LAWS GOVERNING BANKING

 Introduction to Law
 Four characteristics of law

Rule of Conduct tells us what can be done and can’t be done

Obligatory compliance is MANDATORY
Promulgated by competent authority legislative branch for national laws
LGU for local ordinances
For common observance and benefit apply to all persons under the authority of the
state
 Rules vs. Laws
o Rules- voluntary compliance
o Laws-legally enforceable
 Laws are created- by the Legislative branch= Senate + House of
Representatives
o Resolutions
 Joint resolutions- have effect of law if approved
 Concurrent
 Simple
o Bills
 Sources of law
o Constitution
o Legislation
o Administrative order, EO & Regulations
o Jurisprudence or judicial decisions
o Customs
 Money Laundering
 Process
1. Illegally obtained money (Dirty Money)
2. Layering
3. Integration
4. Clean Money
 Money Laundering- illegal process of making large amounts of money generated by
a criminal activity appearing to have come from a legitimate source
 RA 9160- Anti-Money Laundering Act of 2001 (AMLA)
 Acts Punishable under AMLA
o Any person knowing that any monetary instrument or property represents,
involves, or relates to, the proceeds of any unlawful activity, transacts or
attempts to transact said monetary instrument or property.
o Any person knowing that any monetary instrument or property involves the
proceeds of any unlawful activity, performs or fails to perform any act as a
result of which he facilitates the offense of money laundering referred to in
paragraph (a) above.
o Any person knowing that any monetary instrument or property is required
under this Act to be disclosed and filed with the Anti-Money Laundering
Council (AMLC), fails to do so.
 o Failure to comply with Section 9(b) which requires covered institutions to
maintain and store all covered transactions for five (5) years from the date of
transaction.
 Covered Institutions
o Entities regulated by BSP- Banks, offshore banking units, quasi-banks, trust
entities, non-stock savings and loan associations, pawnshops, and all other
institutions, including their subsidiaries and affiliates supervised and/or
regulated by the Bangko Sentral ng Pilipinas (BSP).
o Entities regulated by the Insurance Commission (IC): Insurance
companies, insurance agents, insurance brokers, professional reinsurers,
reinsurance brokers, holding companies, holding company systems and all
other persons and entities supervised and/or regulated by the Insurance
Commission.
o Entities Regulated by the Securities and Exchange Commission (SEC):
1. a. Securities dealers, brokers, salesmen, investment houses and
other similar entities managing securities or rendering services as
investment agent, advisor, or consultant;
2. b. Mutual funds, closed-end investment companies, common trust
funds, preneed companies and other similar entities;
3. c. Foreign exchange corporations, money changers, money payment,
remittance, and transfer companies and other similar entities; and
4. d. Other entities administering or otherwise dealing in currency,
commodities or financial derivatives based thereon, valuable objects,
cash substitutes and other similar monetary instruments or property
supervised or regulated by Securities and Exchange Commission.
 Covered Transaction- a single, series or combination or pattern of unusually large
and complex transactions in excess of Four million Philippine pesos
(Php4,000,000.00) especially cash deposits and investments having no credible
purpose or origin, underlying trade obligation or contract.”
 Suspicious Transaction- transactions with covered institutions, regardless of the
amounts involved, where any of the following circumstances exist:
1. there is no underlying legal or trade obligation, purpose or economic
justification;
2. the client is not properly identified;
3. the amount involved is not commensurate with the business or
financial capacity of the client;
4. taking into account all known circumstances, it may be perceived that
the client’s transaction is structured in order to avoid being the subject
of reporting requirements under the Act;
5. any circumstance relating to the transaction which is observed to
deviate from the profile of the client and/or the client’s past
transactions with the covered institution;
6. the transaction is in any way related to an unlawful activity or offense
under this Act that is about to be, is being or has been committed
7. any transaction that is similar or analogous to any of the foregoing.
