Admin GVES

NPC Advisory No. 2026-01 on Data Scraping of Publicly Available Personal Data

data privacy / By

NPC Advisory No. 2026-01 on Data Scraping of Publicly Available Personal Data In response to the growing tension between artificial intelligence development and individual privacy rights, the National Privacy Commission (NPC) has moved to formalize the rules of the digital road. On 13 April 2026, the NPC issued Advisory No. 2026-01, establishing comprehensive guidelines for the …

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Amendments to the BSP Regulations on Reserve Requirements

Uncategorized / By

The Bangko Sentral ng Pilipinas (“BSP”) has updated its regulatory framework on bank reserves through BSP Circular No. 1229, Series of 2026, with specific focus on how reserve positions are computed and how penalties are enforced in cases of reserve deficiency. The Circular introduces amendments to the Manual of Regulations for Banks (MORB) and the …

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SEC Guidelines: Umbrella Funds for Investment Companies

Corporate, Legal Updates / By

The Securities and Exchange Commission (“SEC”) has officially introduced the “Umbrella Fund” framework through Memorandum Circular No. 14, Series of 2026. This development modernizes the structural requirements for investment companies, thus allowing a single corporate entity to manage multiple Sub-funds. Under the new Circular, the SEC defines an Umbrella Fund as an open-end investment company that …

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2026 AMENDMENTS ON THE BENEFICIAL OWNERSHIP RULE

Compliance / By

Under the Revised Corporation Code, all corporations are mandated to maintain accurate records and ensure full disclosure regarding their stockholders, members, and ownership structures. As the primary regulatory body, the Securities and Exchange Commission (“SEC”) continuously monitors these structures—with a specific focus on Ultimate Beneficial Owners (“UBO”) to prevent the misuse of corporate entities for illicit activities. Effective in …

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Taxation of Cross-Border Services: Source of Income Under RMC 024-2026

TAXATION, Legal Updates / By

Cross-border services are now common in commercial transactions. Philippine entities frequently engage foreign providers for consulting, information technology support, training, engineering, telecommunications, and similar services. These arrangements often involve activities performed partly outside the Philippines and partly within the country. In such cases, the principal tax issue is whether payments to the foreign service provider …

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SEC Unveils Tiered Minimum Public Ownership Rules to Boost IPO Market

Corporate, Compliance, Legal Updates / By

The Securities and Exchange Commission (SEC) issued Memorandum Circular No. 11, Series of 2026 last February 24, 2026. This new directive introduces a revised, tiered Minimum Public Ownership (MPO) framework applicable to companies intending to list their shares on the exchange. According to SEC Chairperson Francisco Ed. Lim, the new structure recognizes that the liquidity, valuation dynamics, …

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SEC Imposes Nine-Year Term Limit on Independent Directors of Listed Companies

Uncategorized / By

The Securities and Exchange Commission has issued SEC Memorandum Circular No. 7, Series of 2026, formalizing a strict nine-year cumulative term limit for independent directors (IDs) of publicly listed companies and imposing substantial penalties for non-compliance. Under the Circular, an independent director shall be elected for a one-year term but may serve for a maximum …

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Key Changes in the 2026 New SEC Rules of Procedure

Corporate, Compliance / By

On February 11, 2026, the Philippine Securities and Exchange Commission (SEC) issued Memorandum Circular No. 8, series of 2026, adopting its new Rules of Procedure.  These 2026 Rules, on the quantitative aspect, replace the 2016 framework and reduce the previous 27 rules (108 sections) into 17 rules (86 sections).  More significantly, they institutionalize a digital-first …

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A Structural Shift in Registration Compliance with BIR Updated Checklist of Documentary Requirements (CDR)

Uncategorized / By

On 18 July 2025, the Bureau of Internal Revenue issued Revenue Memorandum Circular No. 074-2025, adopting the updated Checklist of Documentary Requirements (CDR – July 2025) for registration-related frontline services.  RMC No. 74-2025 While framed as a checklist update, the revised CDR represents a broader compliance shift affecting corporations, OPCs, foreign corporations, digital service providers, branches, and even …

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BIR RMO No. 01-2026: Key Reforms in Tax Audit and Assessment Procedures

Announcements, Legal Updates, TAXATION / By

BIR Revenue Memorandum Order (RMO) No. 01-2026 introduces a reformed audit and assessment framework aimed at enhancing transparency, efficiency, and taxpayer protection in the conduct of tax audits by the Bureau of Internal Revenue (BIR). The Order took effect upon issuance in 27 January 2026. Key Highlights 1. Adoption of the Single-Instance Audit FrameworkAs a …

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