As expected, the historic trilateral summit held this week in Washington strengthened security cooperation between the US, Japan and the Philippines. The communique issued after the meeting specifically denounced Beijing’s “aggressive actions” in the South China Sea. Both the US and Japan committed to expanded economic support for the Philippines in addition to defense assistance.
During the Noynoy Aquino administration, approved foreign investment from China rose to $43 billion. During the Duterte administration, the pandemic notwithstanding, approved foreign investments of China ballooned dramatically to $164.64 billion. This represents a 382 percent increase over the previous administration.
Beijing tried to reciprocate the Duterte administration’s more accommodating stance through various support packages to help victims of natural calamities such as those of Typhoon Odette and the Taal eruption. Beijing contributed to help in the rehabilitation of Marawi, the provision of new school buildings and the distribution of farm implements.
It turns out, the last annual meeting of the NGAP was held at Alabang Country Club even as the by-laws require such meeting to be held at the association’s office at the Rizal Memorial Sports Complex. The usual venue was fully functional and members question why the meeting was moved to a distant location.
The Revised Corporation Code’s Section 57 puts down only the minimum proxy requirements. Any form fulfilling those requirements should be considered valid. The SEC, in a long line of opinions, prescribes that if the by-laws of a corporation do not provide for a specific proxy form, none can be prescribed other than as provided for under Section 57.