Legal Updates - GVES Law Offices

Philippines Bold Move: Introducing The Digital Nomad Visa For Foreign Remote Workers To Boost The Country’s Tourism And Economic Growth.

Technology and people’s lifestyle are deeply connected, progressing hand in hand to push forward for innovation and growth. By embracing this trend, the Philippines has taken a significant step towards accepting the digital age with the signing of Executive Order No. 86 (“Authorizing the Issuance of Digital Nomad Visa”), by President Ferdinand R. Marcos Jr. This …

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A Turning Point in Foreclosure Law: How UCPB v. Ang Rewrites the Rules on Banking Power

Legal Updates / By Admin GVES

In a previous decision made by the Supreme Court in UCPB v. Ang G.R. No. 222448(2021) the court ruled that a foreclosure proceeding due to non-payment of the loan may be held valid even if it is proved that the interest rates imposed by the lender were improper and unlawful. The court rationed that regardless …

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BSP Limits Over-the-Counter Cash Withdrawals Above ₱500,000.00

Corporate, Compliance, Finance / By Admin GVES

On 18 September 2025, the Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1218-2025 (the “Circular”) amending certain provisions of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). Specifically, Circular No. 1218-2025 provides restrictions on large value payouts, or transactions (such as withdrawals) of more than Five Hundred Thousand Pesos (Php500,000.00), and mandates the implementation …

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The Digital Turn: How the E-Governance Act Transforms PH Government

Announcements, Legal Updates, Technology / By Admin GVES

On September 5, 2025, President Marcos Jr. signed Republic Act No. 12254, also known as the E-Governance Act, formalizing the Philippine government’s shift to digital governance. In order to improve the overall delivery of public services through information and communications technology (ICT), decrease bureaucratic delays, foster transparency, and safeguard data privacy, the measure aims to …

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What is the hype about TRUSTMARK and what it means for your online business?

Announcements, Compliance, Corporate, Technology / By Admin GVES

Republic Act No. 11967, or the “Internet Transactions Act of 2023”, was enacted on 05 December 2023 to promote and strengthen e-commerce in the Philippines by building trust between online merchants and consumers. One of its key innovations is the creation of the E-Commerce Bureau, which was tasked to implement the E-Commerce Philippine Trustmark, a …

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SC Upholds Arbitration Framework: CIAC Jurisdiction Limited to True Construction Disputes

Corporate, Legal Updates / By Admin GVES

In 2025, the Philippine Supreme Court reaffirmed the importance of respecting arbitration agreements while also clarifying the limits of CIAC’s jurisdiction. While the CIAC’s authority is statutory under Executive Order No. 1008, the Court emphasized that it remains confined to disputes arising from construction contracts, broadly construed but not beyond their intended scope. In Fleet Marine …

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Anti-Financial Account Scamming Act in Action: BSP Circular No. 1214 Puts Scammers on Notice and Banks on the Clock

Finance, Legal Updates / By Admin GVES

On 20 July 2024, the Anti-Financial Account Scamming Act (“AFASA”) was passed to promote awareness and to protect the public from cybercriminals and criminal syndicates who target Financial Accounts or lure Account Owners into becoming accessories or perpetrators of fraudulent activities. Some of the key provisions of the AFASA are Sections 12, 13, and 14 …

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By The Book: Supreme Court Rules That Mere Inclusion In The Corporate GIS Does Not Make One A Stockholder

Compliance, Corporate, Legal Updates / By Admin GVES

Corporations have been a staple in growing economies owing to various reasons including limited liability and greater access to capital as compared to other business vehicles. With such a significant role in business and the economy, corporations are vested with the need to maintain accurate and organized internal records. In the Philippines, every corporation is …

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BUSINESS ALERT: SEC MEMORANDUM CIRCULAR NO. 09 – STREAMLINING THE 45-DAY REVIEW PROCESS OF REGISTRATION STATEMENT APPLICATIONS UNDER THE MSRD

Uncategorized, Compliance, Corporate, Legal Updates / By Admin GVES

On 24 July 2025, to further boost its commitment to ease of doing business in the country, the Securities and Exchange Commission issued a SEC Memorandum Circular No. 09 series of 2025. The SEC MC No. 09 provides guidelines to further streamlining the 45-day registration statement review process under the Markets and Securities Regulation Department …

BUSINESS ALERT: SEC MEMORANDUM CIRCULAR NO. 09 – STREAMLINING THE 45-DAY REVIEW PROCESS OF REGISTRATION STATEMENT APPLICATIONS UNDER THE MSRD Read More »

Understanding the Capital Markets Efficiency Promotion Act (CMEPA): An Overview of Investment Tax Reforms and Vetoed Items

TAXATION, Compliance, Corporate, Finance, Legal Updates / By Admin GVES

CMEPA at a Glance Area Before CMEPA After CMEPA Stock Transaction Tax (STT) 0.6% on sale of listed shares 0.1% flat rate on sale of listed shares Capital Gains Tax 15% on unlisted domestic shares only; foreign shares taxed up to 35% 15% flat rate on both unlisted domestic and foreign shares Interest Income Subject …

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