Revenue Regulation No. 13-2020, May 27, 2020 - This prescribes the rules and regulations to implement Republic Act (“RA”) No. 10699, otherwise known as the “National Athletes and Coaches Benefits and Incentives Act”.

Qualified National Athletes and Coaches shall be entitled to twenty percent (20%) sales discount, on sales amount exclusive of VAT, on transportation services, hotels, resorts and other similar lodging establishments, restaurants, recreation centers, medicine and drug purchases, sports equipment purchase, and admission fees charged by places of culture, leisure and amusement. However, National Athletes and Coaches who are at the same time a senior citizen or a Persons with Disability can only claim single 20% discount on a particular sale transaction.

Establishments granting sales discounts to National Athletes and Coaches on their sale of goods and/or services shall be entitled to deduct the said sales discount from their gross income.

Revenue Memorandum Circular No. 47-2020, May 11, 2020 - This prescribes the guidelines on temporary measures adopted by taxpayers relative to the receipting/invoicing requirements during the ECQ.

In case the duly authorized or approved receipts/invoices shall be inaccessible or unavailable due to the implementation of the ECQ, the business taxpayers may opt to use any of the following:
a. BIR Printed Receipts/Invoices pursuant to RMC No. 28-2019, as amended; or,
b. Scanned copy of Receipt/Invoice with ATP (sent electronically in JPEG, PDF or any equivalent format); or,
c. Computer-aided Receipt/Invoice in Excel format not covered by an ATP and similarly transmitted electronically in JPEG, PDF or any equivalent format to the customer; or,
d. Supplementary Receipts/Invoices issued in lieu of the Principal Receipts/Invoices
e. Receipt/Invoice using the existing CAS or its Components with approved PTU or Acknowledgement Certificate (sent electronically in JPEG, PDF or any equivalent format); or,
f. Receipt/Invoice generated from a newly-developed receipting/invoicing software or CAS or its components without duly approved PTU or Acknowledgment Certificate (sent electronically in JPEG, PDF or any equivalent format).

Any taxpayer who adopted any of the cases/work-around procedures shall submit a letter to the BIR via specified e-mail, within three (3) days from the effectivity of this Circular indicating the following:
a. Name of the taxpayer;
b. Registered Address of the Taxpayer;
c. TIN with Branch Code;
d. Temporary measures to be used indicating the serial numbers of the receipts/invoices that will be issued;
e. Statement that taxpayer is amenable to a post-verification of the reported sales during the period covered whenever the Commissioner so orders; and
f. Signature of taxpayer or its authorized representative and designation.

Once the ECQ is lifted, the taxpayer/seller must immediately provide or issue the duly authorized receipts/invoices to their clients/customers to cover all sales transactions that were issued temporary receipts/invoices during the ECQ period. The actual date of transaction must be indicated in the authorized manual receipts/invoices to be issued and a copy of the temporary receipt/invoice shall be attached to the file copy, for audit purposes.

For those taxpayers/sellers using receipting/invoicing system or CAS where such system automatically indicates the date of the transaction, the actual date of transaction should appear on the face of such system generated receipts/invoices in any manner feasible. Such receipts/invoices shall not be considered "out of period" receipts/invoices.

A Summary of Temporary Receipts/Invoices Issued must be submitted to the concerned BIR offices specified in the Circular within ninety (90) days from the date of the lifting of the ECQ following the format in Annex "A" of the Circular.

Revenue Memorandum Circular No. 49-2020, May 22, 2020 - This provides additional options in the acceptance and processing of the filed 2019 Income Tax Returns.

Taxpayers may opt to submit the filed 2019 Income Tax Returns (“ITR”) and its required attachments through the RCOs nearest them, notwithstanding the RDO jurisdiction, or through the online Electronic Audited Financial Statement (“eAFS”) System.

For ITRs with payments made through the online payment facility of the AAB, the RCOs/COs shall stamp “Received” the returns and its attachments on the page of the Balance Sheet, Income Statement and Audit Certificate, if applicable. The other pages of the financial statements and its attachments need not be stamped "Received".

In case of corporations and other juridical persons, at least two (2) extra copies of the Audited Financial Statements (for filing with Securities and Exchange Commission) should be stamped “Received”. The RCOs/COs shall batch the returns and their respective attachments and forward the same to the concerned Document Processing Division of the Revenue Region.

