March 26, 2020
SEC MEMORANDUM CIRCULAR NO. 11-20
| TO | : | All Concerned |
| SUBJECT | : | Guidelines for the Submission or Filing of Securities Deposit during the COVID-19 Outbreak and the Enhanced Community Quarantine |
WHEREAS, under Section 143 of the Revised Corporation Code of the Philippines ("RCC"), all branch offices of foreign corporations duly licensed to do business in the Philippines, except foreign banking or insurance corporations, shall deposit with the Commission for the benefit of present and future creditors of the licensee in the Philippines, securities satisfactory to the Commission, consisting of bonds or other evidence of indebtedness of the Government of the Philippines, its political subdivisions and instrumentalities, or of government-owned or -controlled corporations and entities, shares of stock or debt securities that are registered under Republic Act No. 8799, otherwise known as "The Securities Regulation Code," shares of stock in domestic corporations listed in the stock exchange, shares of stock in domestic insurance companies and banks, any financial instrument determined suitable by the Commission, or any combination thereof with an actual market value of at least Five...
