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$296 million to Global Gaming for Bloomberry’s wrongful termination of the management services […]
SEC SETS DEADLINES FOR SUBMISSION OF ANNUAL REPORTS
The Securities and Exchange Commission (SEC) has set the deadlines for the submission of the audited financial statements (AFS) and general information sheet (GIS) of corporations through the Electronic Filing and Submission Tool (eFAST). The Commission on February 8 issued SEC Memorandum Circular No. 2, Series of 2022, which provides the Schedules for Filing of […]
PunoLaw Welcomes Its New Partners
PunoLaw is proud to announce Camille Alison D. Lim-Go, Czarina G. Quintanilla-Raz and Kristie Auriel T. Enriquez-Concepcion as the firm’s newest Partners. Camille “Cam” Alison D. Lim-Go joined PunoLaw in 2014 as an experienced commercial lawyer. She has handled numerous projects in diverse industries, including real estate, water, energy, infrastructure, mining and health. Her […]
Pi Energy Partners with Climargy
Pi Energy Inc., an affiliate of First Gen Corporation, has forged a partnership with Climargy Inc. for the development of energy efficiency and conservation (EE&C) projects designed to help reduce carbon emissions and help businesses save on costs. The two companies aim to provide their client companies opportunities to cut their electricity use with potential […]
Prime Meridian Powergen Corporation Secures Php2.8 Billion Loan
In December 2021, Prime Meridian Powergen Corporation (Prime Meridian), a subsidiary of First Gen, executed loan agreements for a total amount of Php2.8 billion with Bank of the Philippine Islands and ING Bank N.V., Manila Branch. The loans will be used to finance the general corporate and working capital requirements of Prime Meridian, which owns and […]
FGP Corp Inks US$ 308 Million Term Loan
In May 2021, FGP Corp. (FGP), a wholly-owned subsidiary of First Gen Corporation (First Gen) entered into several bilateral loan agreements for a total amount of US$ 308 million with four banks namely: BDO Unibank, Inc., Bank of the Philippine Islands, Philippine National Bank and Sumitomo Mitsui Banking Corporation Singapore Branch. The proceeds from the loans […]
Scatec Solar Enters Philippine Energy Market and Acquires SN Power
Scatec Solar ASA (Scatec), a leading Norwegian renewable power producer with more than 3.5 GW of renewable energy projects in operation and under construction in four continents, has entered the Philippine energy market and acquired from Norwegian Investment Fund for Developing Countries (Norfund) 100% of its shares in SN Power AS (SN Power) for a […]
MAP Management Man of the Year 2020
The MANAGEMENT ASSOCIATION OF THE PHILIPPINES (MAP) announced the selection of Mr. Federico “Piki” R. Lopez, as the recipient of the “MAP Management Man of the Year 2020” award.
Crescent Point Group Acquires Equity in Del Monte Philippines
Crescent Point Group, through SEA Diner Holdings (S) Pte. Ltd., acquires of a 12% equity in Del Monte Philippines, Inc. (“Del Monte”) and an option to increase its shareholdings in Del Monte. SEA Diner is an investment holding entity managed by Crescent Point Group, a Singapore-based private equity and special situations investment firm focusing on […]