For ITRs filed electronically, the RCOs/COs shall accept and stamp “Received” only the copies of the Filing Reference Number generated from the eFPS/e-mail confirmation from the eBIRForms System and the Financial Statements following the abovementioned procedures.

For accepted out-of-district returns and required attachments, the RCOs shall forward the documents to the concerned RDOs.

Taxpayers may also submit their filed ITR and its required attachments thru the eAFS System that can be accessed through the BIR Website (www.bir.gov.ph). The required attachments will be grouped into three (3) document files specified in the Circular. Taxpayers must scan the documents and save them in PDF files (named accordingly) before uploading them in the eAFS.

The eAFS will acknowledge successful submission of the documents by issuing a system generated Transaction Reference Number and by sending an email to the system user. The Transaction Reference Number shall serve as the proof of submission by the taxpayer, in lieu of the manual “Received” stamping. Provided that the taxpayer shall keep the original copies of the digitally submitted documents and the same shall be presented, upon request, to the BIR.

Revenue Memorandum Circular No. 52-2020, May 27, 2020 - This temporarily allows the filing via email of withdrawal of protest on Assessment Notices or Appeal on FDDA for purposes of Tax Amnesty..

The BIR temporarily allowed the filing of the withdrawal of the protest on Final Assessment Notice (“FAN”)/Formal Letter of Demand (“FLD”) or appeal on Final Decision on Disputed Assessment (“FDDA”) via electronic mail (e-mail) for purposes of tax amnesty with the following guidelines:
1. The softcopy of the letter of withdrawal of the protest or appeal must be in PDF format, individually attached to the e-mail, signed by the taxpayer or his/her duly authorized representative, and shall contain the scanned copy of the first page of the protest or appeal sought to be withdraw, bearing the stamp “received” of the appropriate BIR Office and marked as Annex A of the said letter.
2. The said e-mail shall use the format prescribed in the Circular and shall be addressed to the appropriate BIR Offices specified in the Circular.
3. The document shall be deemed to have been filed on the date and time of receipt of the e-mail. In such case, the e-mail and the letter withdrawal of the protest or the appeal shall be printed and attached to the docket accordingly by the BIR personnel/processor.
4. The regular filing of papers or pleadings in connection with the protest or appeal pursuant to existing rules and revenue issuances shall resume as soon as the Enhanced Community Quarantine or the General Community Quarantine is lifted, and the option for online filing of withdrawal of any protest or appeal before the concerned BIR Offices shall no longer be allowed.

Revenue Memorandum Circular No. 54-2020, May 28, 2020 - This announces the availability of PayMaya for the payment of internal revenue taxes.

The mobile application facility of PayMaya Philippines, Inc. is now available for the acceptance of electronic/online payment of internal revenue taxes. All payments made through the said mobile application will be settled by PayMaya with the Development Bank of the Philippines (“DBP”), an AAB of the BIR, for remittance to the Bureau of the Treasury.

Taxpayers are required to file their corresponding tax returns using the electronic filing facilities of eBIRForms System and/or Electronic Filing and Payment System (“eFPS”).

SEC Memorandum Circular No. 18 dated May 11, 2020: Procedures in the Filing of Audited Financial Statements (“AFS”) and General Information Sheet (“GIS”) to the Securities and Exchange Commission (“SEC”) after the Community Quarantine – This provides for the different procedures allowed in the filing of the AFS and GIS with the SEC.

All corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, shall file their AFS and GIS through the SENS to any courier of their choice and/or Philippine Postal Office (“PhilPost”). All corporations with principal office under the jurisdiction of any of our Extension Offices (“EO”), shall file their reports to the nearest EO.

Since all SEC Satellite Offices shall be temporarily closed for receiving of reports, all filings should be delivered to the SEC Head Office by the PhilPost and/or Courier.

The filing of the GIS and AFS through electronic mail (email) prior to the submission of the hard copy through the SENS is allowed. However, upon lifting of the Community Quarantine, corporations may directly file the hard copy of the reports through SENS (Courier/PhilPost).

The AFS, other than the consolidated financial statements, shall have the stamped “received” by the BIR or its AABs, unless the BIR allows an alternative proof of submission for its authorized banks (e.g. bank slips);

The Circular also covers the filing of AFS of corporations whose fiscal year ends November 30, 2019 and December 31, 2019. Those who are required to file Annual Reports with fiscal year end December 31, 2019 or on dates other than December 31, 2019, shall file their AFS/Annual Report, subject to the filing deadlines as stated in Memorandum Circular Nos. 5 and 17, series of 2020.