  Anti – Money Laundering Council- inquire into bank accounts upon determination of
probable cause that the deposits or investments involved are related to a money
laundering offense.
o court authority to inquire into bank accounts or investments that are
suspected to be related to a money laundering offense
o prospective application- no covered transaction reports, investigation and
prosecution of money laundering cases, or any other action authorized under
the AMLA, may be undertaken with respect to such deposits and investments
as well as transactions or circumstances in relation thereto, that have been
completed prior to October 17, 2001.
o Safe Harbor provisions- it prevents retaliatory suits against covered
institutions for submitting reports to the AMLC on covered transactions or
suspicious transactions. This provision ensures that covered institutions
comply with their disclosure and reportorial obligations without fear from suit
from account holders from the actors of the reported transactions.
o Authority of the AMLC to freeze accounts- to freeze any account or any
monetary instrument or property subject thereof, irrespective of the amount or
value involved, upon determination that probable cause exists that the
same is in any way related to any unlawful activity and/or money laundering
offense.
o Authority of the AMLC to Institute Forfeiture Proceedings- institute civil
forfeiture proceedings and all other remedial proceedings through the Office
of the Solicitor General.
 Secrecy of Bank Deposits
 RA 1405
 Purpose: to give encouragement to the people to deposit their money in
banking institutions and to discourage private hoarding so that the same
may be properly utilized by banks in authorized loans to assist in the
economic development of the country.
 Republic Act No. 6426- foreign currency deposits
 Purpose: enacted to encourage deposits from foreigners and investors
 All deposits of whatever nature with banks or banking institutions in the
Philippines including investments in bonds issued by the Government of the
Philippines, its political subdivisions and its instrumentalities, are hereby
considered as of an absolutely confidential nature and may not be examined,
inquired or looked into by any person, government official, bureau or office,
except
 upon written permission of the depositor,
 or in cases of impeachment,
 or upon order of a competent court in cases of bribery or
dereliction of duty of public officials,
 or in cases where the money deposited or invested is the
subject matter of the litigation.
 In cases of violation of the Anti-Money Laundering Act (AMLA),
the Anti-Money Laundering Council (ALMC) may inquire into a
bank account upon order of any competent court.
  BIR can inquire into bank deposits in an application for
compromise of tax liability or determination of a decedent’s gross
estate;
 The Anti-Money Laundering Council (“AMLC”) can examine bank
accounts pursuant to a court order, where there is probable cause
that the deposits are related to an unlawful activity or money
laundering offense;
 The AMLC can examine bank accounts, WITHOUT a court order,
where there is probable cause that the deposits are related to
certain crimes such as kidnapping for ransom, violation of the
Dangerous Drugs Act, hijacking, destructive arson, murder and
violations of RA 6235 (acts inimical to civil aviation);
 The Bangko Sentral can examine bank accounts in the course of
its periodic or special examination regarding compliance with Anti-
Money Laundering Law.
 Unclaimed Balances.
 Order of the Ombudsman to have an in camera inspection.
 Acts of the PDIC falling under Sec. 5 and 23 of R.A. No. 10846.
 In cases involving violations of the Human Security Act of 2007
and the Anti-Terrorism Act of 2020.
 foreign currency deposits, the same is absolutely confidential and
may only be examined, inquired or looked into upon the written consent
of the depositor.
 Unclaimed Balances
 Republic Act No. 3936 (The Unclaimed Balances Law), as amended by
Presidential Decree No. 679- AN ACT REQUIRING BANKS, TRUST
CORPORATIONS, AND BUILDING AND LOAN ASSOCIATIONS, TO
TRANSFER UNCLAIMED BALANCES HELD BY THEM TO THE TREASURER
OF THE PHILIPPINES AND FOR OTHER PURPOSES.
 “Unclaimed Balances” shall include credits or deposits of money, bullion,
security or other evidence of indebtedness of any kind, and interest thereon with
banks in favor of any person known to be dead or who has not made further
deposits or withdrawal during the preceding ten (10) years or more.
 What will happen- Unclaimed balances together with the increase and proceeds
shall be deposited with the Treasurer of the Philippines to the credit of the
Government of the Republic of the Philippines to be used as congress may
direct.
 obligations of banks, “building and loan associations” and “trust
corporations”- required to forward to the Treasurer of the Philippines a
statement, under oath, of their respective managing officers, of all credits and
deposits held by them in favor of persons known to be dead, or who have not
made further deposits or withdrawals
 duty of the Treasurer of the Philippines under PD 679- to inform the Solicitor
General from time to time the existence of unclaimed balances held by banks,
building and loan associations, and trust corporations.
