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 …
Amendments to the BSP Regulations on Reserve Requirements Read More »
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 …
SEC Guidelines: Umbrella Funds for Investment Companies Read More »
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 …
2026 AMENDMENTS ON THE BENEFICIAL OWNERSHIP RULE Read More »
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 …
Taxation of Cross-Border Services: Source of Income Under RMC 024-2026 Read More »
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, …
SEC Unveils Tiered Minimum Public Ownership Rules to Boost IPO Market Read More »
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 …
SEC Imposes Nine-Year Term Limit on Independent Directors of Listed Companies Read More »
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 …
Key Changes in the 2026 New SEC Rules of Procedure Read More »
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 …
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 …
BIR RMO No. 01-2026: Key Reforms in Tax Audit and Assessment Procedures Read More »
In a move aimed at supporting micro, small, and medium enterprises (MSMEs) and aligning regulatory requirements with current economic realities, the Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 4, Series of 2026 dated January 20, 2026. Under the new rules, stock and non-stock corporations exceeding Php3 Million in total assets or liabilities must submit audited financial …
SEC INCREASES AUDIT THRESHOLD FROM PHP600,000.00 TO PHP3,000,000.00 Read More »
