Knowledge plus execution is power

We have heard of the saying that ‘Knowledge is power’ but knowledge is not enough until we do something or implement that knowledge. Similarly, faith without action is also useless.

So let me share a bunch of good news for you. This week has been a whirlwind of policy good news & updates!

As an individual, business person or an investor, information is very important. The right information can help you get ahead of your competition or can even help take care of your people and bottom line. The Philippine President has signed the following into laws.

Republic Act 11199 or the Social Security Act of 2019 - This overhauled the charter of our Social Security System. The provisions include mandatory SSS coverage for overseas Filipino workers (provided they are not over 60 years old) and the power of the Social Security System Commission to increase benefits, condone penalties, and rationalize investments, among others.

It also includes unemployment insurance (can be claimed once every three years), for members who are involuntarily unemployed, can claim unemployment benefit equivalent to 50 percent of average monthly salary credit for a maximum of two months.

The Universal Health Care Act - This expands PhilHealth coverage to include all citizens of the Philippines, and its services to provide members free medical consultation, laboratory tests, and other diagnostic requirements. Under the new law, all Filipinos may seek primary health services even without PhilHealth identification cards. The law also requires all graduates of health-related courses whose studies were funded through government scholarships to serve for at least three years in public hospitals.

The expanded maternity leave bill or Republic Act 11210 - All working mothers in the government and private sector are guaranteed with 105 days of paid maternity leave credits, with 7 days transferable to fathers. An additional 15 days of paid leave will be granted to single mothers. For cases of miscarriage or emergency termination of pregnancy, a 60-day paid maternity leave shall be granted to a female worker.

Revised Corporation Code - This amends the 38-year old Corporation Code. Its provisions include the removing of the minimum limit on the number of shareholders required to register a corporation from five. The amendment allows one person to register a business as a corporation by oneself. It also removes the minimum capitalization requirement for incorporation - with some exceptions.

Other provisions of the law include allowing stockholders to use remote communication to vote on meetings, giving the Securities and Exchange Commission the power to remove directors, and to update the provisions on records-keeping and records access based on current technologies.

Republic Act 11211 or the New Central Bank Act - This reform package will further align BSP operations with global best practices, improve the BSP’s corporate viability, and enhance its capacity for crafting proactive policies amid rising interlinkages in the financial markets and the broader economy.

Other updates:

PHL Bureau of Treasury: RTBs to be sold to individual investors online in Q1. This can be accessed via the [Treasury] website and step-by-step process will be self-explanatory.

BSP, OWWA and BDO Foundation’s Pitaka Program is now live and OFWs must now undergo financial literacy training as required orientation seminar. PiTaKa financial literacy sessions will be incorporated in both Pre-Departure Orientation Seminar (PDOS) and Post-Arrival Orientation Seminar (PAOS) of overseas Filipino workers.

Due to the numerous complaints from professionals, PRC issued Resolution No. 2019-1146 that outlined the new Implementing Regards and Regulations (IRR) of the CPD Law effective March 1, 2019.

Now that you have these information, go do something about it!!