• 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.

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• 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.

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• 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

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• 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

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