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This is an abridged version of the talk I recently gave to the MAP Corporate Governance Committee officers and members on the Revised Corporation Code which was enacted into law on Feb. 20, 2019.
MANY of the corporate governance (CG) reforms pursued by the Securities and Exchange Commission (SEC) through its CG Codes seek to usher a system of professional directorship into the publicly held companies (PHCs) and publicly listed companies (PLCs). This includes a system of professional directorship, such as granting more supervisory power to the Boards over its composition, and integrity (i.e., qualifications and disqualifications), as well as the competence and diversity of talents and skills of their members, effecting a system of discipline over their members, and providing for competitive levels of remuneration.
Over the past eight years and two administrations, the Philippine economy posted a high growth rate averaging over 6% a year and an average gross domestic product (GDP) per capita growth of 4.5% a year. The strategic question is: Which regions have been advancing and which have been lagging over the past eight years?
June is Philippine National ICT (information and communications technology) Month and every year, I write articles I’m passionate about like those years of advocacy for the creation and a mandate of a Department of Information and Communications Technology (DICT), digital transformation, cybersecurity and on effective ICT program implementation and agile methodologies.
The theme of the World Economic Forum (WEF) which was held in Davos, Switzerland over the four-day period of January 22–25, 2019, was “Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution.”
Permanent crops are mainly trees (e.g., coffee, cacao, rubber) but they also include palms (e.g., coconut, oil palm) and vines (e.g., pepper) (www.fao.org). They are planted and possess long economic life. By contrast, temporary or annual crops are sown and harvested during the same agricultural year. Examples are rice, corn, sweet potato, peanuts and vegetables.
Water security and the environment are major concerns of the MANAGEMENT ASSOCIATION OF THE PHILIPPINES (MAP).
Recommendation 2.5 of the CG Code for Publicly-Listed Companies (PLCs) covers the issue of proper remuneration for the Board, thus.
The CG Code for Publicly-Listed Companies (PLCs) through its “adopt or explain approach,” is able to avoid all the legal obstacles that may be found in the Board-enabling clauses of the original and Revised CG Codes, by adopting a formal Principle 1 for “Establishing a Competent Board,” thus.
For the last five decades, the Philippines has fought the communist insurgency whose roots and foundations originated from Communist China. In spite of China’s shift to a free market economy and becoming the second largest economy in the world, the foundations of its political system are still basically communist-inspired. Why then did the Philippines, a country founded on democratic ideals, so quickly shift its alignment to China? Is it economic or political, or both? Notwithstanding China’s claim that it is here as a friend, the signs of its overbearing attitude indicate subjugation and subservience. This will be disastrous to the next generations of Filipinos. China will carry out its foreign relations in the international community predicated on the communist vision of protracted wars.
Section II(1)(A) of the Original CG Code has essentially been carried forward into the Revised CG Code which basically empowers the Board to reconstitute the “Composition of the Board” between executive and non-executive directors, thus.
The CG Code for Publicly Listed Companies (PLCs) formally adopts the “comply or explain approach,” which combines voluntary compliance with mandatory disclosure, and which it defines as “Companies do not have to comply with the Code, but they must state in their annual corporate governance (CG) reports whether they comply with the Code provisions, identify any areas of non-compliance, and explain the reasons for non-compliance.” The Code therefore does not contain any penalty clause at all, and through its “comply or explain approach” relies upon the “pressure of the market” to goad PLCs to adopt its governance principles and recommended best practices. One of the outstanding features therefore of the CG Code for PLCs is its underlying belief that in the “disciplining power of the market,” thus.
April 15 is the deadline for the most important type of tax payment -- the annual filing of income tax returns (ITRs). Almost all registered taxpayers are required to pay this tax, with only a few exceptions. For the government, the income tax is where the bulk of the Bureau of Internal Revenue’s (BIR) collections come from.
Many politicians propose solving rural poverty via three areas: irrigation, post-harvest facilities and farm-to-market roads. I beg to differ. It is much more than that. Indeed, needs are area and crop-specific. High productivity and diversification require these investments, but there are more to spur investments.
It would be helpful to discuss briefly the hierarchical value of the SEC Corporate Governance (CG) Codes in relation to the provisions of the Corporation Code (CC) and the Securities Regulation Code (SRC) that actually have within their frameworks systems of CG.
Why is national poverty incidence in the Philippines more than twice that of ASEAN peers -- Indonesia, Malaysia, Thailand and Vietnam? It is even magnified in the farmers’ and fishers’ poverty of 34%. Thesis: it is due to broad-based low productivity and concentration on few products.