Home Ed. 2019 May Single Person Corporation and the Party List

Single Person Corporation and the Party List

Four years ago, I formed the “Bisnes ni Juan” which is originally a “Business of One” as a Party List. However, after carefully assessing the situation then, I felt it will be unwise to continue that party list considering the cost basically.

The concept of a Party List system in the Philippines for “Bines ni Juan” is to be able to represent some marginalized sectors who cannot afford to run and win in an election the idea is to come out with laws allowing the formation of single person corporation, the single –person franchise for transport services, etc.

But even without a Party List, things happened. First is the single –person franschise as in the GRAB and UBER just like in the USA where a taxi driver is also the owner of the taxi and need not tie-up with a franchise which they call “kabit” here which charge exhorbitantly. Now, the Securities and Exchange Commission (SEC) just announced that beginning last Monday, May 6, 2019. The Single person corp. is now ready for implementation. This way we become at par with HK, Singapore and the USA. At least, the dreams of Bisness ni Juan came to fruition.

For how could a foreign investor needs a minimum of 5 directors and stockholders before the can register a corp? People whom he does not know and who are so complacent when the corp is losing money and then become so active once it starts making profit. They may even dislodge the investor just like that.

So, no need for a Party list. This system has been so bastardized by many who won and do not even represent a marginalized sector –only their family sector and their own interest.