The Civil Code is the primary law governing insolvencies in the Philippines. Under the Code, special laws can govern insolvency so long as they are not inconsistent with the Code. These special laws include the Insolvency Law and Presidential Decree 902-A.

The Insolvency Law covers suspension of payments along with voluntary and involuntary insolvencies. Presidential Decree No. 902-A gives the Securities and Exchange Commission jurisdiction over petitions for the suspension of payments.

A study made by Insolvency Asia on the insolvency regime in the Philippines is provided at the link below.

The World Bank's Doing Business Survey assesses data on business closures. Results for the Philippines can be found at the link below.

The Asia-Pacific Restructuring and Insolvency Guide 2006, linked below, provides a guide to explain the restructuring and insolvency framework of the Philippines. The report covers legal framework and the effectiveness of court processes/legal remedies, effects on the management of the company, roles of key players involved in the restructuring and insolvency process, and financial issues such as, the order in which creditors are paid in a corporate bankruptcy/liquidation, among others.