Last-Minute Tips For RFBT (May 2019) : Obligations

 

LAST-MINUTE TIPS FOR RFBT (MAY 2019) OBLIGATIONS

1.  If the debtor is in delay in delivering a specific thing which subsequently got lost due to fortuitous event, the debtor shall be liable for the loss. 2.  In case a passenger is injured due to the negligence of the taxi driver, the passenger may sue the taxi driver based on quasidelict. He may include the taxi oper ator ator in the suit based on the employer’s solidary liability liability for the acts of its employee.  employee.  3.  In case a passenger is injured due to the negligence of the taxi driver, the passenger may sue the taxi operator based on  breach of contract of carriage. carriage. He may not include the taxi driver driver since a contract contract of carriage is only between the taxi operator and the passenger. 4.  In case a passenger is injured due to the negligence of the taxi driver, the passenger may sue the taxi driver based on delict. He may not include the taxi operator in the suit since only the actor can be charged criminally. criminally. But, the taxi operator is subsidiarily liable in case the taxi driver is insolvent. 5.  The diligence required of common carriers is extraordinary diligence, diligence, which is greater than the diligence of a good father of family. 6.  aWhile solidary debtors may be compelled to pay the share of an insolvent co-debtor, joint debtors may not be compelled to do so. 7.  In alternative obligations, obligations, the person entitled to choose cannot choose the things lost due to fortuitous event or due to the fault of the one entitled to choose. 8.  In alternative obligations, once the choice is made, the obligation becomes pure and demandable demandable.. 9.  In facultative obligations, whatever happens to the thing substituted after substitution does not affect the substituting obligation. 10.  In facultative obligations, the choice to substitute always belong to the debtor. 11.  Solidarity does not mean indivisibility. Neither does indivisibility indivisibility mean solidarity. 12.  In case two debtors are obliged to deliver an indivisible thing (e.g. car), if one refuses to perform, the obligation to deliver shall be converted into an obligation to pay the value of the undelivered car where only the refusing debtor is liable for damages and the debtor willing to perform paying for his share in the obligation (without damages) had it been properly  performed. 13.  In dacion en pago, if the property given in exchange is valued less than the monetary obligat obligation, ion, the extinguishment shall only be partial and up to the extent of the value of the property, unless the conduct of the parties or a stipulation provides provides that the exchange is in consideration of the total extinguishm extinguishment ent of the obligation. 14.  In dacion en pago, if the property given in exchange is lost by the creditor through eviction, the original obligation shall be revived, and the accessory obligation shall remain extinguished. 15.  In payment by cession, ownership over the debtor’s property is not transferred to the creditors. The extinguishment is only up to the extent of the proceeds of the sale of ceded properties. 16.  Compensation is only available when both debts are in money or to deliver consumable things. 17.  A third person who pays the debt of a debtor without the debtor’s knowledge and consent, cannot be subrogated to the rights of the creditor and is only entitled to reimbursem reimbursement ent up to the extent beneficial to the debtor. This strict rule ensures that third persons are more careful in paying debts of other persons and protecting debtors from being liable for more than what they actually owe. 18.  Remission, being gratuitous in nature, must observe the formalities required of donations. 19.  If a father loans his son an amount and donates the same credit to his son, the obligation to pay the loan is extinguished by merger or confusion. Same effect happens if the father dies and leaves the son as his only heir. 20.  When a debtor promised to deliver a determinate thing to each of two persons, the debtor will be liable to the creditors in case of loss of said thing even if it is due to fortuitous event. CONTRACTS

