MANILA, Philippines - Philippine companies have much room to improve in terms of good corporate governance compared with its peers in the Southeast Asian region, an industry expert said.
MANILA, Philippines - The Good Governance Advocates and Practitioners of the Philippines (GGAPP) will conduct a seminar about the latest issues and trends in corporate governance on December 7, 2:30 p.m. at the Lighthouse, Lopez Building in Meralco compound along Ortigas Avenue, Pasig City.
The Securities and Exchange Commission says it’s preparing to propose amendments to the Securities Regulation Code, particularly regarding independent directors, to improve protection for minority shareholders.
The Securities and Exchange Commission (SEC) has slapped the Philippine Stock Exchange (PSE) with a P1 million fine for failing to secure certifications for candidates in its board election last month.
Philippine Stock Exchange President Hans Sicat and BPI Asset Management SVP P.J. Garcia told Business Nightly that local property developers may form real estate investment trusts if the government taxes the transfer of assets to REITs. Sicat said he and new PSE Chairman Jose Pardo, a former finance secretary, are focused on expanding the market after a year and half when the exchange had 3 presidents and 2 chairmen. Sicat and Garcia also spoke of the need to improve corporate governance and observance of minority shareholder rights.
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) urged major players in the thrift banking industry yesterday to pursue necessary reforms to transform banks into even better and stronger financial institutions amid the controversy surrounding the closure of Banco Filipino Savings and Mortgage Bank.
MANILA, Philippines - Corporate governance is a health check for business, according to Philip Armstrong, head of the Global Corporate Forum of the International Finance Corporation.
In an interview with Business Nightly on Tuesday, Armstrong shared that the Philippines received only $2 billion out of the over $60 billion in foreign direct investments in the region largely because of perception that governance standards here are not as high as in other competing markets.
While the Philippines has laws that aim to address governance issues, Armstrong said foreign investors have raised concerns about the enforcement of these laws, particularly in areas related to conflict of interest, related party transactions, minority shareholder rights.
"Most investors want to focus on the fundamentals of the business, but corporate governance, in a sense, is a health check for a business. If corporate governance is in good shape, then the investors will then start looking at what really matters, which is the fundamentals of the business," he said.
Business Nightly airs on ANC at 9 p.m. weeknights.