 formal action must the Government do to claim these Unclaimed Balances-
The Solicitor General shall institute escheat proceedings on behalf of the
 Republic of the Philippines before the Regional Trial Court of the province or city
where the bank, building and loan association or trust corporation is located
 penalties if banks, building and loan associations, or trust corporations
fails to comply with their obligations- The president, cashier or managing
officer of the bank, building and loan association, or trust corporation, shall pay
the government the sum of five hundred pesos per month for each month or
a fraction thereof until such time they file the sworn statement as required
by the act
 Procedure
1. Letter Request of Depositor/Creditor- requesting for reactivation his
account which was included in the report of unclaimed balances to the
Bureau of the Treasury
2. Authentication- covered institution shall authenticate and verify the
request for reactivation and the signature of the depositor/creditor.
3. Letter Request of the Covered Institution- depository bank shall write
the Bureau of the Treasury through the authorized approving official,
requesting authority to reactivate the deposit account concerned
4. Deed of Undertaking- covered institution, through its responsible
authorized officer, shall execute a Deed of Undertaking ensuring that
the Bureau of the Treasury and its officials and employees shall be
free and harmless from any liability once the account is reactivated.
5. Letter of Authority to Reactivate- Bureau of the Treasury, through the
authorized officer shall issue the authority to the covered institution to
reactivate the account.
 APPROVING AUTHORITY
a. Division Chief/Head Law & Litigation Division Legal Service- aggregate
amount of unclaimed balance not exceeding P100,000.00
b. Director, Legal Service - aggregate amount of unclaimed balance exceeding
P100,000.00 but not exceeding P500,000.00
c. Deputy Treasurer of the Philippines - aggregate amount exceeding
P500,000.00 but not exceeding P1,000,000.00
d. Treasurer of the Philippines - aggregate amount of unclaimed balances
exceeding P1,000,000.00
 Escheat
o  act of the government in claiming an unsettled estate 
o Escheat is a proceeding whereby real and personal properties in the
Philippines of a deceased person who has left no will or legal heirs become
the properties of the state. It is based on the principle that the state has
ultimate ownership of all properties within its jurisdiction.
o Requisites:
1. when the person dies intestate and has left no heir or person by law to
receive the estate
2. the deceased has real or personal property in the Philippines
 oOnce the petition is filed, all interested parties will be notified and the order
for hearing of the petition shall be published at least once a week for six (6)
consecutive weeks in a newspaper of general circulation published in the
province, as the court shall deem best (Section 2, Rule 91, Rules of Court).
Afterwards, a hearing will be conducted, and if the court finds the petition to
be in order, it shall order the estate to be escheated (Section 3, Rule 91,
Rules of Court). If there is actually an heir entitled to the estate, the heir may
file a claim within five (5) years from the date of judgment. If no claim is made
within the five (5) year limit, any claim is forever barred (Section 4, Rule 91,
Rules of Court).
 The General Banking Law of 2000
 Banks
o entities engaged in the lending of funds obtained in the form of deposits.
o Banks shall be classified into:
(a) Universal banks;
(b) Commercial banks;
(c) Thrift banks, composed of: (i) Savings and mortgage banks, (ii) Stock savings and
loan associations, and (iii) Private development banks, as defined in Republic Act No.
7906 (hereafter the "Thrift Banks Act");
(d) Rural banks, as defined in Republic Act No. 7353 (hereafter the "Rural Banks
Act"); (e) Cooperative banks, as defined in Republic Act No. 6938 (hereafter the
"Cooperative Code");
(f) Islamic banks as defined in Republic Act No. 6848, otherwise known as the
"Charter of Al Amanah Islamic Investment Bank of the Philippines"; and
(g) Other classifications of banks as determined by the Monetary Board of the
Bangko Sentral ng Pilipinas. (6-Aa)
o The operations and activities of banks shall be subject to supervision of the Bangko
Sentral
o the Monetary Board may prescribe ratios, ceilings, limitations, or other forms of
regulation on the different types of accounts and practices of banks and quasi-banks
o Organization. — The Monetary Board may authorize the organization of a bank or
quasi-bank subject to the following conditions:
1. That the entity is a stock corporation (7);
2. That its funds are obtained from the public, which shall mean twenty (20) or
more persons (2-Da); and
3. That the minimum capital requirements prescribed by the Monetary Board
for each category of banks are satisfied. (n)
o banks shall issue par value stocks only
o Board of Directors- at least five (5), and a maximum of fifteen (15) members of the
board of directors of bank, two (2) of whom shall be independent directors
 Trust Entity
o Authority to Engage in Trust Business. — Only a stock corporation or a person duly
authorized by the Monetary Board to engage in trust business shall act as a trustee
or administer any trust or hold property in trust or on deposit for the use, benefit,
 or behoof of others. For purposes of this Act, such a corporation shall be referred to
as a trust entity.