21.  Love and affection, though not valuable considerati consideration, on, is still a consideration that can complete the requisites of a valid contract like donation. 22.  Obligatoriness refers to the force and effect of contract as law between the contracting parties. parties. 23.  Relativity of contracts refers to the binding effect of a contract to its contracting parties, their heirs, and assigns. 24.  Mutuality of contracts refers to the equality of standing of contracting parties in a contract. 25.  Autonomy of contracts refers to the freedom of the contracting parties to agree to any term or condition provided it is not contrary to law, public policy, good morals, and good customs. 26.  The Philippines follows the Cognition Theory when it comes to perfection of contracts. 27.  Before an offer is accepted, it may be withdrawn by the offeror, except if there is consideration consideration given in order for the offeree to decide on the offer. 28.  When an offeror is convicted for a crime which is punishable by imprisonment of at least reclusion temporal, the offer is considered withdrawn because civil interdiction is deemed imposed with the prison sentence. 29.  Stipulations in favor of third persons only bind the third persons upon their acceptance. Prior to said acceptance, contracting  parties may withdraw withdraw said stipulations. 30.  In case a minor enters into a contract, the other contracting party, party, who is capacitated, capacitated, cannot seek the annulment of the voidable contract. 31.  If the lesion or damage suffered by a minor, ward, or absentee in a contract entered int into o by the guardian or representative representative is exactly 25% of the property, the contract is valid. It must be more than 25% to be rescissible. 32.  An action for rescission is a remedy of last resort. 33.  Unenforceable contracts may be ratified by partial performance no matter how small since such performance is deemed an admission to the existence of said contract. 34.  For an oral sale of chattel to be enforceable, the price of the chattel sold must be less than P500.

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LAST-MINUTE TIPS FOR RFBT (MAY 2019) 35.  A minor who entered into a contract cannot ratify said voidable contract during his minority. minority. Only his or her guardian can ratify said contract. Once he or she reaches the age of majority, his or her guardian cannot ratify said contract anymore. 36.  The prescriptive period to annul a voidable contract is 4 years. 37.  A contract entered into by two persons legally incapacitated incapacitated to enter into a contract is unenforceable; but those entered into  by two persons whose consents consents are both vitiated vitiated are voidable. 38.  Void contracts are imprescriptible and not capable of being ratified. 39.  When contracting parties are in pari delicto, the law leaves where they are. They cannot go to courts to enforce the contract. 40.  A sale of shabu is void even if the document is couched as a sale of baby powder. A sale of baby powder is valid even if the document is couched as a sale of shabu. It is the parties’ intention that prevails. prevails.   SALES

41.  A sale of future inheritance is void.

 

42. oral of sale of where large cattle is void. 43.  An A deed sale the consideration had not in fact been paid is a void contract of sale. 44.  Inadequacy of price does not invalidate a sale unless such inadequacy is so gross that it is unconscionable or shocking to the senses of men or to the judicial sensibilities of the court. 45.  While a contract of sale is void since it has no valuable consideration, it may be some other valid contract like a donation. 46.  Failure to pay the consideration is different from lack of consideration. The first only results to breach of contract of sale, while the latter voids a contract of sale. 47.  In the absence of a principal contract of loan, no contract of sale can be construed as an equitable mortgage mortgage.. 48.  A contract of sale of necessaries entere entered d into by a minor is valid. 49.  Married couples who are legally separated may enter into a contract of sale. 50.  An unpaid seller can no longer exercise his or her right of stoppage in transitu if the goods have already been received by the buyer or its agent. 51.  When an unpaid seller exercises his or her right of resale, the buyer shall be liable for an any y deficiency. But in case of profit, it shall inure to the benefit of the unpaid seller. 52.  In case of foreclosure of chattel mortgage over a personal property bought in installments, recovery of deficiency is not allowed. 53.  If the red emption emption period is “after 10 years from date of sale”, it is a void stipulation and considered as if not written. Hence, the period shall be 4 years. 54.  The right of redemption of a co-owner defeats the pre-emptive right of an adjacent landowner. CREDIT TRANSACTIONS

55.  A contract of pledge is a real contract because it requires delivery in order to be perfected. 56.  In legal pledge, the excess in the sale proceeds shall belong to the legal pledgor and the legal pledgee shall be entitled to recover in case of deficiency. 57.  While a real estate mortgage requires registration in order to be valid, an unregistered real estate mortgage is binding  between the contracting contracting parties. 58.  In judicial foreclosure of real estate mortgage, there is right of redemption and equity of redemption. 59.  In chattel mortgage, there is equity of redemption which must be exercised before the foreclosure sale. 60.  A chattel mortgage over a house is valid. PARTNERSHIPS