The Memorandum Circular likewise excludes the following from the number coding schedule since the filing deadline for filing their AFS/Annual Report was extended until June 30, 2020:

1. Publicly-Listed Companies;
2. Issuers of registered securities under the supervision of the Market and Securities Regulation Department; and
3. Investment Companies, Issuers of Proprietary and Non-proprietary Shares/Timeshares, and Public Companies.

For the filing of AFS, all corporations, including branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations shall file their AFS through SENS using Courier or PhilPost, depending on the last numerical digit of their SEC registration or license number in accordance with the following schedule:

June 29, 30, July 1, 2, 3, 6, 7, 8, 9, 10 : 1 and 2
July 13, 14, 15, 16, 17 : 3 and 4
July 20, 21, 22, 23, 24 : 5 and 6
July 27, 28, 29, 30 : 7 and 8
August 3, 4, 5, 6, 7 : 9 and 0

On or before said dates, corporations may file their AFS through SENS regardless of the last numerical digit of their registration or license number. Late filings or filing after respective due dates shall be accepted starting August 10, 2020 through SENS (Courier or PhilPost) and shall be subject to the prescribed penalties which shall be computed from the date of the last day of filing schedule stated above.

For reports filed through courier/regular mail, the date of mailing of reports such as the GIS and AFS, as shown by the registry receipt of the courier, shall be considered as the reckoning date of submission of the GIS and AFS. For reports filed through registered mail in the Philippine Postal Corp., the reckoning date of receipt shall be the date of receipt by the PhilPost.

For reports filed through email during the CQ, the reckoning date of receipt shall be the date stated in the Acknowledgment Confirmation (“AC”) stated in the email as attached to the hard copy of the reports submitted.

SEC Notice dated May 19, 2020 – This advises concerned entities of the opening of SEC payment facilities.

The SEC opened the SEC Main Office – Cashier and the SEC Ortigas – Cashier starting Tuesday, 26 May 2020. However, the cashiers in SEC Satellite Offices remain closed until further notice.

SEC Notice dated May 21, 2020 – This provides information on the online submission of requirements on the amendment, conversion and/or withdrawal of license and substitution of resident agents of foreign corporations.

Due to the implementation of MECQ, the Securities and Exchange Commission is accepting online applications for the Amendment, Conversion or Withdrawal of SEC License and Substitution of Resident Agent of Foreign Corporations. The monitoring and the amendment requirements may be submitted through This email address is being protected from spambots. You need JavaScript enabled to view it.. The Signed and Notarized/Consularized/Apostilled hardcopies of the application documents may be submitted within thirty (30) days from the lifting of the Enhanced Community Quarantine.

SEC Advisory dated May 20, 2020 – This is a reiteration of the directive to comply with Section 4(aa) of the Bayanihan To Heal As One Act, its implementing rules and regulations, and other applicable laws, rules and regulations.

The SEC reiterated its Advisory dated 16 April 2020 reminding financing companies and lending companies to strictly comply with Section 4(aa) of the Bayanihan Act, its IRR, and all other laws, rules, and regulations being implemented by the SEC.

IC Circular Letter No. 2020-51, May 05, 2020 – This provides supplemental guidelines governing the exemption of health insurance providers and HMO personnel in the implementation of the ECQ.

The supplemental guidelines governing the exemption of health insurance providers and HMO personnel in the implementation of the ECQ are as follows:

1. Health insurance providers and HMOs seeking exemption of their skeleton workforce in the implementation of ECQ in high-risk geographic areas must submit to the Insurance Commission a certified list of personnel who will comprise their skeleton workforce for claims processing and limited customer/backroom services which must not exceed ten percent (10%) of its total workforce.

2. All requests for Certifications shall submit a list (in Excel format) containing the following information:

a. Total number of regular workforce;
b. For branch offices, the number of regular workforce per branch must likewise be indicated. Only two persons per branch or ten percent (10%) of the branch workforce, whichever is higher, shall be allowed;
c. The names and position of personnel included in the Company's skeleton workforce, which shall not exceed ten percent (10%) of the total workforce. Alternate or relievers are likewise included in determining the ten percent (10%) threshold. Contracted services/personnel (e.g. janitorial, security, transportation, technical support) shall be allowed.
d. Justification for the relevance of the said positions in the processing of health insurance/HMO claims.

Said requests must be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it.

3. Certifications previously issued by the Commission covering areas remaining under ECQ shall remain in effect, without prejudice to the submission of request for certification of additional personnel pursuant to this Circular.

