The Securities and Exchange Commission has issued guidelines that will allow firms to resolve intra-corporate disputes through arbitration.
The guidelines operationalize Section 181 of Republic Act 11232, or the Revised Corporation Code of the Philippines , which states that an arbitration agreement may be provided in the articles of incorporation or bylaws of a corporation. The guidelines define arbitration as a voluntary dispute resolution process in which one or more arbitrators, appointed by the parties’ designated independent third party or in accordance with the rules, resolve a dispute by rendering an award.
An arbitration agreement must state the number of arbitrators; the designated independent third party who shall appoint the arbitrator/s; procedure for the appointment of the arbitrator/s; and the period within which the arbitrator/s should be appointed by the designated independent third party.
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