Power Generation, Transmission & Distribution 2024
Definitive global law guides offering comparative analysis from top-ranked lawyers
PunoLaw Welcomes two Senior Partners for 2024
PunoLaw is proud to announce the admission of Deborah S. Acosta-Cajustin and Joseph Vincent B. Alvaera as Senior Partners, effective January 1, 2024. Debbie is a multi-skilled lawyer with 17 years of experience in tax and corporate law. She routinely advises public and private companies on various taxation issues, including individual and corporate taxation, tax […]
Philippines
According to the National Economic Development Authority (NEDA), a Philippine government agency responsible for economic development and planning, the Philippines posted a full-year gross domestic product growth rate of 5.6% in 2023, which is below
Amendments to the Public Service Act and its Effect on Public Utility Ownership Restrictions
On March 21, 2022, President Rodrigo R. Duterte signed Republic Act No. 11659 into law. The law amends the decades-old Commonwealth Act No. 146, otherwise known as the Public Service Act (PSA), which was passed in 1936. The PSA defines “public service” to include every person that owns, operates, manages or controls in the Philippines, […]
Guidelines on Corporate Dissolution under Sections 134, 136 and 138 of the Revised Corporation Code
On February 15, 2022, the Securities and Exchange Commission (SEC) issued SEC Memorandum Circular No. 5, series of 2022 or the Guidelines on Corporate Dissolution under Sections 134, 136 and 138 of the Revised Corporation Code (RCC) (SEC MC No. 5-2022), which is intended to standardize the procedure on corporate dissolution. SEC MC No. 5-2022 […]
Key Amendments to the Foreign Investments Act of 1991
Republic Act No. 11647 (RA 11647), amending the Foreign Investments Act of 1991 (FIA), was signed into law on March 2, 2022. The law eases the restrictions on foreign participation on investments in the Philippines. Some of the salient features of RA 11647 are as follows: List of Areas Reserved to Philippine Nationals Except as […]
Tax-Free Exchange Under CREATE
Tax-free exchange transactions (“Tax-Free Exchange”) under Section 40 (C)(2) of the 1997 National Internal Revenue Code (“Tax Code”), as amended by Republic Act (“RA”) No. 11534 (otherwise known as “CREATE”), may now be implemented without securing a prior ruling from the Bureau of Internal Revenue (“BIR”). Parties in a Tax-Free Exchange were previously required by […]
PunoLaw Assisted Global Gaming Philippines LLC in its International Arbitration
PunoLaw assisted Global Gaming Philippines LLC in the Singapore-based arbitration against Bloomberry Resorts and Hotels, Inc. and Sureste Properties, Inc., the owners of the Solaire Resort and Casino. On September 27, 2019, the tribunal issued a final award ordering Bloomberry to pay US$296 million to Global Gaming for Bloomberry’s wrongful termination of the management services […]
SEC SETS DEADLINES FOR SUBMISSION OF ANNUAL REPORTS
The Securities and Exchange Commission (SEC) has set the deadlines for the submission of the audited financial statements (AFS) and general information sheet (GIS) of corporations through the Electronic Filing and Submission Tool (eFAST). The Commission on February 8 issued SEC Memorandum Circular No. 2, Series of 2022, which provides the Schedules for Filing of […]
PunoLaw Welcomes Its New Partners
PunoLaw is proud to announce Camille Alison D. Lim-Go, Czarina G. Quintanilla-Raz and Kristie Auriel T. Enriquez-Concepcion as the firm’s newest Partners. Camille “Cam” Alison D. Lim-Go joined PunoLaw in 2014 as an experienced commercial lawyer. She has handled numerous projects in diverse industries, including real estate, water, energy, infrastructure, mining and health. Her […]