61.  A partnership has a separate and distinct personality of its own apart from the partners constituting it. 62.  An assignee of partnership interest does not become a partner until and after the acceptance of all the other partners. 63.  A partnership for a particular undertaking is automatically dissolved upon fulfilment of said undertaking. 64.  An illegal partnership does not need a judicial proceeding in order to be dissolved. It is void from the beginning. 65.  When a general partner dies, the partnership whether general or limited, is dissolved. But when a limited partner dies, the limited partnership remains remains as long as there is at least one limited partner remaining. remaining. 66.  Partners in a partnership are mutual agents of another. 67.  When there are immovable properties contributed, there must be an inventory and the public instrument must be executed. Otherwise, the partnership is void. 68.  Non-registration of the the partnership, when require required, d, does not invalida invalidate te the partnership. 69.  An industrial partner cannot be liable for additional capital contributions if needed by the partnership. 70.  If a capitalist partner refuses to contribute additional capital when needed, his or her interest may be bought out by the other  partners willing to to contribute additional additional capital. 71.  A partner who is admitted to the partnership is liable for obligations incurred by the partnership prior to his or her admission but only up to the extent of his contribution, unless there is a stipulation to the contrary. 72.  A managing partner whose credit against a debtor is more onerous to the debtor than the debtor’s debt to the partnership, the  partnership, may apply the entire payment made by the debtor in his name, should the debtor elect his right to apply it wholly to his debt to the managing partner. 73.  When an industrial partner engages in any other business, he may be excluded from the partnership, but a capitalist partner who engages in the same business, may only be made to account for the profits earned. 74.  While an industrial partner cannot be made liable for any losses, he may be held liable for partnership debts to partnership creditors with right of reimbursement from the capitalist partners. 75.  The non-filing of the certificate of limited partnership does not void the partnership. It will then be considered as a general  partnership.

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LAST-MINUTE TIPS FOR RFBT (MAY 2019) 76.  The firm name must not have the surname of a limited partner, unless such surname has been in the firm name prior to the admission of the limited partner or it is the surname of a general partner as well. 77.  When a limited partner participates in the managem management ent of the limited partnership, he becomes liable as a general partner,  but he does not become become entitled to the rig rights hts of a general partner partner.. 78.  A limited partner can extend a loan to the limited partnership, but the limited partner partnership ship cannot secure said loan using  partnership property. property. 79.  A substituted limited partner does not become a limited partner until and after the certificate of limited partnership is amended. 80.  In case illegal partnership, the capital contributed shall be returned to the contributing partner, but the proceeds of the  partnership shall be escheated escheated in favor of the the State. CORPORATIONS 

 

