator (IEMOP), and also directed public and private corporations in the energy supply chain to extend the payment deadlines of their customers.  The DOE also issued guidelines for the remittance and utilization of host community funds for a targeted COVID-19 response and directed the grant of relief to electricity consumers, both individual and corporate.

The Energy Regulatory Commission (ERC) also extended the deadlines for the payment of certain obligations in the energy supply chain, and also the submission of certain documents, and directed other energy sector participants to similarly extend certain payment deadlines.  It temporarily suspended the collection of the feed-in tariff allowance (Fit-All) and granted interim relief to the National Grid Power Corporation (NGCP) that will effectively reduce the transmission tariff borne by electricity consumers.

Philippines | Support Measures | 07 May 2020
Control and Support Measures in the Philippines Amid the COVID-19 Pandemic

On 16 March 2020, the Philippine President declared a State of Calamity throughout the Philippines for a period of six months and imposed an Enhanced Community Quarantine ("ECQ") throughout Luzon (the biggest island in the Philippines where Metro Manila is located) until 12 April 2020.  The ECQ was subsequently extended to 30 April 2020. 

In order to optimise the government’s efforts in responding against the health and economic costs posed by the COVID-19 pandemic, the Philippine Congress enacted Republic Act No. 11469, or the Bayanihan to Heal as One Act ("Act").  The Act granted the President certain emergency powers and the authority necessary to carry out urgent measures, including the authority to direct the operation of privately-owned hospitals and medical and health facilities, and ensure availability of essential goods, among others.  The Act also authorised and prioritised the augmentation of the operational budget of government hospitals, calamity funds, and budget of various social amelioration programs. 

On 24 April 2020, the Philippine President announced the extension of the ECQ in Metro Manila, Central Luzon (except Aurora which is under general community quarantine), CALABARZON (Cavite, Laguna, Batangas, Rizal, and Quezon), and other high-risk areas in Luzon until 15 May 2020. Moderate-risk and low-risk areas in Luzon will be placed under general community quarantine starting 1 May 2020. The President also placed some areas in Visayas and Mindanao under ECQ.

Philippines | Support Measures | 30 April 2020
BIR Eases Procedures and Provides Reliefs Including those that are Related to Needed Healthcare Equipment in View of the ECQ

The Bureau of Internal Revenue ("BIR") has extended deadlines, suspended assessment and collection of deficiency taxes, and exempted the importation of needed healthcare equipment or materials from certain taxes and duties in view of the Enhanced Community Quarantine ("ECQ") imposed by the Philippine government in response to the worsening COVID-19 outbreak in the Philippines.  The quarantine was announced in the evening of 16 March 2020 and was scheduled to end on 30 April 2020.  On 24 April 2020, President Rodrigo Duterte announced another extension of the ECQ in high-risk areas which include Metro Manila, Central Luzon, the CALABARZON Region (Cavite, Laguna, Batangas, Rizal and Quezon), the island of Cebu, the provinces of Davao del Norte, Davao de Oro, and Davao City, among other areas until 15 May 2020.

Philippines | Support Measures | 28 April 2020

Workplace & Employment

DOLE and DTI Issue Interim Guidelines on Workplace Prevention and Control of COVID-19 for Private Establishments Allowed to Operate during the ECQ and GCQ

The whole of Luzon has been under an Enhanced Community Quarantine ("ECQ") since 17 March 2020 due to the COVID-19 outbreak in the Philippines.  On 30 April  2020, President Rodrigo Duterte issued Executive Order No. 112 which approved the extension -- until 15 May 2020 -- of the ECQ over Metro Manila, Central Luzon (except Aurora), CALABARZON (comprising Cavite, Laguna, Batangas, Rizal, and Quezon) and other high-risk provinces.  Moderate and low-risk provinces, meanwhile, were placed under a less-stringent General Community Quarantine ("GCQ") until 15 May 2020.   

On 30 April 2020, the Department of Labor and Employment (DOLE) and the Department of Trade and Industry (DTI) issued interim guidelines to assist private institutions that are allowed to operate during the ECQ and GCQ in developing the minimum health protocols and standards in light of the COVID-19 pandemic.

Philippines | Workplace & Employment | 07 May 2020
DOLE Suspends Alien Employment Permit Processing and Allows Deferment of Payment of Holiday Pay for April 2020

In light of the enhanced community quarantine ("ECQ") implemented in the Luzon Region due to the COVID-19 outbreak in the Philippines, the Department of Labor and Employment (DOLE) suspended the processing and issuance of alien employment permits (AEP) and allowed employers to defer the payment of holiday pay to employees.  The ECQ was implemented on 16 March 2020 and would be in effect until 30 April 2020.  On 24 April 2020, President Rodrigo Duterte announced another extension of the ECQ in high-risk areas which include Metro Manila, Central Luzon, the CALABARZON Region (Cavite, Laguna, Batangas, Rizal and Quezon), the island of Cebu, the provinces of Davao del Norte, Davao de Oro, and Davao City, among other areas until 15 May 2020.

Philippines | Workplace & Employment | 28 April 2020

Useful Resources

COVID-19 - gov.ph
Department of Health
Government Website
Department of Trade and Industry
Department of Labor and Employment
Philippine Economic Zone Authority
Department of Foreign Affairs
Securities and Exchange Commission


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