o Conduct of Trust Business. — A trust entity shall administer the funds or property
under its custody with the diligence that a prudent man would exercise in the
conduct of an enterprise of a like character and with similar aims.
o Powers
1. Act as trustee on any mortgage or bond issued by any municipality,
corporation, or any body politic and to accept and execute any trust
consistent with law;
2. Act under the order or appointment of any court as guardian, receiver,
trustee, or depositary of the estate of any minor or other incompetent
person, and as receiver and depositary of any moneys paid into court by
parties to any legal proceedings and of property of any kind which may be
brought under the jurisdiction of the court;
3. Act as the executor of any will when it is named the executor thereof;
4. Act as administrator of the estate of any deceased person, with the will
annexed, or as administrator of the estate of any deceased person when
there is no will;
5. Accept and execute any trust for the holding, management, and
administration of any estate, real or personal, and the rents, issues and
profits thereof; and
6. Establish and manage common trust funds, subject to such rules and
regulations as may be prescribed by the Monetary Board
o Before transacting trust business, every trust entity shall deposit with the Bangko
Sentral as security for the faithful performance of its trust duties, cash or securities
approved by the Monetary Board in an amount equal to not less than Five hundred
thousand pesos (P500,000.00) or such higher amount as may be fixed by the
Monetary Board: Provided, however, That the Monetary Board shall require every
trust entity to increase the amount of its cash or securities on deposit with the
Bangko Sentral whenever in its judgment such increase is necessary by reason of
the trust business of such entity
 PDIC LAW
o to insure the deposits of all banks which are entitled to the benefits of insurance. PDIC is
an attached agency of Department of Finance
o PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC) LAW (RA 3591 as amended by
Ra 10846)
o PDIC now has the authority:
❑ to help depositors have quicker access to their insured deposits should their bank
close;
❑ resolve problem banks while still open;
❑ hasten the liquidation process for closed banks;
❑ and mete out stiffer sanctions and penalties against those who engage in unsafe and
unsound banking practices.
o How?
  early intervention in problem banks or open bank resolution
 preventing the further dissipation of these assets through seamless transition
from bank closure to liquidation
o Insurable Deposits under PDIC Law (Covered by PDIC Insurance)
1. By Deposit Type:
a. Savings Deposit
b. Special Savings
c. Demand/Checking Account
d. Negotiable Order of Withdrawal (NOW)
e. Certificate of Time Deposits
2. By Deposit Account:
a. Single Accounts- held under one name
b. Joint Accounts- are accounts held under one more than one name
3. Account “By”, “In Trust For” (ITF) or “For the Account of” (FAO) another
person
o Items that are not covered by PDIC Deposit Insurance
a. Investment products such as bonds and securities, trust accounts and other
similar instruments
b. Deposit accounts or transactions that:
i. Are unfunded, fictitious or fraudulent
ii. Constitute and/or emanate from unsafe and unsound banking practices as
determined by the PDIC, in consultation with the BSP, after due notice and
hearing and publication of PDIC’s cease and desist order against such deposit
accounts/transactions
iii. Are determined to be proceeds of an unlawful activity as defined in the
AntiMoney Laundering Act (Republic Act 9160, as amended)
o Maximum Liability (Maximum Deposit Insurance Coverage)
 Maximum Deposit Insurance Coverage of 500,000 per deposit of a closed bank
 However a depositor with single account and ------ accounts may have -----
deposits of up to Php 1,000,000.
o Requirements for claims
 When- filed during the claims settlement operations period, Depositors have 2
years from PDIC takeover of the closed bank to file their deposit insurance
claims.
