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
PROCEDURE FOR HANDLING DATA PRIVACY BREACH
The personal information controller or personal information processor shall implement policies and procedures for guidance of its data breach response team and other personnel in the event of a security incident.
All actions taken by a personal information controller or personal information processor shall be properly documented.
The incident response policy and procedure shall be subject to regular revision and review, at least annually.
GUIDELINES FOR THE PREVENTION OF PERSONAL DATA BREACH
A personal information controller or personal information processor shall constitute a data breach response team, which shall have at least one (1) member with the authority to make immediate decisions regarding critical action, if necessary.
The security measures should be directed to ensuring the availability, integrity, and confidentiality of the personal data being processed.
A security incident management policy shall include measures intended to prevent or minimize the occurrence of a personal data breach.
EXCLUSIONS FROM DEPOSIT INSURANCE COVERAGE
Unfunded, fictitious or fraudulent deposit accounts are not covered by deposit insurance
Deposit products constituting or emanating from unsafe and unsound banking practices are not covered by deposit insurance
Trust accounts are also not covered by deposit insurance
Service Incentive Leave
Service incentive leaves are five (5) leave credits with full pay.
Not all employees may avail the service incentive leave.
The service incentive leave shall be commutable to its money equivalent if not used or exhausted at the end of the year.