81. A corporation is said to be have a strong juridical personality because of its inherent attribute that it has the right of succession. 82.  The piercing of the corporate veil is used to reach the persons forming it, instead of reaching the corporations formed by  persons liable. 83.  A corporation has the constitutional rights to due process, equal protection, and against unreasonable search and seizure. 84.  A corporation sole has no nationality. nationality. 85.  The Roman Catholic Church is a corporation by prescription. 86.  An ultra vires act is not necessarily an illegal act, but an illegal act is always an ultra vires act. 87.  If a corporation aims to amend its articles of incorporation to change its corporate name, the dissenting stockholders cannot exercise their appraisal right. 88.  All the incorporators of a corporation must be natural persons. 89.  The minimum paid up capital for corporations is P5,000. 90.  Authorized capital stock >= issued shares >= outstanding shares 91.  In case of increase of authorized capita capital, l, the minimum paid up must be based on the net increase. 92.  A postdated check cannot be considered as a valid consideration for shares of stocks. 93.  For services to be a valid consideration for shares of stocks, it must have already been rendered. 94.  Advances for future subscription are not covered by the trust fund doctrine. They cannot be used to pay the creditors of the corporation. 95.  Foreigners can incorporate a corporation as long as majority of them are residents of the Philippines. P hilippines. 96.  In the absence of any denial of voting right in the articles of incorporation, holders of preferred shares and redeemable shares are entitled to vote in the similar manner as the holders of common shares. 97.  All matters where a stockholder’s st ockholder’s right of appraisal is available, require 2/3 vote of the stockholders holding outstanding capital stock. 98.  In matters which has important or significant consequences to the corporation and its stockholders, holders of non-voting shares are entitled to vote. 99.  Directors and trustees can never vote by proxy in directors’ or trustees’ meeting.  meeting.  100.  A proxy form can be valid for just one meeting or for a period not exceeding 5 years. 101.  A voting trust agreement can be valid for more than 5 years if it is executed as required in a loan agreement, agreement, but it shall  be automatically automatically terminated terminated upon full payment of said said loan. 102.  The 10% (of prior year’s net income before taxes) ceiling limiting the compensation given to directors in their capacity as directors does not apply to compensation given to them in other capacity (e.g. when the director is also a Vice President with compensation, his compensation as VP is not considered for purposes of computing the 10% ceiling). 103.  Tenure refers to the period of time an incumbent actually actually holds office. It is different from “term”.  “term”.  104.  A President cannot be the Secretary or Treasurer at the same time. 105.  A Vice President can be the Secretary or Treasurer at the same time. 106.  A person can be both the Secretary and Treasurer at the same time. 107.  Between the President, Secretary, and Treasurer, only the President is required to be a director. 108.  Between the President, Secretary, and Treasurer, only the Secretary is required to be a citizen and resident of the Philippines. 109.  A buyer of shares of a corporation does not become the owner of the said shares as far as the corporation is concerned until and after the sale is registered in the books of the corporation and the buyer is recorded as the owner. 110.  If the foreign corporation not having a license to do business in the Philippines is the one being sued before Philippine courts, its lack of standing can no longer be attacked. 111.  The power to amend or repeal any by-laws or adopt a new by-laws may be delegated to the board of directors or trustees by 2/3 vote, and revoke such delegation by majority vote. 112.  When a director or trustee is removed, the resulting vacancy can be filled up by the stockholders or members. 113.  An amended or new by-laws shall only be effective upon the issuance by the SEC of a certification certification that the same are not inconsistent with the Corporation Code. 114.  When a holdover director or trustee resigns, the resulting vacancy can only be filled up by the stockholders or members. 115.  When a director or trustee dies or resigns, the resulting vacancy may be filled up by the remaining directors or trustees still constituting majority. 116.  A stockholder can only be considered delinquent when he fails to pay the subscription price in full within the period given by the board of directors when called to pay. 117.  A delinquent stockholder may not vote or be voted upon, but still has the right to receive dividends.