 Who are required to file deposit insurance claims?
a. Depositors with valid deposit accounts with balances of more than
Php100,000. b. Depositors who have outstanding obligations with the closed
bank regardless of the amount of deposits.
c. Depositors with account balances of less than Php100,000 who have no
updated addresses with the bank records or who have not updated their
addresses through the Mailing Address Update Form(MUAF) issued by PDIC.
d. Depositors who have maintained their account under the name of business
entities, regardless of type of account or account balance.
 e. Depositors with accounts not eligible for early payment, regardless of type of
account or account balance per advice of PDIC.
 Who should sign the deposit insurance claim form?
a. Depositor of the account- for depositors 18 years old and above.
b. Parent- if the depositor is below 18 years old
c. Agent- in the case of “By” accounts
d. Trustee- in the case of “ In Trust For (ITF)” accounts
e. Each Depositor- in the case of joint accounts such as “Or”, “And/Or” or “And”
accounts
 Period for payment- It must be made within 6 months from the date of filing
otherwise the officers of PDIC will be liable for failure to pay if due to grave
abuse of discretion, gross negligence, bad faith or malice.

 The New Central Bank Act

o RA 7653 amended by RA 11211 (which increased the authorized capital from 50B to 200
B
o Central bank= Bangko Sentral ng Pilipinas or Bangko Sentral
o Responsibility and objective
 central monetary policy making body of the government in the areas of areas of
money, banking, and credit.
 exercises regulatory and examination powers over money service businesses,
credit granting businesses, and payment system operators.
 o authorize entities or persons to engage in money service businesses.
 primary objective of the Bangko Sentral is to maintain price stability conducive
to a balanced and sustainable growth of the economy and employment. It shall
also promote and maintain monetary stability and the convertibility of the
peso.
 sole power and authority to issue currency within the territory of the
Philippines.
o Banks in distress
 Handled by BSP, three levels: Conservatorship- Receivership- Liquidation
o Conservatorship
 a court appoints a person to manage an incapacitated person or minor's
financial and personal affairs.
 The conservator's duties include overseeing finances, establishing and
monitoring the physical care of the conservatee or ward, and managing living
arrangements.
 Monetary Board may appoint a conservator when a bank or a quasi-bank is in a
state of continuing inability or unwillingness to maintain a condition of
liquidity deemed adequate to protect the interest of depositors and creditors
 continue until the Monetary Board is satisfied that the institution can operate
on its own or the institution would involve probable loss to its depositors and
creditors.
 Shall not exceed one year
  institution would involve probable loss to its depositors and creditors=
proceed to receivership or liquidation
 qualifications, duties and responsibilities of a Conservator
 competent and knowledgeable in bank operations and management
 power to overrule or revoke the actions of the previous management
and board of directors of the bank or quasi-bank
 take charge of the assets, liabilities, and the management thereof,
reorganize the management, collect all monies and debts due said
institution, and exercise all powers necessary to restore its viability
o Receivership
 tool that can assist creditors to recover funds in default and can help troubled
companies avoid bankruptcy
 ultimate goal of a receivership is to rehabilitate a company in financial distress
and to help it return to profitability.
 receiver is usually appointed by the court during insolvency proceedings.
 Monetary Board that appoints a receiver
 PDIC designated receiver if bank
 quasi-banks and non-stock saving and loan associations, any person of
recognized competence in banking, credit and finance may be designated as a
receiver
 banks closed by the Monetary Board shall no longer be rehabilitated
o Liquidation
 Liquidation is the process of converting the assets of the debtor-institution to
money and to distribute the proceeds to the creditors and other parties
o Coins and Notes
 BSP shall have the sole power and authority to issue currency within the
territory of the Philippines.
 determine the volume/value of notes and coins to be issued annually- based on
currency demand that is estimated from a set of economic indicators
 The total amount of banknotes and coins that the BSP may issue should not
exceed the total assets of the BSP
 How is currency issued to the public- Based on forecast of currency demand,
denominational order of banknotes and coins is submitted to the Currency
Production Sub-Sector (CPSS) for production of banknotes and coins. The CPSS
delivers new BSP banknotes and coins to the Cash Department (CD) and the
Regional Operations Sub-Sector (ROSS). In turn, CD services withdrawals of
notes and coins of banks in the regions through its 22 Regional
Offices/Branches. Currency notes and coins are eventually issued to the public
when as depositors/clients, the public withdraw their deposits from banks.
