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
THE ANTI-MONEY LAUNDERING ACT
To protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity, the Anti-Money Laundering Act was passed into law.
Example of covered institution are banks, insurance companies, and securities dealers.
Covered transaction is a transaction in cash or other equivalent monetary instrument involving a total amount in excess of Five hundred thousand pesos (PhP 500,000.00) within one (1) banking day.
ARE COMMON CARRIERS LIABLE FOR THE ACTS OF THEIR EMPLOYEES?
Common carriers are persons, corporations, firms or associations engaged in the business of carrying or transporting passengers or goods or both for compensation, offering their services to the public.
Common carriers are liable for the death of or injuries to passengers through the negligence or willful acts of the former’s employees.
It is enough that the assault happens within the course of the employee’s duty for the common carrier to be held liable.
WHAT IS A CONTRACT OF PARTNERSHIP?
Two or more persons may enter a contract of partnership
Partners contribute money, property, or industry for the partnership
The contract of partnership is for the division of the profits among themselves
FISHING PRIVILEGES IN MUNICIPAL WATERS
The Local Government Unit shall maintain a registry of municipal fisherfolks
The duly registered fisherfolk organizations are preferred in the grant of fishery rights
Resident municipal fisherfolk and their organization shall have the priority to exploit municipal fishery areas