ANOTHER BIRON PET BILL PASSED

ILOILO fourth district Rep. Ferjenel Biron earned another feather in his cap with the passage of a law that aims to modernize the corporate landscape of the Philippines.

Biron, chairman of the House Committee on Trade and Industry and the Bicameral House Panel, is also the main sponsor of the House version of the Revised Corporation Code of the Philippines (RCCP).

The final version of the law was harmonized by the Bicameral Conference Committee on Nov 27, 2018, paving the way for its signing by Pres. Rodrigo Duterte.

Another Ilonggo lawmaker, Senator Franklin Drilon, also helped harmonize House Bill 8374 and Senate Bill 1280 being the Bicameral Senate Panel chair.

In a statement, Biron said the RCCP is one of his flagship legislations in a bid to improve the business climate in the Philippines.

Biron, who is running for Iloilo governor, said the Revised Corporation Code aims to incorporate international best standards and practices, specifically tailored to address the needs and realities of the Philippine corporate setting.

“It also aims to encourage new businesses, contribute to the ease of doing business, strengthen corporate governance, better protect the rights of stockholders, minimize or deter corporate abuses and fraud, strengthen anti-corruption measures, and fortify the regulatory authority of the Securities and Exchange Commission (SEC).”Top of Form

The RCCP amends the 40-year-old corporate code to make it more attuned to international standards, Biron said.

“The current Corporation Code was enacted in 1980 and much has changed in how the world does business, communicates, and undertakes commercial transactions over the last 38 years. So we have to update to keep up with the changing times,” he added.

The amendments include:

perpetual term for corporation,allow one-person corporation,remove requirement of capital stock subscribed and paid for purposes of incorporation,-impose a more stringent corporate criminal liability,automation and electronic filing of reports,allow remote communication for attendance in meetings,allow voting in absentia during meetings,issuance by SEC of certificates of incorporation in the form of an electronic document, among others.

Biron said the revisions will further spur entrepreneurship and generate more employment to Filipinos.

By updating and modernizing our main body of corporate law, the Revised Corporation Code will encourage entrepreneurship and the creation of new businesses. It will also contribute to ease of doing business, strengthen corporate governance, better protect the rights of stockholders, deter corporate abuse and fraud, and bolster anti-corruption measures and the regulatory authority of the Securities and Exchange Commission,” he added.

Aside from the RCCP, Biron also authored landmark national legislations such as Ease of Doing Business, Gift Check Non-Expiry Act, and Cheaper Medicines Law. He is also pushing for amendments to the Retail Trade Liberalization Act of 2000 to ease investment requirements for retail businesses.

SOURCE: The Daily Guardian

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