 volume/value of currency notes and coins in circulation- 4.1 billion pieces of
notes valued at PHP 1.7 trillion and 34.9 billion pieces of coins valued at
PHP46.3 billion in circulation as of 31 July 2020
 Legal tender power means that the currency is offered in payment of a debt,
public or private, the same must be accepted
 Limit of legal tender power- However, in the case of coins in denomination of
1-, 5-, and 10-Piso they shall be legal tender in amounts not exceeding
PHP1,000.00 while coins in denomination of 1-, 5-, 10-, and 25-Sentimo shall be
legal tender in amounts not exceeding PHP100.00
 Demonetization is the process of removing the monetary value of a legal tender
currency by the issuing authority
 Section 57 of R.A No. 7653 provides that the BSP may call in for replacement
notes of any series or denomination which are more than five (5) years old and
coins are more than ten (10) years old.
 BSP enhancing the design of our bankotes- to protect currency integrity, on
average every 10 years. The Committee on Currency Design and Enhancement
(CCDE) deems it imperative to improve on the design and security features of
the NGC banknotes to improve visual and tactile differentiation of each
denomination, and incorporate latest anticounterfeiting technology.
 reasons for the conversion of the 20-Piso banknote into coin- the issuance of a
coin in lieu of a banknote is more cost-efficient in terms of currency production
in the long run.
 There is still a perceived shortage of coins in some regions of the country
because of the common practice by people of keeping coins idle in piggy banks,
drawers, wallets jars, donations counters, etc., and recirculating these coins
 The BSP has been strongly campaigning the Coin Recirculation Program in
partnership with other stakeholders such as bankers’ associations, retailers’
associations, charitable institutions and government agencies
 A person may import or export, bring in or take outside of the country, or
electronically transfer legal tender Philippine notes and coins, checks, money
orders or their bills of exchange in amounts not exceeding PHP50,000. Prior
authorization (from the BSP’s International Monetary Affairs and Surveillance
Sub-Sector) is required when the export or import of Philippine currency
exceeds this amount
 mutilated currency
A currency note shall be considered mutilated when:
a. Torn parts of banknotes are joined together with adhesive tape; or b. The
original size of the note has been reduced/lost through wear and tear or has
been otherwise torn, damaged, defaced or perforated through action of insects,
chemicals or other causes; or
c. It is scorched or burned; or
d. It is split edgewise; or
e. It has lost all the signatures inscribed thereon.
A currency coin shall be considered mutilated when:
a. It shows signs of filing, clipping or perforation; or
b. It shows signs of having been burned or has been so defaced, that its
genuineness and/or denomination cannot be readily and clearly identified
 unfit currency
A currency note shall be considered unfit for circulation when:
  a. It contains heavy creases which break the fiber of the paper and
indicate that disintegration has begun;
 b. It is badly soiled/contaminated and/or with writings even if it has
proper life or sizing; or
 c. It presents a limp or rag-like appearance.
A currency coin shall be considered unfit for circulation when:
a. It is bent or twisted out of shape or defaced, but its genuineness
and/or denomination can still be readily and clearly
determined/identified; o
b. r b. It has been considerably reduced in weight by natural
abrasion/wear and tear.
 BSP
 Members
 The seven (7) members are:
 (a) the Governor of the Bangko Sentral, who shall be the Chairman of
the Monetary Board. The Governor of the Bangko Sentral shall be head
of a department and his appointment shall be subject to confirmation
by the Commission on Appointments. Whenever the Governor is unable
to attend a meeting of the Board, he shall designate a Deputy Governor
to act as his alternate: Provided, That in such event, the Monetary
Board shall designate one of its members as acting Chairman;
 (b) a member of the Cabinet to be designated by the President of the
Philippines. Whenever the designated Cabinet Member is unable to
attend a meeting of the Board, he shall designate an Undersecretary in
his Department to attend as his alternate; and
 (c) five (5) members who shall come from the private sector, all of
whom shall serve full-time: Provided, however, That of the members
first appointed under the provisions of this subsection, three (3) shall
have a term of six (6) years, and the other two (2), three (3) years.
 Qualifications. — The members of the Monetary Board must be natural-born
citizens of the Philippines, at least thirty-five (35) years of age, with the
exception of the Governor who should at least be forty (40) years of age, of
good moral character, of unquestionable integrity, of known probity and
patriotism, and with recognized competence in social and economic disciplines.