President of Philippines Rodrigo Duterte led a ceremony in which he signed all the laws he previously stated in the past few days. One of the main laws that was made is the registration of the company by a single person. This means that a single person can stay as a shareholder all by himself for the company, this is the part of the Revised Corporation Code.
This law which states that a whole corporation can be owned by a single person will help the whole country to build up more businesses. This will benefit the economy of the country. The law also includes the removal of the minimum capitalization requirement for the incorporation. The Senator Franklin Drilon said that these laws made by the president will end the current practice of many businessmen who keep on registering corporations under the names of their family members. He also said in an interview last November, “One of our difficulties today is our laws have not been updated. As a result, in terms of our ranking in the ease of doing business we are lagging behind.”
There are some other provisions of the law which includes that the stockholders can use remote communication to vote on the meetings and also giving the power to the Security and Exchange Commission in order to remove the directors. Along with this, there will be an update in the provisions which will be for the records keeping and the accessing of the records based on the current latest technologies.
This can surely help a lot to the public as many times the corporations can gain a huge amount power when they are not regulated properly. The control of the whole country should not be under a few families. So, to attain this, the president changed the law.