The Philippines adopted the International Financial Reporting Standard in 2005. The Philippine Financial Reporting Standards/Philippine Accounting Standards (FRPS/PAS) are the new set of Generally Accepted Accounting Principles (GAAP) issued by the Accounting Standards Council of the Philippine Institute of Certified Public Accountants (PICPA), which was succeeded later on by the Financial Reporting Standards Council (FRSC). Adoption of the FPRS/PAS became effective with the annual financial reporting period beginning 1 January 2005.

PICPA is a member of the Association of Southeast Asian Nations (ASEAN) Federation of Accountants.

The Civil Code is the primary law governing insolvency in the Philippines. Special laws can govern insolvency as 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 (SEC) jurisdiction over petitions for the suspension of payments.

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

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

The Asia-Pacific Restructuring and Insolvency Guide 2006, which is linked below, provides an explanation of the restructuring and insolvency framework of the Philippines. Among other topics, the report covers the legal framework and effectiveness of court processes and 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 or liquidation.

The Securities and Exchange Commission (SEC) approved a Code of Corporate Governance covering domestic corporations and subsidiaries of foreign corporations operating locally with listed or registered securities.

The SEC has also developed a reference manual for corporate governance. Its provisions are based on the Corporation Code of the Philippines, Securities Regulation Code (SRC), and international best practices.