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Point of Law

The following articles were written by Francisco Ed. Lim and also published in The Philippine Daily Inquirer.

July 10, 2014

On December 17, the Department of Finance (DOF) and Bureau of Internal Revenue (BIR) issued Revenue Regulation No. 1-2014 which took effect last Jan. 1. RR 1-2014  is supposed to simply amend a 15-year-old regulation (RR 2-98). So why is there a  brouhaha over its issuance? The regulation requires withholding agents to submit an alphabetical list (alphalist) of all employees/payees... Read More

June 26, 2014

Last June 18, the Shareholders’ Association of the Philippines (SharePHIL), a young organization devoted to minority shareholder protection, held its first summit at the Dusit Hotel in Makati City. To our surprise, the success of the summit—from the number of sponsors to the number of participants—was beyond our expectations. We exceeded our target audience of 150 participants by more than 50... Read More

June 12, 2014

On Tuesday, June 18, 2014, at the Dusit Hotel in Makati City, the Shareholders’ Association of the Philippines (SharePHIL) will hold the SharePHIL Summit 2014 with  the theme “The Philippines: Your Investment Destination.” The summit will feature, as main speakers, Ambassador Asif Ahman of the United Kingdom, Christopher Cheong of the Securities Investors Association of Singapore (SIAS), Dr... Read More

May 29, 2014

In this column published on Nov. 13, 2013, I talked about the 30-notch quantum leap in the overall rating of the Philippines in the 2014 Doing Business Report. The Report is an annual project of the World Bank and International Finance Corp. and attracts much attention around the world. The latest edition received nearly 6,000 media citations within two weeks of its publication. The coverage... Read More

May 15, 2014

On Oct. 22, 2013, the Financial Rehabilitation Rules of Procedure went into effect. The FR rules were approved by the Supreme Court on Aug. 27, 2013, to implement the provisions on rehabilitation contained in RA 10142, or “The Financial Rehabilitation and Insolvency Act of 2010” (FRIA). The FR rules introduce drastic changes to the old rules on rehabilitation, one of which relates to... Read More

May 01, 2014

Social networking has become part of our daily life with 93 percent of Filipino Internet users having their own Facebook account. On the whole, this is an excellent social phenomenon. But there is also a bad part of it. Consider, for example, a Facebook post by Mr. Y that reads: “Senator X is a crook. He stole millions of taxpayers’ money from the PDAF. He is a certified thief. He deserves all... Read More

April 10, 2014

On Oct. 22, 2013, the Financial Rehabilitation (FR) rules of procedure went into effect. The FR rules were promulgated by the Supreme Court to implement the Financial Rehabilitation and Insolvency Act of 2010 (Fria). Fria replaced our more than century-old Insolvency Act of 1909. Not known to many, the Fria and FR rules contain several provisions that are envisioned to help develop our... Read More

February 13, 2014

One of the finer points in the law on evidence is whether a defendant in a criminal case can present hypnotically refreshed testimony as part of his defense. But what is hypnotically refreshed testimony? In layman’s terms, it is testimony on details of an incident that a party or witness is able to recall after undergoing a hypnosis session under the supervision of an expert. In the United... Read More

January 16, 2014

Last December,  the new trustees, officers and new members of the Shareholders' Association of the Philippines (SHAREPHIL) were inducted by Commissioner Juanita Cueto of the Securities and Exchange Commission at the Dusit Hotel. As the incoming President, I was asked to deliver my acceptance speech. SharePHIL is a new organization specifically formed for the protection of minority... Read More

December 26, 2013

Last week, we witnessed a tragedy when a Don Mariano passenger bus fell off the Skyway in Parañaque City and crashed onto a van plying the service road beneath. The tragedy claimed 18 lives. As I watched the news, I could just imagine how difficult it was for the families of these individuals (including my driver Arman Balurin who lost his son, Arvind) to accept the fate of their loved ones.... Read More

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