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Senate minority leader Franklin Drilon on Wednesday hailed the Senate's ratification of the Philippine company code amendments, saying it would help improve the country's "ease of doing business".
"The promulgation of this historic legislation is not only timely but also necessary given the fact that we are lagging behind our neighbors in terms of ease of doing business. This will significantly improve the regulatory framework for starting a business in this country, "Drilon said in a statement.
READ: Despite reforms, PH 124th in terms of ease of doing business
Previously, the Senate had ratified the report of the committee of the bicameral conference on the modification of the code of companies. However, the report must be approved by the House of Representatives before being sent to President Rodrigo Duterte.
READ: Senate ratifies bicam reports, amending SSS Act, Central Bank Act
Drilon said the bill would introduce reforms in the company code to "remove barriers hindering the entry of small and large companies into the market".
He added that the bill also advocated for stronger corporate governance standards, including "allowing single-member companies, eliminating minimum capital requirements and ensuring the sustainability of companies."
The bill also allows single-member companies to make better use of loans and grants to help adapt to the current business environment "where it is difficult for companies and individual businesses to access loans."
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