Friday 22 February 2019

Philippines: revised Corporation Code becomes law

A revised Corporation Code became law earlier this week on receiving the assent of the President. An overview of the new framework - achieved by making amendments to the existing Code (the Batas Pambansa Blg. 68) - has been published by the Securities and Exchange Commission: see here (pdf). Under the amended Code, it is now possible to form single member companies and companies will enjoy, unless the articles provide otherwise, perpetual existence (the old Code, in section 11, set a limit of 50 years). A copy of the revised Code is available here (pdf).

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