Securities and Exchange Commission, MCLE, Corporate Governance, Updates and Compliance, RegulationsMemorandum Circulars, Revised Corporation Code

New Year SEC Updates


Training investment is inclusive of an e-certificate and a printed learning material

P 2,980.00 / person - when you register and pay on or before December 31

P 3,980.00 / person - Regular Rate

a) Add 450 for a printed copy of a certificate
    of attendance inclusive of delivery charge
b) Add 300 for MCLE Activity Fee for LAWYERS
   who want to earn MCLE 
credit units from this training.                                          


The implementing rules and regulations of the Revised Corporation Code of the Philippines that took effect on February 23, 2019 are released by the Securities and Exchange Commission through memorandum circulars (MCs).

This 3-hour executive briefing via Zoom will comprehensively discuss all the 2023 SEC Memorandum Circulars, provide interpretation and guidance on regulations that are still relevant or have become irrelevant, and recent jurisprudence affecting all corporations in the Philippines.

It is your business to know the significant changes in the rules to help you in your compliance, in structuring your deals, and to avoid the legal pitfalls when making decisions in board and management meetings or when doing business and investing in the Philippines.

Course Director & Lecturer

Atty. Justina Fernandez Callangan

She served as Director of the Corporate Governance and Finance Department of the Securities and Exchange Commission until her retirement in 2017. Her responsibilities included the supervision of companies that are covered by various Codes of Corporate Governance.

She also currently holds the following positions in different companies:
Independent Director of Panasonic Manufacturing Philippines Corporation
Independent Director of the Vista Land & Lifescapes, Inc.
Independent Director of Orix Metro Leasing and Finance Corporation
Independent Director of AIB Money Market Mutual Fund, Inc.
Director of the Securities Investor Fund, Inc.
Consultant of the ASA Philippine Foundation, a Microfinance NGO

Who Should Attend?

  • Chairman / Vice Chair

  • Board Directors

  • Corporate Secretaries

  • Compliance Officers

  • Key Management Officers

  • Lawyers/ Accountants

  • Entrepreneurs / Investors

  • Business Consultants

Course Outline

This SEC-accredited Corporate Governance training will comprehensively discuss not only the updated and new memorandum circulars but will also provide interpretation, guidance on rules that are still relevant and what has become irrelevant, and valuable insights on the Revised Corporation Code of the Philippines based on the updates that will be presented.

Categories of the 2023 Memorandum Circulars (MCs)

A. Amendments to the 2015 Securities Regulation Code Implementing Rules and Regulations (2015 SRC IRR) 

  • Memorandum Circular No. 08 series of 2023
    - Securing & Expanding Capital for Farms & Agri-Business Related Modernization Schemes (SEC FARMS)


  • Memorandum Circular No. 11 series of 2023
    - Amendments to the IRR and SEC Memorandum Circular No. 16 series of 2004


  • Memorandum Circular No. 12 series of 2023
    - Amendments to Section 39. 1.4. 1 of the IRR


  • Memorandum Circular No. 13 series of 2023
    - Interpretation of the Comparative Periods Required in the Management’s Discussion and Analysis (MD & A)


  • Memorandum Circular No. 14 series of 2023
    - Amendments to Annex C of Rule 12

B. Memorandum Circulars on Sustainability – Linked Bonds


  • Memorandum Circular No. 03 series of 2023
    - Guidelines on the Issuance of Sustainability-Linked Bonds under the ASEAN Sustainability-Linked Bond Standards in the Philippines


  • Memorandum Circular No. 04 series of 2023
    - Adoption of the ASEAN Sustainable and Responsible Fund Standards (ASEAN SRFS); and Establishment of Rules on: 1) Qualification of a Local Investment Company under the ASEAN SRFS; 2) Recognition of a Foreign Collective Investment Scheme qualified under the ASEAN SRFS that seeks to offer in the Philippines under the ASEAN CIS framework


  • Memorandum Circular No. 15 series of 2023
    - Guidelines on Eligible Blue Projects and Activities for the Issuance of Blue Bonds in the Philippines

C. Consumer Protection

  • Memorandum Circular No. 05 series of 2023
    - SEC Rules and Regulations of the Financial Products and Services Consumer Protection Act of 2022

D. Others


  • Memorandum Circular No. 07 series of 2023
    - Guidelines on Application for the Allocation of International Securities Identification Number (ISIN), Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN) Codes for Financial Instruments.


  • Memorandum Circular No. 10 series of 2023
    - SEC Fees and Charges for Certain IT-Related Services


  • Memorandum Circular No. 16 series of 2023
    - Revised Guidelines on the Determination of Retained Earnings Available for Dividend Declaration


  • Memorandum Circular No. 18 series of 2023
    - Guidelines on the Submission of Digital Copies of Applications, Compliance Documents and Other Requests, and Further Reduction of the Number of Hard Copies to be Filed with the Commission


  • Memorandum Circular No. 19 series of 2023
    - Guidelines on Declaration of Delinquent Status and Revocation of Certificate of Registration of Corporations under Sections 21 and 177 of the Revised Corporation Code


  • Memorandum Circular No. 22 series of 2023
    - Guidelines on the Applications for Payment of Filing Fees and Annual Fees of Real Estate Investment Trusts (REIT) Fund Managers and their Respective Compliance Officers

Attendees from the government are exempted from the P2,000.00 limit set by COA for attending training provided by the private sector based on Department of Budget and Management Circular No. 563 dated April 22, 2016.

Attending this training is not covered by Philippine Procurement Law or RA 9184 based on its Revised IRR’s Section 4.5-b. which classifies training continuing education, conferences and similar activities as "non-procurement activities that shall be governed by applicable COA, CSC, and DBM rules".
Contact Details

Contact Person: Kyra Gayle Villanueva
Mobile Number (+63 968) 851-2347
Telefax: (+632) 8842-7148 or 59
Email: kyra.cgbp@yahoo.com

Account Name: Center for Global Best Practices Foundation, Inc.

Metrobank: 495-3-495-504-418
Unionbank: 0013-3002-7702
PNB: 1477-7000-0961
Landbank: 3832-1015-82


Unit 905 Richville Corporate Tower
1107 Alabang-Zapote Road
Madrigal Business Park
Muntinlupa City, 1780, Philippines

Contact Us

(+63 2) 8556-8968 (+63 2) 8556-8969 (+63 2) 8842-7148 (+63 2) 8425-9752 (+63 2) 8842-7159 cgbp.info@gmail.com

Join our Mailing List