(Eagle News) — The bicameral conference committee has reconciled the Senate and House of Representatives versions of a measure that would strengthen and simplify corporate governance standards for a more business-friendly environment in the country.
With Senate Bill No. 1280 and its House version reconciled, Congress is a step closer to amending the Corporation Code of the Philippines, which Senator Franklin Drilon said was an old law that had numerous and stringent incorporation and regulatory requirements that discouraged investors and Filipino entrepreneurs from entering the local market.
“We are proud to lead the chamber in passing this landmark legislation that will remove the barriers hindering the entry of both small and large enterprises into the market,” Drilon said.
According to Drilon, if the measure was passed into law, the new corporation code will remove the minimum capital requirement and provide for perpetual existence of corporation.
He said it will also allow a one-person corporation, which could put a stop to the practice of naming an entire household as incorporators just to comply with the requirements of the old law.
“Suffice it to say, then, that the enactment of this measure and its immediate signing into law by the President is in order, so that we can change the atmosphere of conducting business in the country and make our economy more competitive,” he said.
