Philippine Competition Commission suspends filing of pleadings and other submissions On 19 March 2020, the Philippine Competition Commission (PCC) issued a Public Advisory (Advisory) which suspended the period for the filing of pleadings and other submissions, and for the payment of fines and penalties from 16 March to 14 April…
Recent developments The Philippine Securities and Exchange Commission (SEC) has recently issued SEC Memorandum Circular No. 9 Series of 2020 (SEC MC No. 9) to provide guidelines for the filing of General Information Sheet (GIS) during the Enhanced Community Quarantine (ECQ) period imposed due to the Coronavirus Disease 2019 (COVID-19)…
Recent developments The Philippine Securities and Exchange Commission (SEC), in a Notice dated 18 March 2020, made the following amendments to SEC Memorandum Circular No. 5 Series of 2020 (SEC MC No. 5), which extended the period for submission of Annual Reports and Annual Financial Statements (AFS) of Philippine companies:…
Recent developments The Philippine Securities and Exchange Commission (SEC) has issued SEC Memorandum Circular No. 5 Series of 2020 (SEC MC No. 5), which extends the period for submission of Annual Reports (on SEC Form 17-A, which is applicable to publicly-listed companies) and Annual Financial Statements (AFS) of Philippine companies.…
On 16 March 2020, the Philippine Competition Commission (PCC) issued PCC Commission Resolution No. 007-2020 (Resolution) which suspended certain merger processes and timelines from 16 March to 14 April 2020 (Community Quarantine Period). What the Resolution says Generally, the pre-acquisition ultimate parent entities of each of the buyer and target…
On 5 March 2020, the Philippine Economic Zone Authority (PEZA) issued PEZA Memorandum CircularNo. 2020-011 (Circular) which authorizes PEZA-registered Ecozone IT Enterprises to take courses of action and implement alternative work arrangements in response to the coronavirus (COVID-19) situation in the Philippines. Ecozone IT Enterprises may immediately implement their courses…
Recent Developments On 17 February 2020, the Philippine Competition Commission (PCC) published PCC Commission Resolution No. 02-2020 dated 11 February 2020 (CR No. 02-2020) on its website, which adjusts the mandatory notification thresholds under the Philippine Competition Act (PCA) and PCA Implementing Rules and Regulations (PCA-IRR), as follows: Size of…
On 20 January 2020, the Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 1, Series of 2020 on the Revised Implementing Rules and Regulations of Republic Act NO. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009 (Revised REIT IRR). The Revised REIT IRR…
Recent developments The Philippine Competition Commission (PCC) has issued a decision on its first case on abuse of dominance. Abuse of dominance is a violation of Section 15 of the Philippine Competition Act (PCA). PCC Case No. E-2019-001 (Case) involves a case for abuse of dominance against a condominium developer…
Recent Developments The Supreme Court has recently issued A.M. No. 19-08-06-SC or the “Rule on Administrative Search and Inspection under the Philippine Competition Act” (Rules). The Rules govern the procedure to apply for, the issuance, and enforcement of, inspection orders for administrative investigations of alleged violations of the Philippine Competition…