According to the Bangko Sentral ng Pilipinas Circular No. 1108, Virtual Asset Service Provider (VASP) refers to any entity that offers services or engages in activities that provide facility for the transfer or exchange of VA, which involve the conduct of one or more of the following activities:

(1) exchange between VAs
(2) exchange between one
(3) transfer of VAs; and
(4) safekeeping and/or administration of VAs or instruments enabling control over VAs.

The IRR of the Tatak Pinoy Act outlines guidelines for determining Filipino-made products and services. It also establishes penalties for businesses that misrepresent their products as Filipino-made. The process includes stakeholder inputs, education efforts by the DTI, and aims to support local businesses, protect consumers, and strengthen the Philippine economy.

All Procuring Entities shall establish a sustainable public procurement program to achieve value for money on a whole life basis not only to meet their specific organizational needs but to benefit the society and the economy, while reducing adverse environmental impact.

The four elements of wage distortion are:
(1) an existing hierarchy of positions with corresponding salary rates;
(2) a significant change in the salary rate of a lower pay class without a concomitant increase in the salary rate of a higher one;
(3) the elimination of the distinction between the two levels; and
(4) the existence of the distortion in the same region of the country.

If the prosecution files a criminal case for tax violation against a taxpayer-accused, the civil action for collection of deficiency taxes is deemed instituted. Hence, a formal assessment issued by the Commissioner of Internal Revenue (CIR) is not required for the imposition of civil liability for unpaid taxes.

If the prosecution files a criminal case for tax violation against a taxpayer-accused, the civil action for collection of deficiency taxes is deemed instituted. Hence, a formal assessment issued by the Commissioner of Internal Revenue (CIR) is not required for the imposition of civil liability for unpaid taxes.

Republic Act (RA) No. 11983 or the “New Philippine Passport Act” was enacted in view of the State’s policy to protect the people’s constitutional right to travel while ensuring the issuance of a passport or any travel document in line with international instruments and using secure passport personalization and data management technologies to enhance and protect the unimpaired exercise of the right to travel. The State shall only prescribe minimum requirements and shall ensure expeditions actions on the application and issuance of passports and other travel documents.

A letter of authority is the authority given to the appropriate revenue officer assigned to perform assessment functions. Under the provisions of the National Internal Revenue Code (NIRC), only the Commissioner on Internal Revenue (CIR) and his duly authorized representatives may issue the LOA.

Under the New Government Procurement Act, within a period of not exceeding ten (10) calendar days from the determination and declaration by the Bids and Awards Committee (BAC) of the Lowest Calculated Responsive Bid (LCRB), Highest Rated Responsive Bid (HRRB), or Most Economically Advantageous Responsive Bid (MEARB) as the case may be, and the recommendation of the award, the Head of Procuring Entity (HoPE) or the duly authorized representatives shall approve or disapprove the said recommendation. In case of approval, the HoPE or the duly authorized representative shall immediately issue the Notice of Award to the bidder with the LCRB, HRRB or MEARB.