Sen. Joel Villanueva (Photo from his Facebook account)
The bill amending Corporation Code of the Philippines could help attract more investors and create new jobs in the country, according to Sen. Joel Villanueva.
“The immediate passage of this bill into law is a concrete step towards attracting more investors to our country, thereby creating more jobs for Filipinos, by allowing the establishment of one-person corporations, providing for perpetual existence of corporations, and removing the minimum capital requirement under the current law, among others,” Villanueva said in a statement issued on Wednesday.
Earlier, the bicameral committee report on amending the Corporation Code was ratified by the Senate.
READ: Senate ratifies bicam reports amending SSS Act, Central Bank Act
Under the code, it would improve ease of doing business in the country by allowing a one-person corporation, removing the minimum capital requirement and providing for the perpetual existence of corporation.
Villanueva said the measure could boost a business-friendly environment in the country and would equal the standards of other countries.
“As member of the bicameral conference committee, I am certain that this landmark legislation will certainly match the standards of our neighboring countries, make our economy more competitive and foster a business-friendly environment,” he said. /atm