Issues on the Corporate Governance System in the Philippines

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  • フィリピンにおける企業統治制度の概要と課題
  • フィリピン ニ オケル キギョウトウチセイド ノ ガイヨウ ト カダイ

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The Corporate Governance System has been improved in the Philippines. However, it was not given high evaluation in The Report on the Observance of Standards and Codes (ROSC) in 2006 in the Philippines. The report pointed the serious problem of lack of enforcement of laws. Following that, for regulation to public companies, the Securities Exchange Commission (SEC) enacted the Revised Code of Corporate Governance (RCCG) in 2009, and the Philippine Exchange Securities, a Self-Regulation Organization, established the Corporate Governance Guideline (CGG) in 2010. The RCCG has aimed to improve the fair and sound system in the board of directors and protection for minority shareholders. The CGG aimed to improve corporate social responsibility and business ethics to the local community and employees in the company. However, both the above regulations have problems concerning the enforcement, as that they are not laws with legal enforcement. To solve this problem, reform of the Corporation Code of the Philippines should be required of the Government. Emerging countries such as the Philippines have established and an acted the corporate governance system such as monitoring, disclosure and accountability systems, however, they should also maintain and adapt their social and economic conditions.







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