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Point of Law

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

My first year as SharePHIL president
Francisco Ed. Lim

November 27, 2014

Earlier this month, the Shareholders’ Association of the Philippines, now popularly known as SharePHIL, conducted its annual general membership meeting. The occasion was graced no less than by BSP Governor Amando Tetangco Jr., who graciously shared with us BSP’s investor education program, a topic that is close to the heart of our young organization. Our mantra is shareholder empowerment through... Read More

Is there a right to privacy in online social networking?
Francisco Ed. Lim

November 13, 2014

A social phenomenon nowadays is online social networking (OSN). This is exemplified by Facebook which, according to one case, “has created a worldwide forum enabling friends to share information such as thoughts, links, and photographs, with one another” (H v. W, Case No. 12/10142, Jan. 30, 2013). To address concerns about privacy, but without defeating their purpose, OSN sites use different... Read More

A national embarrassment waiting to happen
Francisco Ed. Lim

October 31, 2014

Sometime in 2015, the Philippines will host the first-ever awarding ceremonies for the winners in the Asean Corporate Governance Scorecard. Top publicly-listed companies (PLCs) in the Asean will be recognized based on their compliance with international best practices, following the OECD corporate governance principles. The scorecard will provide foreign investors and fund managers comparable... Read More

CCTV footage as evidence
Francisco Ed. Lim

October 17, 2014

Closed circuit television (CCTV) cameras in public places are now a worldwide fixture. We see them on the streets, train stations, bus stations, restaurants, hotels and apartment buildings. They have proven extremely helpful in tracking down perpetrators of crimes. A case in point is the Boston Marathon bombing in 2013. Using CCTV footages in different positions in downtown Boston, the Federal... Read More

Preparing the banking industry for Asean integration
Francisco Ed. Lim

October 02, 2014

A concrete reform initiative by Congress to prepare the Philippines for Asean economic integration is Republic Act No. 10641, which amended Republic Act No. 7721, whose policy objective is to build a stronger banking industry by further liberalizing the entry of foreign banks in the Philippines. The law became effective on August 7, 2014. Under the new law, foreign banks may be allowed to... Read More

Asean integration and REITs
Francisco Ed. Lim

September 18, 2014

In 2009, our Congress passed into law the Real Investment Trust Act (Reita). The law was envisioned to put in place in the Philippines the REIT system, which is an investment scheme that was intended to democratize wealth by enabling the investing public to share in the returns of income-generating real estate presently owned by the few. Because of its attractiveness to investors, this... Read More

Is corporate layering still valid?
Francisco Ed. Lim

September 04, 2014

Questions on the validity of corporate layering as a means of structuring the ownership of companies have been raised following a spate of Supreme Court decisions relating to companies where minimum Filipino ownership is required by our Constitution and laws. Applying the control test, the Supreme Court recently recognized corporate layering in the case of Narra Nickel Mining and Development... Read More

Sale of foreign securities to Philippine investors
Francisco Ed. Lim

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

Can foreign banks participate in the foreclosure of real estate?
Francisco Ed. Lim

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

A legal confrontation on RR 1-2014 in the offing?
Francisco Ed. Lim

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

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