Doing business in: the Philippines Updated in September 2020 Introduction The Business Environment Forming a company One-Person Corporation Financing and capital raising Opening a bank account Land ownership and lease Employment of foreign nationals Labor and Employment Business contracts Taxation Incentives Regulatory compliance Intellectual Property Rights Philippine Competition Policy Data Privacy Introduction The Philippines has maintained its position as one of the fastest-growing economies in Southeast Asia in the recent years. The country’s Gross Domestic Product (GDP) has sustained average annual growth of 6.3% between 2010–2018 from an average of 4.5% between 2000-2009. The country’s GDP is projected to fall to in 2020 due to the effects of the coronavirus (COVID-19) measures, but it is also expected to recover rapidly in 2021 with analysts expecting the GDP growth to be between 6.5% and 9%. As of early 2020, the Philippines has received stable and positive credit ratings from Standard & Poor’s (BBB+), Moody’s (Baa2), and Fitch (BBB). The aim of this guide is to highlight some of the key areas that a new business will need to know and address before it begins to operate in the Philippines. This guide should not be considered an all-inclusive guide and specific Philippine legal advice should always be sought before setting up and running a business in the Philippines. The Business Environment Government The 1987 Constitution of the Philippines provides that the Philippines is a democratic and republican state. It is a representative government and the powers and duties of government are
Jersey—cross border banking and finance guide Loan market and developments Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments. Lending from Jersey banks tends to be limited to transactions involving local real estate or local businesses or in the context of private banking to global high net worth individuals. We see large volumes of lending from UK and European banks to Jersey structures which hold primarily non-Jersey situs assets including UK real estate. Please provide a brief overview of forthcoming changes to the law or other matters that may affect the loan markets or the responses to the questions below. The Security Interests (Jersey) Law 2012 (which came into force on 2 January 2014) (the SIJL) brought about wholesale changes to the way security is created in respect of intangible moveable property in Jersey (such as shares in a Jersey company, units in a Jersey property unit trust and bank accounts situate in Jersey). The points to note are: • the SIJL provides for creation of security by way of: ◦ control (relevant to bank accounts in Jersey, custody or securities accounts in Jersey and investment securities) ◦ possession (relevant to negotiable instruments or negotiable investment securities), or ◦ identification (relevant to all types of collateral referred to in the SIJL, although registration of the relevant security interests (but not
Discover our 3 Practice Notes on SIL
Dispute Resolution analysis: Mrs Justice Cockerill dismissed an application to set aside orders for service out of the jurisdiction. In doing so, the judgment has provided useful guidance in relation to ‘jurisdictional gateways’, forum conveniens and material non-disclosure, and also considers requirements in relation to certificates of service. Written by David Juckes, barrister at Hailsham Chambers.
Dispute Resolution analysis: The court assessed the merits of an order permitting service out of the jurisdiction under the ‘necessary or proper party gateway’ made by Roth J (the Order) where there were ‘anchor’ and ‘non-anchor’ defendants. The Order permitted service of the claim form out of the jurisdiction against a ‘non-anchor’ defendant (Athena). The Order was made at a hearing for injunctive relief (on an ex parte basis) to preserve a valuable modern art painting. In assessing the merits of the Order, Chief Master Marsh applied the test set out in Lungowe v Vedanta Resources Plc, in consideration of the judgment of Andrews J in Gunn v Diaz. The court also had consideration to both the test for setting aside an order for service out and matters which were not known at the time that the original order was made. Written by Michael Rhode, senior associate, at Trowers & Hamlins LLP.
Read the latest 4 News articles on SIL
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
"We rely on LexisNexis to give us a definitive answer, quickly and reliable every time so that we can be confident in the advice we use to help our clients."
Shelter
Access all documents on SIL
0330 161 1234