Philippines Legal & Tax Updates

On 15 November 2022, the Secretary of the Department of Energy (“DOE”) signed DOE Department Circular (“DC”) No. 2022-11-0034 which amends the Implementing Rules and Regulations of Republic Act No. 9513 (otherwise known as the Renewable Energy Act of 2008). The amendment removes the nationality restrictions on the exploration, development, and utilization of renewable energy...

Solar, wind, hydro and ocean or tidal energy should NOT be subject to forty percent (40%) foreign equity limitation under the Constitution In an opinion addressed to the Department of Energy (“DOE”), the Department of Justice (“DOJ”) stated that the exploration, development, and utilization of solar, wind, hydro and ocean or tidal energy should not...

Republic Act No. 11659 (“RA 11659”) or “An Act Amending Commonwealth Act No. 146 otherwise known as the Public Service Act” as amended, was signed into law by President Rodrigo Duterte on 21 March 2022. The amendment of the Public Service Act was made pursuant to the State’s policy of encouraging private enterprise and expanding...

On 10 December 2021, President Rodrigo Duterte signed into law Republic Act No. 11595 (“RA No. 11595”) which introduced important amendments to the Retail Trade Liberalization Act of 2000 (“RTLA”), including the following salient revisions: RA No. 11595 reduced the paid-up capital requirements for foreign retailers, regardless of category, from PHP 25 Million to a...

On 02 March 2022, President Rodrigo Duterte signed into law Republic Act No. 11647 (“R.A. 11647”) which further amends Republic Act No. 7042, otherwise known as Foreign Investments Act (“FIA”) as amended. Such amendment is consistent with the State’s policy to further attract, promote, and welcome productive investments from foreign individuals, partnerships, corporations and governments,...

With COVID-19 vaccination campaigns nearing completion or still in progress in various countries across Southeast Asia, our experts take this opportunity to look at some of the top questions and concerns on the minds of employers and employees when it comes to COVID-19 vaccination considerations. For example, can an employer require its employees to be vaccinated? Can...

Pursuant to the Department of Labor and Employment (“DOLE”) Department Order Nos. 216 and 217, Series of 2020 (collectively, “Department Orders No. 216 and 217”), Private Employment Agencies (“PEAs”) are required to submit a hard copy of the monthly recruitment and placement reports to the appropriate Regional Office of the DOLE within seven (7) days...

On 12 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Memorandum No. M-2021-72, to provide guidelines on the submission of the reports on crimes and/or losses (“RCL”). The following are the submission procedures under the Memorandum: Banks and NBQBs shall follow the existing manner of reporting a crime and/or loss incident, i.e., one reference...

On 15 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Circular Letter No. CL-2021-078 which seeks to remind all BSP-Supervised Financial Institutions (“BSPI”) regarding the reports issued by the Anti-Money Laundering Council (“AMLC”), entitled “Analysis of Suspicious Transaction Reports (STR) with Possible Links to Tax Crimes” and “Real Estate Sector: A Money Laundering/Terrorism Financing/Proliferation...

On October 29, 2021, the Bureau of Internal Revenue (“BIR”) issued Revenue Memorandum Order No. 29-2021 (the “RMO”), directing all Revenue District Officers (“RDOs”) under all Revenue Regions (“RRs”) and the LT Divisions (”LTDs”)/LT Audit Divisions (“LTADs” Regular or Excise) under the Large Taxpayers Service (“LTS”) to monitor and verify the tax compliance of online...