Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Hotel found violating FIA

THE PHILIPPINE Supreme Court (SC) has upheld an appellate court decision that found a hotel company violating the Foreign Investments Act (FIA) after it failed to report to the corporate regulator a change in the nationality of its majority owner.

“The FIA relevantly provides that a non-Philippine corporation must register with the SEC before it does business in the country or invest in a domestic corporation,” the high court’s Second Division said in an 11-page resolution against New Coast Hotel, Inc.

It said the hotel’s allegation of delay on the part of the Securities and Exchange Commission (SEC) in detecting and acting on its offense was unsubstantiated.

“In sum, no error was committed by the Court of Appeals when it held that neither prescription nor laches bar the SEC from penalizing New Coast for its violation of the FIA as the same is in accord with law and jurisprudence,” it added. — Chloe Mari A. Hufana

You May Also Like


As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The introduction of aggressive climate objectives by global economies and growing prospects for reducing carbon emissions are driving the growth of the district heating...


In the dynamic automotive sector, consistent growth of the electric vehicle (EV) charging industry has become increasingly evident. Consumers and businesses alike are recognizing...


With a higher focus on sustainable living in modern architecture, the building automation systems (BAS) industry stands as a beacon of innovation. These systems...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Secrets Of Richdads. All Rights Reserved.