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LAST-MINUTE TIPS FOR RFBT (MAY 2019) 118.  When the board of directors declare stock dividends, it requires the 2/3 vote of the outstanding stockholders. If cash or  property dividends dividends are declared, it does not require require stockholders’ stockholders’ approval.  approval.  119.  When treasury shares are distributed as dividends, it is considered as property dividends. 120.  An independent director is still required to own at least one share of stock where he is supposed to sit as independent director. 121.  A derivative suit may only be filed before the Regional Trial Court which has jurisdiction over the principal office of the corporation. 122.  Generally, a purchaser of all or substantially all of the assets of a corporation is not liable for the debts and liabilities of the selling corporation by virtue of the Corporate Entity Theory. However, it admits the following exceptions: (1) Where the purchaser expressly or impliedly agreed to assume such debts; (2) Where the transaction amounts to a merger or consolidation; (3) Where the purchasing corporation is a mere continuation of the selling corporation; and (4) Where the transaction is entered into fraudulently in order to escape liability for such debts. This principle is also known as the Nell 123.Doctrine.   In stockholders’ or members’ meetings, teleconferencing is not allowed. 124.  In directors’ or trustees’ meetings, teleconferencing teleconferencing is allowed. 125.  The death or physical inability of a director to be present (e.g. sick or out of the country) during a board meeting does not affect the quorum requirement. It remains the majority of the number of directors as fixed in the articles of incorporation. 126.  When a dissenting stockholder exercises his or her appraisal right, he or she can withdraw the demand for payment only if the corporation consents thereto. 127.  A dissenting stockholder who exercised his or her appraisal right shall not be entitled to payment if (1) the proposed corporate action is abandoned or rescinded by the corporation, (2) the SEC disapproved the proposed corporate action, or (3) the SEC determines that such stockholder is not entitled to the appraisal right. 128.  The right of the members of any class or classes to vote may be limited, broadened or denied to the extent specified in the articles of incorporation or the by-laws. Unless so limited, broadened or denied, each member, regardle regardless ss of class, shall  be entitled to one vote. vote. 129.  Membership in a non-stock corporation and all rights arising therefrom are personal and non-transferable, unless the articles of incorporation or the by-laws otherwise provide. 130.   No person shall be elected elected as trustee unless he iiss a member of the corporation. corporation. 131.  Officers of a non-stock corporation may be directly elected by the members, unless otherwise provided in the articles of incorporation or the by-laws. 132.  Any corporation may be incorporated as a close corporation, except mining or oil companies, stock exchanges, banks, insurance companies, public utilities, educational institutions and corporations declared to be vested with public interest in accordance with the provisions of Corporation Code. 133.  A resident agent may be either an individual residing in the Philippines or a domestic corporation lawfully transact transacting ing  business in the Philippines, Philippines, provided that, in the cas casee of an individual individual,, he must be of good moral character character and of sound financial standing. 134.  In case of shares of stock owned jointly by two or more persons, in order to vote the same, the consent of all the coowners shall be necessary, unless there is a written proxy, signed by all the co-owners, authorizing one or some of them or any other person to vote such share or shares, provided, that when the shares are owned in an "and/or" capacity by the holders thereof, any one of the joint owners can vote said shares or appoint a proxy therefor. COOPERATIVES

135.  A cooperative may be formed by at least 15 natural persons. 136.   No foreigner can form a cooperative. cooperative. Only Filipinos Filipinos can. 137.  A cooperative, similar to a corporation, has limited liability and a separate personality other than the persons composing it. 138.  The minimum paid up capital for single purpose cooperatives is P15,000. For multipurpose cooperatives, it is P100,000. 139.  The par value of shares in a cooperative cannot be less than P100, but not more than P1,000. 140.  A cooperative may issue preferred shares if provided in the bylaws and it cannot not exceed 25% of its total authorized capital stock. 141.  A member cannot own more than 10% of the capital stock in a cooperative. 142.  If a member inherits capital stock from a co-member, he can only receive the portion that will not make him exceed 10% of the capital stock. The excess has to be acquired by the cooperative by paying the fair value of the excess shares. 143.  The quorum required for the general assembly meeting of cooperatives is generally at least 25%. 144.  The quorum required for the general assembly meeting of electric cooperatives cooperatives is at least 5%. 145.  The quorum required for the general assembly meeting of cooperative banks is at least majority. 146.  A laboratory cooperative does not have juridical personality. 147.  When a director is removed, he or she may be replaced by the remaining directors still constituting majority. majority. 148.  The term of directors in a cooperative is 2 years. 149.  If there is no fixed date of the cooperative’s general assembly assembly regular meeting, it shall be held within 90 days from the close of its fiscal year. 150.  Proxy voting by members of a cooperative is only prohibited in primary cooperatives. 151.  In a cooperative with 200 members, the presence of 50 (25%) constitutes a quorum, and 38 (75%) members of those  present may remove remove a director after after observance of due process. process. The same goes for rati ratification fication of contracts contracts with self-dealing self-dealing and interlocking directors, and mergers.

