BAYANIHAN 2: EXEMPTION FROM M&A NOTIFICATION REQUIREMENTS AND OTHER RELIEFS (Philippines)

Author: Patricia O. Ko

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Publisher: Nagashima Ohno & Tsunematsu

Journal / Book: NO&T Asia Legal Review No.28 (October, 2020)

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*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

Six months from the declaration of the state of public health emergency throughout the Philippines, Republic Act No. 11494 or the Bayanihan to Recover as One Act (“Bayanihan 2”) was signed into law by the Philippine President on 11 September 2020.

As a follow through to the first Bayanihan Act (Republic Act No. 11469 or the Bayanihan to Heal as One Act passed in March 2020), the Bayanihan 2 enacts additional measures to aid in the Philippines’ economic recovery from the COVID-19 pandemic. Apart from providing a Php 165-billion stimulus package, the following are some of the significant measures introduced by Bayanihan 2 to encourage economic activity and provide reliefs to affected businesses:

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