Duterte signs Revised Corporation Code into law

MANILA, Philippines — President Rodrigo Duterte on Wednesday signed into law the Revised Corporation Code, which amends the Corporation Code.

In his speech during the signing ceremony in Malacañan Palace, he said the revised code would “simplify corporate governance standards and establish a more business-friendly environment” that would help corporations to “thrive.”

Among other things, the law would now allow one-person corporations, remove the minimum capital requirement, and provide for the perpetual existence of corporations.

The law will also remove the minimum number of incorporators, permit the electronic filing of reportorial requirements, and attendance in meetings via remote communication or in absentia.

The new code will also strengthen corporate governance standards and provide protection to minority stockholders by requiring corporations vested with the public interest to have independent directors. /atm