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LAST-MINUTE TIPS FOR RFBT (MAY 2019) 152.  A cooperative’s articles of cooperation or bylaws may only be amended by 2/3 vote of ALL its voting members. The vote of the board of directors is NOT necessary. 153.  The prior written notice of special board meetings in cooperatives is at least ONE WEEK. 154.  When a cooperative is dissolved and liquidated, the assets distributable to an unknown member shall be given to the federation or union to which the cooperative is affiliated with. BANKING

155.  PDIC shall commence the determination determination of insured deposits due the depositors of a closed bank upon its actual takeover of the closed bank. 156.  When a depositor has both an individual account and a joint account, the maximum proceeds he can get from PDIC for his or her insured deposits is P1,000,000. 157.  If the account is held jointly by two or more natural persons, or by two or more juridical persons or entities, the maximum insuredsharing depositisshall be divided as manyofequal shares as there are individuals, juridical persons or entities, unless a different stipulated in theinto document deposit. 158.  The depositor shall retain his or her claim for any uninsured portion of his or her deposit, which legal preference shall  be the same as that of the subrogated subrogated claim of PDIC for its payment of iinsured nsured deposits. 159.  A bank employee or officer reporting a suspicious or covered transaction to AMLC is not violating the rule on secrecy of bank deposits. 160.  Foreign currency deposits may not be garnished, unless it is made by a transient or a tourist. 161.  Only an official or employee of a bank or an independent auditor hired by a bank to conduct regular audit may be held liable for violation of Bank Secrecy Law. 162.  It is the Office of the Solicitor General that files escheat proceedings for the unclaimed balances balances in banks. 163.  The Chairman of the Anti-Money Laundering Council is the BSP Governor. 164.  As a general rule, the threshold for covered transactions is in excess of P500,000.00. 165.  In case of casinos, the threshold for covered transactions is in excess of P5,000,000.00. 166.  In case of jewelry dealers, the threshold for covered transacti transactions ons is in excess of P1,000,000.00. 167.  Only the Court of Appeals can issue a freeze order. 168.  Under the Safe Harbor Rule, no administr administrative, ative, criminal, or civil proceedings, shall lie against any person for having made a transaction report in the regular performance of his duties and in good faith, whether or not such results in any criminal prosecution under Philippine laws. 169.  Should a transaction be determined to be both a covered and a suspicious transaction, it shall be reported as a suspicious transaction. 170.  If there is money laundering connected to a commission of a crime, the offender may be prosecuted for both crimes. 171.  The Regional Trial Court (RTC) has jurisdiction over all cases of money laundering, but if the crime of money laundering is committed by public officers and private person who are in conspiracy with such public officers, the Sandiganbayan shall have jurisdiction. 172.  All records of all transactions of covered institutions shall be maintained and safely stored for 5 years from the date of transactions. NEGOTIABLE INSTRUMENTS 

173.  Once a bearer instrument, always a bearer instrument. An order instrument may be converted into a bearer instrument  by indorsing it in blank or to to bearer, but once indorsed indorsed to a specified person, it becomes an order instrument instrument once again. again. 174.  If the indorsement is conditional, it does not affect the negotiability of the instrument. The payor can even disregard the condition and pay the holder when presented for payment. 175.  The negotiability of an instrument is not affected by the option to deliver a thing instead of payment of money as long as the option is available to the holder. 176.  All parties, including the maker, prior to the forgery cannot be made liable to pay, but those parties subsequent to the forgery are liable to pay the holder. 177.  Minority and ultra vires act of the corporation are real defenses but can only be invoked by the minor and by the corporation. 178.  Although love and affection are valid consideration, they are not valuable consideration. BP 22 

179.  A check that was dishonored due to closed account is also a check dishonored due to insufficient of funds. If a check was dishonored due to a stop payment order, the drawee-bank is obliged to explicitly state in the notice of dishonor whether or not there are sufficient funds had there been no stop payment order. 180.  The making, drawing and issuance of a check payment of which is refused by the drawee because of insufficient funds in or credit with such bank, when presented within ninety (90) days from the date of the check, shall be prima facie evidence of knowledge of such insufficiency of funds or credit unless such maker or drawer pays the holder thereof the amount due thereon, or makes arrangements for payment in full by the drawee of such check within (5) banking days after receiving notice that such check has not been paid by the drawee. INTELLECTUAL PROPERTY

181.  If you posted your selfie on Instagram today, it shall be protected for 50 years commencing on January 1, 2019. 182.  When someone wrote and sent you a letter, the letter belongs to you, but you cannot disclose the contents of the letter without the consent of the sender. 183.  The term of a patent is 20 years from the date of application and non-renewable. non-renewable.

