Statement
GLAPI is committed to protecting the interests of its creditors by ensuring that their rights are respected and upheld in all business operations. This includes timely and accurate financial reporting, adherence to contractual obligations, and transparent communication with creditors and GLAPI’s stakeholders.
Under this Section you will find GLAPI’s guiding principles for safeguarding the rights of creditors in its operations, in compliance with applicable laws and regulations in the Philippines, including the Revised Corporation Code of the Philippines, the Amended Insurance Code, and relevant issuances of the Security Exchange Commission, the Insurance Commission or of the Bureau of Internal Revenue.
Toward this goal, GLAPI will maintain accurate and up-to-date financial records in accordance with Philippine Financial Reporting Standards to provide creditors with a clear view of its financial position. Financial statements, including balance sheets, income statements, and cash flow statements, will be prepared and disclosed in a timely manner as required by applicable regulations.
Scope
GLAPI’s guiding principles cover the documentation, reporting and disclosure requirements to promote transparency for the protection of the rights of creditors.
Guiding Principles
- GLAPI upholds and respects the rights of creditors.
- GLAPI supports strategic alliances with creditors, while honoring commitments to agreements and timely payments of its obligations.
- GLAPI does business with recognized credit-worthy third parties to ensure reliable and trustworthy business transactions.
- GLAPI is committed to actively promote collaboration in generating wealth, growth, job opportunities, and sustaining financially stable enterprises.
- GLAPI respects and protects creditors’ rights and honor its obligation to creditors, including payment of debts and liabilities, in accordance with the terms and conditions of any agreements or contracts entered with them.
- GLAPI’s corporate governance framework towards creditors is supported by an efficient cash and liquidity management system.
- GLAPI maintains accurate and up-to-date financial records in accordance with Philippine Financial Reporting Standards.
- GLAPI keeps an open, clear, regular, and transparent communication with creditors, providing them with timely and accurate information regarding the company’s ownership, governance structure, financial position and performance. Any material changes in GLAPI’s financial condition or business operations that may affect creditors’ interests is promptly disclosed to them.
- GLAPI recognizes and protects the freedom of creditors to communicate their concerns through the reporting channels that GLAPI made available to them. According to the anti-retaliation policy of GLAPI, the act of sharing their concerns will not compromise their rights.
- GLAPI establishes and maintains a fair and transparent process to address any grievances or disputes raised by creditors, providing them with a fair opportunity to seek appropriate remedies for any violations of their rights in accordance with applicable laws and regulations.