Philippine corporation law is of common law
origin and is covered by the Corporation Code and the Securities Regulations
Code (2000). More specifically, banks are governed by three laws: the General
Banking Law, the Bangko Sentral ng Pilipinas (Central Bank) Law, and the
charter of the Philippines Deposit Insurance Corporation that provides
...

Philippine corporation law is of common law
origin and is covered by the Corporation Code and the Securities Regulations
Code (2000). More specifically, banks are governed by three laws: the General
Banking Law, the Bangko Sentral ng Pilipinas (Central Bank) Law, and the
charter of the Philippines Deposit Insurance Corporation that provides
protection depositors in the case of bank insolvency. All listed firms are
required to comply with the Philippine Stock Exchange listing requirements.
In 2001, the Philippines accepted a World Bank program for a Review of the
Observance of Standards and Codes (ROSC) which was completed in late
July. In the study's summary, the Philippines showed fairly universal presence
of standards and codes but poor compliance starting (and ending) with poor
levels of disclosure, equally poor enforcement by regulators of the minimum
requirements for governance, relatively weak institutions to enforce
regulations, and poor judicial processes where aggrieved parties can seek
redress. The conclusion: a low level of governance in practice.