GVES LAW

GVES LAW We are a rising law firm specializing in client-centered and practical legal solutions.

The SEC’s new Umbrella Fund framework under Memorandum Circular No. 14, Series of 2026 allows one investment company to ...
21/04/2026

The SEC’s new Umbrella Fund framework under Memorandum Circular No. 14, Series of 2026 allows one investment company to manage multiple sub-funds under a single corporate entity, making fund launches more efficient and cost-effective. For investors, it offers easier switching between sub-funds and stronger protection through strict asset segregation. Overall, the framework supports more flexible fund management and broader diversification opportunities in the Philippine market.

Read more here. https://gveslaw.com/sec-guidelines-umbrella-funds-for-investment-companies/

The SEC’s 2026 Beneficial Ownership amendments lower the Ultimate Beneficial Owner threshold from 25% to 20%, expanding ...
15/04/2026

The SEC’s 2026 Beneficial Ownership amendments lower the Ultimate Beneficial Owner threshold from 25% to 20%, expanding who must be disclosed. Corporations must now also identify nominee shareholders, directors, and trustees, including their nominators. Beneficial ownership reporting is likewise moved from the GIS to the SEC’s HARBOR platform for centralized monitoring. Companies should review ownership structures and update records to ensure compliance.

Read more here. https://gveslaw.com/2026-amendments-on-the-beneficial-ownership-rule/

RMC No. 024-2026 clarifies that the tax treatment of cross-border services depends on the source of income. Payments to ...
06/04/2026

RMC No. 024-2026 clarifies that the tax treatment of cross-border services depends on the source of income. Payments to non-resident service providers may still be considered Philippine-sourced if the service is completed, delivered, or economically realized in the Philippines. The BIR emphasizes that the place of payment or the fact that part of the work is performed abroad is not controlling. Instead, the focus is on where the income-producing activity occurs and where the economic benefit accrues. Taxpayers claiming foreign-sourced income must support their position with sufficient documentation during audit.

Read more here.https://gveslaw.com/taxation-of-cross-border-services-source-of-income-under-rmc-024-2026/

The SEC has introduced a tiered Minimum Public Ownership (MPO) framework under Memorandum Circular No. 11 (2026) to bett...
23/03/2026

The SEC has introduced a tiered Minimum Public Ownership (MPO) framework under Memorandum Circular No. 11 (2026) to better align IPO requirements with company size. Smaller companies must offer up to 33% public float, while larger issuers may go as low as 15%, or even 12% in exceptional cases. Post-listing, companies must maintain minimum public ownership or face regulatory consequences. Non-compliance requires corrective action within 6 months, with reporting obligations to the SEC.
Read more here. https://gveslaw.com/sec-unveils-tiered-minimum-public-ownership-rules-to-boost-ipo-market/

The Philippine SEC has imposed a nine-year cumulative term limit for Independent Directors of publicly listed companies ...
11/03/2026

The Philippine SEC has imposed a nine-year cumulative term limit for Independent Directors of publicly listed companies to strengthen corporate governance and maintain board independence. After nine years, an Independent Director can no longer be re-elected as an independent director in the same company, though they may still serve as a regular director or corporate officer. The rule aims to promote board refreshment, objectivity, and stronger investor protection.

Read more here. https://gveslaw.com/sec-imposes-nine-year-term-limit-on-independent-directors-of-listed-companies/

The Securities and Exchange Commission has issued Memorandum Circular No. 8, s. 2026, adopting its new Rules of Procedur...
26/02/2026

The Securities and Exchange Commission has issued Memorandum Circular No. 8, s. 2026, adopting its new Rules of Procedure for adjudicatory proceedings. The updated framework streamlines the prior rules, limits dilatory pleadings, and strengthens enforcement mechanisms. Service of summons and notices is now primarily electronic, reinforcing a digital-first compliance environment. Motions are strictly curtailed, compelling parties to consolidate defenses in a single, comprehensive Answer. Overall, the reforms signal a clear regulatory shift toward efficiency, accountability, and faster resolution of SEC cases.

Read more here. https://gveslaw.com/key-changes-in-the-2026-new-sec-rules-of-procedure-2026/

On 18 July 2025, the BIR issued Revenue Memorandum Circular No. 074-2025 adopting the new CDR (July 2025) and it is more...
19/02/2026

On 18 July 2025, the BIR issued Revenue Memorandum Circular No. 074-2025 adopting the new CDR (July 2025) and it is more than just a checklist update. The circular imposes a strict “NO PROCESSING” rule for incomplete applications, tightens corporate authorization requirements, and increases sworn affidavit obligations. ORUS is now central to registration, updates, and digital service provider compliance, signaling full digital integration. In short, BIR registration is no longer clerical — it is procedural governance, and documentary precision now directly affects business timelines.

Read more here.https://gveslaw.com/a-structural-shift-in-registration-compliance-with-bir-updated-checklist-of-documentary-requirements-cdr

Good news for taxpayers: BIR RMO No. 01-2026 limits multiple tax audits and strengthens taxpayer protections.The Order a...
31/01/2026

Good news for taxpayers: BIR RMO No. 01-2026 limits multiple tax audits and strengthens taxpayer protections.
The Order adopts a Single-Instance Audit Framework, limits multiple audits for the same taxable year, and strengthens due process safeguards for taxpayers.
It also implements system-assisted audit selection and standardizes audit documentation.
These reforms aim to promote transparency, efficiency, and fairness in BIR audit operations.

Read more here. https://gveslaw.com/bir-rmo-no-01-2026-key-reforms-in-tax-audit-and-assessment-procedures/

Good news for MSMEs! The SEC has raised the audit threshold to ₱3 Million, so corporations below this amount are no long...
22/01/2026

Good news for MSMEs! The SEC has raised the audit threshold to ₱3 Million, so corporations below this amount are no longer required to submit Audited Financial Statements. They may instead file unaudited financial statements with a Sworn Statement of Management’s Responsibility (SMR). This significantly reduces compliance costs for small corporations. However, SMR signatories are personally liable for any false or misleading statements. The exemption applies only to SEC audit requirements, and public interest entities remain covered by mandatory audits. The rule applies to financial statements ending on or after December 31, 2025.
Know more here. https://gveslaw.com/sec-increases-audit-threshold-from.../

The Supreme Court ruled that corporate unit owners may sit on condominium boards through duly authorized representatives...
15/01/2026

The Supreme Court ruled that corporate unit owners may sit on condominium boards through duly authorized representatives if allowed by the by-laws!

In Rodriguez v. Pastorfide (2025), the Court clarified that authorized representatives are different from mere proxies, whose authority is limited to voting.
Since corporations can only act through natural persons, board participation must necessarily be through representatives.

However, each corporate unit owner may appoint only one representative to prevent unfair control of the board.
The key factor is the condominium corporation’s by-laws, not personal ownership of a unit.

Know more here. https://gveslaw.com/can-a-corporation-sit-on-a-condominium-board-the-supreme-court-finally-answers/

GVES Law congratulates all new lawyers who passed the 2025 Bar Examinations!Based in BGC Taguig, we are looking for asso...
08/01/2026

GVES Law congratulates all new lawyers who passed the 2025 Bar Examinations!

Based in BGC Taguig, we are looking for associate lawyers who would like to join our growing team. Interested candidates may send their CVs to [email protected] and [email protected].

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Unit 1205 Tower 2, High Street South Corporate Plaza, 26th Street Corner 11th Avenue , Bonifacio Global City
Taguig
1634

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