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Archive

August 26, 2014

ON JUNE 30 this year, a controversial law finally met its demise with a whimper. This was Republic Act 6657, or the Comprehensive Agrarian Reform Law (CARL), which was subsequently extended by R.A. 9700 or the Comprehensive Agrarian Reform Program Extension with Reforms (CARPER), although its expiration was largely overshadowed by the pork barrel scandals. The lapse of the June 30 deadline did... Read More

August 21, 2014

Section 28 of the Securities Regulation Code (SRC) provides that “[n]o person shall engage in the business of buying or selling securities in the Philippines as a broker or dealer, or act as a salesman, or an associated person of any broker or dealer unless registered as such with the Commission.” What is a “salesman” of securities for purposes of the SRC’s registration requirement? This was... Read More

August 19, 2014

WHEN A PARTY is made a defendant in a court case, it is almost certain that he will not voluntarily provide evidence that establishes his liability. What a complainant can do, in such a case, to obtain evidence is to apply for the issuance of a search and seizure warrant against the defendant. Generally, in a search and seizure warrant, the defendant’s premises may be searched and anything found... Read More

August 13, 2014

ON JULY 21, the President signed into law Republic Act 10641 allowing full entry of foreign banks into the Philippines. This law amends some of the provisions of Republic Act 7721, a law enacted in 1994, which partially liberalized the entry and scope of operations of foreign banks in the Philippines. The amendments essentially seek to level the playing field between foreign banks and domestic... Read More

August 07, 2014

On July 21, 2014, President Benigno Simeon Aquino III signed into law Republic Act No. 10641,  which amended Republic Act No. 7721, to further liberalize the entry of foreign banks in the Philippines. The law became effective on July 31, 2014 following its publication in the Official Gazette on July 15, 2014. The new law, in its Section 6, now allows foreign banks to bid and take part in... Read More