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LAST-MINUTE TIPS FOR RFBT (MAY 2019) 184.  The term of a trademark is 10 years from the date of registration and renewable for another 10 years thereafter without limit. DATA PRIVACY ACT

185.  DPA is not applicable when personal information information is processed for journalistic, artistic, literary, or research purposes. 186.  The general data privacy principles are transparency, legitimate purpose, and proportionality. 187.  Any criminal violation of the DPA shall be considered large-scale when the personal information of at least 100  persons is harmed, affected, affected, or involved. 188.  The rules on rights, its transmissibility, and portability are not applicable to processing of personal information gathered for the purpose of investigations in relation to any criminal, administrative or tax liabilities of a data subject. ELECTRONIC COMMERCE ACT

 

189.laws.For evidentiary purposes, an electronic document shall be the functional equivalent of a written document under existing 190.  Except as otherwise agreed by the parties, an offer, the acceptance of an offer and such other elements required under existing laws for the formation of contracts may be expressed in, demonstrated and proved by means of electronic data messages or electronic documents and no contract shall be denied validity or enforceability on the sole ground that it is in the form of an electronic data message or electronic docum document, ent, or that any or all of the elements required under existing laws for the formation of contracts is expressed, demonstrated and proved by means of electronic data messages or electronic documents. EASE OF DOING BUSINESS ACT

191.  The prescribed processing time for simple transactions is 3 working days. 192.  The prescribed processing time for complex transacti transactions ons is 7 working days. 193.  The prescribed processing time for highly technical transactio transactions ns is 20 working days. 194.  In case an agency fails to approve or disapprove an original applicatio application n within the prescribed processing time, the said application shall be deemed approved. 195.   No contact in any manner manner with any requesting requesting party conce concerning rning an application application or request except during during submission of documents.

 

196.existence Philippine Business Databank: This shall NGAs/LGUs access to datarequirements and information to verify the validity and of business entities. Applicants needprovide not submit the same documentary previously submitted. 197.  The Chairperson of the EODB/ART Advisory Council is the DTI Secretary. Its Vice-Chairperson is the DirectorGeneral. The Director-General heads the ART Authority. 198.  The two representatives to the EODB/ART Advisory Council from the private sector are appointed by the President for a term of 3 years. 199.  First-time offenders shall be administratively administratively liable under EODB Act, unless it involves fixing or collusion with fixers which shall be punishable under the Revised Penal Code. 200.  Criminal liabilities liabilities in case violation of EODB attach only in case of second violation (“Two (“Two--strike policy”).  policy”).  Panginoon, salamat po sa pagkakataong sumubok na maging isang ganap na CPA.  — sa Salamat po sa lahat ng mga taong nagmamahal at patuloy na sumusuport sumusuporta a sa aming lahat  sa aming mga kapamilya, kaibigan, guro, kaklase, kasama na rin ng mga taong hindi namin kakilala ngunit nagbibigay sa amin ng karagdagang pag-asa upang mapagtagumpayan ang nalalapit na pagsusulit. Gaano man kami katapang at kahanda, batid Ninyo kung ano ang tunay naming nararamdaman sa aming mga puso. Nawa’y tanggalin Nyo lahat ng pag -aagam-agam -aagam-agam at pagdududa sa aming puso at isipan. Muli Ninyong ipaalala sa amin ang walang katapusang pagmamahal na matagal na Ninyong ipinamalas at ipinaramdam sa amin. Hindi kami aabot nang ganito kalayo kung wala kaming kakayahan upang tapusin ang kahuli-huling hakbang patungo sa katuparan ng aming mga pangarap. Sa darating na Linggo, ipanatag Ninyo nawa ang aming puso at isipan upang buo naming maalala lahat ng aming inaral. Iniaalay po naming lahat ang Inyong ipinangakong tagumpay para sa kapurian ng Inyong Pangalan.  Lahat ng ito ay aming buong pusong ipinapan ipinapanalangin alangin sa nga ngalan lan ng Mayk Maykapal apal at tanging tanging Tagapagligtas Tagapagligtas..  AMEN.

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