IC Circular Letter No. 2020-53, May 12, 2020 – This provides privacy law implications of disclosure of certain personal information to the National Bureau of Investigation (“NBI”).

Disclosure of certain personal information to the NBI entails certain privacy law implications. As such, all entities regulated by the Insurance Commission are hereby enjoined to consider the following, to wit:

1. Requests for disclosure of personal information by the NBI in connection with investigations of government officials for graft and corruption fall squarely within NBl's mandate under Republic Act No. 10867;
2. Accordingly, the processing of requested personal information by the NBI does not constitute violation of the Data Privacy Act of 2012 ("DPA") as said processing of the personal information constitutes "lawful processing" under Section 12 (e) of the DPA;
3. While such disclosure may be allowed under the DPA, the same should be done in a secure manner and with strict adherence to all existing protocols and standard operating procedures; and
4. Under Section 7 of the DPA, the NPC is the sole and exclusive statutory authority that has the power to administer and implement the provisions of the DPA and to monitor and ensure compliance of personal information controllers with international standards set for data protection.

IC Circular Letter No. 2020-55, May 14, 2020 – This further extends the effectivity of Circular Letter No. 2020-29 in order to aid the Philippine life insurance industry respond to new global conditions engendered by the COVID-19 pandemic, otherwise known as the "New Normal.".

All life insurance companies shall be allowed to launch its Sales Initiatives until December 31, 2020 in order to sell their existing life insurance products by utilizing Information and Communication Technology or any other technology via Remote Communication, such as, but not limited to, teleconferencing, video conferencing, computer conferencing, or audio conferencing, without prior approval from the Insurance Commission; Provided, that said companies shall register its Initiatives by submitting the following:

1. A letter, signed by its president or its duly authorized representative advising the Insurance Commission of the proposed Initiatives (the “Letter”); and
2. The mechanics of the Initiatives, which shall describe in detail the covered period, areas where the company and/or its intermediaries will operate, and the names of products covered by the Initiatives (the “Mechanics”).

IC Circular Letter No. 2020-57, May 14, 2020 – This provides guidelines on the operations of regulated entities under the Modified Enhanced Community Quarantine (“MECQ”).

The guidelines on the operations of regulated entities under the MECQ are as follows:

1. Regulated entities may resume operations of its business in areas covered by MECQ provided at least fifty percent (50%) of its operations are under work-from-home arrangements. Regulated entities may allow up to a maximum of fifty percent (50%) of their total workforce to work on-site. Such on-site operations shall be subject to the strict observance of safety protocols, safe distancing, and return-to-work protocols for private companies as mandated by IATF-EID and other concerned government agencies.
2. Regulated entities seeking to resume on-site operations in areas under MECQ shall not be required to secure a certification to that effect from the Insurance Commission.

IC Circular Letter No. 2020-59, May 14, 2020 – This mandates the submission of Annual Statements, Audited Financial Statements and various attachments for regulated companies for the reporting periods starting 2019 onwards through electronic means.

Submission of Annual Statements, Audited Financial Statements and various attachments for regulated companies for the reporting periods starting 2019 onwards shall be through electronic means in order to minimize contact rate and the risk of transmission/infection of Covid-19.

Nevertheless, the IC may require the company to submit and examine the original hard copy of the electronically submitted documents.

IC Circular Letter No. 2020-61, May 15, 2020 – This provides supplemental guidelines in the Revised Framework on the selection of External Auditors (“EAs”).

Supplemental guidelines in the Revised Framework on the selection of EAs are as follows:

1. All reportorial requirements as required in Section 4 of CL No. 2019-39 shall be submitted to the IC's Financial Examination Group on or before January 31 of the following year.

2. The accredited EAs shall submit a report containing the following:
a. EA's IC-regulated Client List which contains, at a minimum, the following:
i. Name of IC-regulated clients
ii. Name of the engagement partner/s in case of Auditing Firms
iii. Number of years of engagement/assignment in case of signing partners, if any;
b. Copy of each engagement contracts in compliance with Section 4.2 of CL No. 2019-39;
c. Matter/s discovered that adversely affect the financial condition of the regulated entity as enumerated under Section 4.3 of CL No. 2019-39, if any; and
d. Summary of external auditor's clients that have pre-terminated engagement contracts during the audit period stating the reasons of such pre­ termination.

The documents shall be submitted in a digital/ electronic format together with a signed certification provided in "Annex A."

