The year 2012 is claimed to be one of the best years ever for the Philippine economy, with the gross domestic product expected to surpass the government’s target of 5 to 6 percent and the stock market ending the year on its 38th record high, making it the second-best performing market in Asia behind Thailand.
With two weeks to go before the ultimate deadline, 19 listed companies are still below the 10-percent minimum public ownership required for continued listing on the Philippine Stock Exchange.
The recent ruling of the Supreme Court in the case of “Wilson Gamboa vs Finance Secretary Teves et al.” has blurred the distinction between “legal ownership” and “beneficial ownership” as far as stocks in partially nationalized industries are concerned.
Local corporations are facing a rare opportunity to raise funds—whether on the debt or equity side of their balance sheets—at fairly low costs, while would-be investors in these corporate issues face an equally rare chance to receive better returns amid an environment of muted risk.
Three changes in registration procedures were adopted recently by the Securities and Exchange Commission to expedite the registration of corporations and the amendment of articles of incorporation.
If you were president of a company that has $98 billion (roughly P4.2 trillion) in cash and securities, what will you recommend your board of directors do with that wealth?
Bond issuances remained a major source of funds for corporate entities in the first 11 months of 2011, but companies sold less fixed-income securities during the period compared with the previous year as they tried to raise more cash via sale of equities.
Last week, the impeachment trial of Chief Justice Renato Corona touched on, among others, the issue of whether a corporation whose registration has been revoked by the Securities and Exchange Commission can still lend money to third parties.
In the local business scene, election to the board of directors of select companies as an independent director is considered a badge of honor. The law requires the boards of public and listed companies, and corporations earlier authorized by the Securities and Exchange Commission to sell their securities to the public to have such director. Public companies are corporations with assets in excess of P50 million and have 200 or more stockholders at least 200 of whom own a minimum of 100 shares each. Listed companies, on the other hand, are corporations whose shares are traded in the stock market.
Many people engaged in business have the mistaken notion that after a corporation has registered with the Securities and Exchange Commission, nothing else needs to be done to maintain its juridical personality. Thus, it is not uncommon for corporations to forget to file their General Information Sheet and their audited financial statements within the prescribed [...]
On June 6, 2011, President Aquino signed into law Republic Act (RA) No. 10149, otherwise known as the GOCC Governance Act of 2011 (GOCC Act). The new law was crafted by Sen. Franklin M. Drilon following several hearings conducted by the Senate as a result of the exposé on excessive pays and bonuses of the [...]
With the recent enactment of the GOCC Governance Act of 2011 (Republic Act 10149), it looks like the merry ways of the fat cats in government-owned and -controlled corporations are over. Aimed at promoting financial viability and fiscal discipline in GOCCs, the law created the Governance Commission for Government-Owned or -Controlled Corporations (GCG) to perform [...]
