“The closure showed we are serious about protecting our natural resources and minimising environmental impact, and that we are focused on preserving and highlighting the beauty of our country for generations,” Jhaytee Wong, executive vice-president of the Philippine … Like humans, corporate life comes to an end and this is what is technically referred to as dissolution and liquidation. So is business. So when the going gets tough, sometimes corporations need to close down. Whatever the case may be closure is something that should be thought of at the very beginning as it has large consequences in the future. Life is tough. An Asian Development Bank study shows over 70% of Philippine MSMEs had cash flow problems, forcing owners to borrow from friends and family to keep their business afloat Not all corporations are successful in its business operations in the Philippines and not all domestic corporations in the Philippines are meant forever. Business closure or retirement is an activity that any business owner do not want to happen. As part of the closure, Boracay was closed for six months except to its registered residents and employees. 283 [now Art. On April 26, 2018, the Philippine resort island of Boracay, one of the country's major tourist destinations, was temporarily closed to the general public as part of the government's efforts to rehabilitate and redevelop the island. Of the 2,135 companies surveyed, 25.9 percent have closed operations (including temporary shutdown), 52 percent in partial operation, and 22.1 percent in full operation, Lopez said, citing a Department of Trade and Industry (DTI) survey conducted from June 4 to 17 this year to assess the status of business around the country amid the continuing imposition of quarantines. One method is through the shortening of the corporate term. Rosa, Laguna, effective March 2020. This means you are not going to operate any longer as a self-employed professional or a freelance business, and so are not obligated to pay taxes further. The Closure of Automobile production in the Philippines MANILA, Feb 22, 2020 – (JCN Newswire) – Honda Cars Philippines, Inc., which produces passenger cars, BR-V, City, announced today, that it will stop production operations in its plant in Sta. The board deliberated on the matter. Closure of business is one of the authorized causes in terminating employment of workers under the Labor Code of the Philippines. The Philippines has ordered the closure of broadcaster ABS-CBN after legislative stasis and the virus lockdown failed to buy it more time. We also noticed that it doesn’t seem as if the company is suffering from serious business losses because it still makes profit and can still extend its operations until the end of the year. By: ... Then came Honda Cars Philippines’ move to close its assembly plant in Santa Rosa, Laguna , and, as a result, throw out of job more than 380 employees. Affidavit of Closure of Business is normally required by the government to be submitted to assess the final liability of the business or the business operator, as the case may be, in relation to such business. Most of the time, it’s financial like loss or low profits. It may either be partial, complete, grounded on serious business losses or not. Termination of business is one of the prerogatives which business owner may exercise in the pursuit of his business. Business groups said the closure of ABS-CBN would hurt freedom of expression in the country and displace thousands of workers who depend on the network for their livelihood. Below is a sample affidavit. 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