IC Circular Letter No. 2020-63, May 18, 2020 – This provides regulatory relief from the exposure limit applied to financial assistance program of insurance companies.

Financial assistance is granted to officers, employees and sales assistants of all insurance companies authorized to do business in the Philippines by adjusting the threshold from six percent (6%) to twelve percent (12%) of the net worth of the company as shown in its latest approved synopsis.

This is only allowed for financial reporting periods covering the year 2020, unless extended or changed as deemed necessary by the IC.

IC Circular Letter No. 2020-66, May 21, 2020 – This provides interim guidelines on the declaration and/or distribution of dividends with the end in view of conserving capital due to the projected economic impact of the Covid-19 pandemic.

This provides interim guidelines on the declaration and/or distribution of dividends with the end in view of conserving capital due to the projected economic impact of the Covid-19 pandemic, as follows:

All regulated entities authorized to do business in the Philippines shall meet the following regulatory measures at all times, without regulatory relief, before declaration and/or distribution of dividends out of the unrestricted retained earnings:

For insurance and professional reinsurance companies
1. Unimpaired paid-up capital stock;
2. The net worth requirements as prescribed by Circular Letter (CL) No. 2015-02-A and Section 194 of the Amended Insurance Code;
3. The solvency requirements defined by Section 200 of the Amended Insurance Code;
4. In the case of life insurance companies, the legal reserve fund required by Section 217;
5. In the case of corporations other than life, the legal reserve fund required by Section 219; and
6. A sum sufficient to pay all net losses reported, or in the course of settlement, and all liabilities for expenses and taxes.

For pre-need companies
1. Unimpaired paid-up capital stock;
2. Unimpaired trust fund;
3. The reserve liability and liquidity reserve requirements required by Sections 35 and 37, respectively, of the Pre-Need Code; and
4. A sum sufficient to pay all net losses reported, or in the course of settlement, and all liabilities for expenses and taxes.

For HMOs
1. The minimum paid-up capital, risk-based capitalization and net worth requirements as prescribed by CL No. 2016-41;
2. The liquidity requirement as prescribed by CL No. 2016-41; and
3. A sum sufficient to pay all net losses reported, or in the course of settlement, and all liabilities for expenses and taxes.

All regulated entities authorized to do business in the Philippines that will declare and/or distribute dividends for the year 2020 shall be required to secure prior approval from the Commission together with the following documents subject for evaluation, to wit:

1. Approved Annual Statement as of 31 December 2019;
2. Interim unaudited financial statements certified under oath by the President and Finance Officer;
3. Notarized Secretary's Certificate of the Board resolution as of the reversal of restricted retained to unrestricted retained earnings, if applicable; and
4. Notarized Secretary's Certificate of no pending case of intra-corporate dispute;

Additional requirement in case of cash dividend:
1. List of assets to be converted, in case of insufficient cash available for distribution, certified under oath by the Treasurer;

Additional requirements in case of stock dividend:
1. List of stockholders with their respective subscribed capital stock together with the allocation of stock dividend certified under oath by the Corporate Secretary; and
2. Analysis of Capital Structure certified under oath by the Treasurer;

Additional requirements in case of property dividend:
1. List of stockholders with their respective subscribed capital stock together with the allocation of property dividend certified under oath by the Corporate Secretary;
2. Detailed Schedule of the property account appearing in the Annual Statement; and
3. Certification by the President that the property/ies for dividend declaration is/are no longer needed in the operation of the company.

IC Legal Opinion No. 2020-04, May 05, 2020 – This clarifies that the imposition of GCQ is not contemplated under Circular Letter (“CL”) No. 2020-46 dated April 22, 2020. The CL merely extends the effectivity of CL No. 2020-29 ordering non-face to face (“non-F2F”) selling until any extension of the ECQ period or June 30, whichever comes later.

CL No. 2020-46 dated April 22, 2020 is a mere extension of the effectivity of CL No. 2020-29, which orders non-F2F selling of life insurance, until any extension of the ECQ period or June 30, whichever comes later. If during the said period, the ECQ has been lifted and replaced by GCQ, it shall be entirely within the discretion of the companies to adopt and implement its Initiatives which must be in accordance with the laws, circular letter/s and existing rules and regulations implemented by lawful authorities. Otherwise, said companies will be ordered to recall the Initiatives without prejudice to administrative sanctions which may be imposed.

