The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
WHAT IS CYBERCRIME PREVENTION ACT OF 2012?
Cybersecurity refers to risk management approaches that can be used to protect the cyber environment
Service providers have the duty to preserve the integrity of traffic data
Traffic data refers to any computer data other than the content of the communication
MANDATORY 60-DAY GRACE PERIOD FOR THE PAYMENT OF LOANS UNDER BAYANIHAN TO RECOVER AS ONE ACT
A one-time sixty (60) day grace period is granted for the payment of all existing, current and outstanding loans
All loans may be settled on a staggered basis without interest on
Parties may still mutually agree for a grace period longer than sixty (60) days
CONTRACTUAL LIMITATION ON THE CREATION OF A SECURITY INTEREST UNDER PERSONAL PROPERTY SECURITY ACT
Any stipulation limiting the grantor’s right to create a security interest shall be void.
A security interest in an account receivable shall be effective notwithstanding any agreement between the grantor and the account debtor.
The creation of a security interest in a receivable does not, without the consent of the debtor of the receivable, affect its rights and obligations, including the payment terms contained in the contract giving rise to the receivable.
BREACH OCOMPULSORY COVERAGE OF THE SELF-EMPLOYED UNDER SOCIAL SECURITY ACT OF 2018
An employee is defined as any person who performs services for an employer in which either or both mental or physical efforts are used and who receives compensation for such services, where there is an employer-employee relationship.
A self-employed person however shall be both employee and employer at the same time.
All self-employed professionals are covered by Social Security System (SSS).