SEC: Corporation Code could be amended soon

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THE Securities and Exchange Commission (SEC) hopes that the proposed amendments to the Corporation Code of the Philippines will be passed by Congress within the term of President Benigno Aquino III.

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SEC Chairperson Teresita Herbosa said the bill is currently in second reading and that the Senate Committee on Trade, Commerce and Entrepreneurship headed by Sen. Bam Aquino has already come up with a committee report.

“Then we’re just waiting for the third reading. I think it’s been certified urgent by the DOF (Department of Finance),”said Herbosa.

She said once it passes third reading, the bill will be enrolled and submitted for signature.
Herbosa expressed hope that bill will pass on third reading during the current Congress, noting that said Sen. Aquino is “very active” in pushing the measure.

Under the amended Corporate Code, regulators are pushing for a one-person corporation and a whistleblower provision, as well as perpetual corporation life in line with the trend worldwide.

Senate Bill 2194 was authored by Senator Juan Edgardo “Sonny” Angara.

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