IC Ruling No. 2020-04, May 22, 2020 – This provides that in case the date for filing of Audited Financial Statements (“AFS”) in the IC comes first before the SEC deadline, the company may file a soft copy of its AFS “without stamp” to the IC on the filing date, in lieu of the AFS with stamped “Received” by the SEC.

In case the date for filing of AFS in the IC comes first before the SEC deadline, the IC will still accept the submission of the AFS, provided that the company will file the soft copy of its AFS “without stamp” to the IC on the filing date. The AFS with stamped “Received” can be submitted 15 days after the submission to the SEC and BIR, whichever comes later.

BSP Memorandum No. M-2020-039, May 4, 2020 – This provides guidelines on the utilization of the Basel III Capital and Liquidity Buffers for all Covered Banks and Quasi-Banks.

The BSP expects a covered bank/Quasi-Bank (“QB”) to integrate the following regulatory flexibilities into its internal policies and processes to ensure that the regulatory capital and liquidity buffers maintained are efficiently utilized.

1. As to Capital Conservation Buffer- A covered bank/QB which draws down its 2.5 percent minimum capital conservation buffer will not be considered in breach of the Basel III risk-based capital adequacy framework. If it utilizes its buffer, it is restricted from making distributions such as dividends, profit remittance, etc., consistent with the provisions of Appendix 59/Q-45 of the MORB/MORNBFI.
2. As to Liquidity Coverage Ratio- A covered bank/QB that has a recorded shortfall in the stock of its High-Quality Liquid Assets for 3 banking days within any 2-week rolling calendar period must notify the BSP of such breach on the baking day immediately following the occurrence of the third liquidity shortfall.

Covered banks/QBs will be given a reasonable time to restore their Basel III capital and liquidity buffers after the COVID-19 crisis.

BSP Memorandum No. M-2020-042, May 18, 2020 – This requires lending institutions to implement a thirty (30)-day grace period for loans with principal and interest falling due within the period of MECQ, without incurring interest on interest, penalties, fees, and other charges.

The mandatory grace period shall still apply to all loans extended by all covered financial institutions, irrespective of their place of operation, while under MECQ. Hence, lending institutions shall implement a 30-day grace period for loans with principal and interest falling due within the period of MECQ, without incurring interest on interest, penalties, fees, and other charges.

The mandatory grace period as stated above shall apply only if there are still areas in the country under ECQ or MECQ. Its application shall cease once the ECQ and MECQ are lifted in the entire country.

BSP Memorandum No. M-2020-044, May 29, 2020 – This provides for the extension of PhilPaSS arrangements under the GCQ over the NCR until June 11, 2020.

The original extended date under Memorandum No. M-2020-041 dated May 15, 2020, is until May 29, 2020, considering that NCR was under MECQ that time.

In view of the GCQ in the NCR, the arrangements of the PhilPaSS under the following guidelines are extended until June 11, 2020:

BSP Circular No. 1086, May 06, 2020 – This provides amendments to the regulations of Foreign Currency Deposit System which aims to align the Manual for Regulations on Foreign Exchange Transactions (FX Manual) with the licensing and enforcement frameworks under the Manual of Regulations for Banks (MORB), and to provide flexibility in managing liquidity risk with simplified compliance with asset cover requirements of banks.

The FCDU/EFCDU operations is now classified as Type A License under the Licensing provision of the MORB.
The FX Manual is revised to align with the licensing and enforcement framework of the MORB. Section 71 on Qualification Requirements, now includes Thrift Banks, Rural and Cooperative Banks to operate an FCDU or EFCDU upon complying certain criteria.

Section 72 on Authorized Transactions, and Section 73 on Foreign Currency Cover Requirements are also amended to affect specific provisions of the two. Section 82 on Taxes is also amended in order to reflect the changes introduced by TRAIN Law, removing the tax rate stated therein at seven and one-half percent (7.5%). The rate now is at fifteen percent (15%).

The Standard Pre-Qualification Requirements for the Grant of Banking Authorities contained in MORB shall no longer include the authority to operate an FCDU/EFCDU.

DISCLAIMER: The contents of this Insights are summaries of selected issuances from various government agencies, Court decisions and articles written by our experts. They are intended for guidance only and as such should not be regarded as a substitute for professional advice.

Copyright © 2019 by Du-Baladad and Associates (BDB Law). All rights reserved. No part of this issue covered by this copyright may be produced and/or used in any form or by any means – graphic, electronic and mechanical without the written permission of the publisher.