Members of the Philippine Economic Society (PES) approved the amended By-laws and Articles of Incorporation of PES through an online referendum held on 15-25 March 2021.
Out of 354 members who are eligible to vote, a total of 184 participated in the referendum, bringing a 51.98% voter turnout.
For the amended By-laws, 177 voted to approve, two voted to reject, and five voted in abstention.
Meanwhile, for the amended Articles of Incorporation, 177 coted to approve, one voted to reject, and six voted in abstention.
Since 2014, the PES Board of Trustees has initiated efforts to update the association’s original 1962 By-laws to respond to the changing times, while keeping with the spirit of the original. It also aligns the PES By-laws with the amendments to the Corporation Code of the Philippines, which governs all associations in the Philippines. Here is a summary of the salient revisions embodied in the version up for referendum:
- Article I - Name and Purpose: The PES’ purpose of helping in the promotion of economic and financial literacy among its members and the private sector, pursuant to Republic Act No. 10922, was added. Additional incidental purposes were also added.
- Article II - Officers and Duties: The length of terms and the roles and responsibilities of the PES Officers, namely the President, the Vice President, the Secretary, and the Treasurer, were detailed.
- Article III - Membership: The classifications, qualifications, duties and responsibilities, and procedures for applications and nominations of members were detailed.
- Article IV - Trustees: The number of Trustees, expiration of their terms, and their powers were defined. The definition of a quorum and the scheduling of the meetings of the Trustees were also provided.
- Article V - Meetings of the Association: The date of the Annual Regular Assembly of members was determined. Procedures for special meetings, notices of meetings, and determination of a quorum were also provided. The use of an online platform was also added.
- Article VI - Suspension, Expulsion and Termination of Membership: Procedures for the suspension, expulsion, and termination of membership were determined.
- Article VII - Secretariat: The functions of the PES Secretariat were detailed.
- Article VIII - Fiscal Year: That the fiscal year of PES shall begin on the first day of January and end on the last day of December of the same calendar year was provided.
- Article IX - Funds: The sources of PES funds, the determination of membership dues, as well as procedures of disbursements were detailed. This article also provides that no compensation accrues to any of the members, board of trustees or officers of PES.
- Article X - Amendments and Rules and Regulations: The process of amending the By-laws, as well as the process of adopting additional rules and regulations, were updated.
Meanwhile, the proposed amendments to the Articles of Incorporation (which were last amended in 2011), are summarized as follows:
- Article I: The PES’ Non-profit status was added.
- Article II: The PES’ purpose of helping in the promotion of economic and financial literacy among its members and the private sector, pursuant to Republic Act No. 10922, was added. Additional incidental purposes were also added.
- Article IV: The successor institution of the National Science Development Board was added.
- Article V: The PES’ present principal address was updated to 2nd floor, Philippine Social Science Center, Commonwealth Avenue, Diliman, Quezon City.
- Article VI: The PES’ corporate existence was changed to “perpetual” from “fifty (50) years.”
- Article VIII and XI: The number of Trustees of PES was updated, consistent with the amended By-laws.
With the ratification, PES will now proceed with filing the amended documents with the Securities and Exchange Commission.
The PES Board of Trustees also wishes to remind and encourage PES members to participate in regular PES elections.