On 8 February, The Inquirer reported that the country’s SEC is seeking to better combat money laundering and terrorist financing by requiring greater transparency in corporate ownership and cracking down on dummies – to keep the Philippines off the FATF grey list. SEC Memorandum Circular No. 1/2021 on 27 January to provide the guidelines in preventing the misuse of corporations for illicit activities through measures designed to promote transparency of beneficial ownership; including a prohibition on the issuance of bearer shares and a requirement for the mandatory disclosure of the identity of the beneficial owners, or persons who ultimately own or effectively control corporations.
https://business.inquirer.net/317230/sec-cracks-down-on-use-of-corporate-dummies-bearer-shares
I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y