RFLI211

October 6, 2021
ANTI-MONEY LAUNDERING ACT OF
2001
 https://lawphil.net/statutes/repacts/ra2001/ra_9160irr_2001.html

 Rule 1.a. Title. – These Rules shall be known and cited as the "Rules and
Regulations Implementing Republic Act No. 9160", the Anti-Money Laundering
Act of 2001 (AMLA).
 Rule 1.b. Purpose. – These Rules are promulgated to prescribe the
procedures and guidelines for the implementation of the AMLA, taking into
account R.A. 9160 and related laws of the Philippines for a comprehensive
anti-money laundering regime.
Covered Institutions- Rule 3
 Rule 3.a.1. 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).
 Rule 3.a.2. 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 (IC).
 Rule 3.a.3. (i) Securities dealers, brokers, salesmen, associated persons of brokers or dealers,
investment houses, investment agents and consultants, trading advisors, and other entities
managing securities or rendering similar services, (ii) mutual funds or open-end investment
companies, close-end investment companies, common trust funds, pre-need companies or issuers
and other similar entities; (iii) foreign exchange corporations, money changers, money payment,
remittance, and transfer companies and other similar entities, and (iv) 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 and/or regulated by the Securities and Exchange Commission (SEC).
 Covered Transactions
 (1) A single transaction involving an amount in excess of Four Million Philippine Pesos
(Php4,000,000.00) or an equivalent amount in foreign currency based on the prevailing exchange rate
where the client is not properly identified and/or the amount is not commensurate with his
business or financial capacity.
 (2) A single transaction involving an amount in excess of Four Million Philippine Pesos
(Php4,000,000.00) or an equivalent amount in foreign currency based on the prevailing exchange rate
which has no underlying legal or trade obligation, purpose, origin, or economic justification.
 (3) A series or combination of transactions conducted within five (5) consecutive banking days
aggregating to a total amount in excess of Four million Philippine pesos (Php4,000,000.00) or an
equivalent in foreign currency based on the prevailing exchange rate where the client is not properly
identified and/or the amount is not commensurate with his business or financial capacity.
 (4) A series or combination of transactions conducted within five (5) consecutive banking days
aggregating to a total amount in excess of Four Million Philippine Pesos (Php4,000,000.00) or an
equivalent amount in foreign currency based on the prevailing exchange rate where most, if not all
the transactions, do not have any underlying legal or trade obligation, purpose, origin, or
economic justification.
Covered Transactions
 (5) A single unusually large and complex transaction in excess of Four Million Philippine Pesos
(Php4,000,000.00), especially a cash deposit or investment having no credible purpose or origin,
underlying trade obligation or contract, regardless of whether or not the client is properly identified
and/or the amount is commensurate with his business or financial capacity.
 (6) A series, combination or pattern of unusually large and complex transactions aggregating to,
without reference to any period, a total amount in excess of Four Million Philippine Pesos
(Php4,000,000.00), especially cash deposits and/or investments having no credible purpose or origin,
underlying trade obligation or contract, regardless of whether or not the client is properly identified
and/or the amount is commensurate with his business or financial capacity.
Monetary Instruments

(1) Coins or currency of legal tender of the Philippines, or of any other country;
(2) Drafts, checks and notes;
(3) Securities or negotiable instruments, bonds, commercial papers, deposit
certificates, trust certificates, custodial receipts or deposit substitute
instruments, trading orders, transactions tickets and confirmations of sale or
investments and money market instruments;
(4) Contracts or policies of insurance, life or non-life, and contracts of
suretyship; and
(5) Other similar instruments where title thereto passes to another by
endorsement, assignment or delivery.
Unlawful Activities
 (1) Kidnapping for ransom
 Sections 3, 4, 5, 7, 8 and 9 of Article Two of Republic Act No. 6425, as amended, otherwise
known as the Dangerous Drugs Act of 1972;
 Section 3 paragraphs b, c, e, g, h and I of Republic Act No. 3019, as amended, otherwise known as
the Anti-Graft and Corrupt Practices Act;
 Plunder under Republic Act No. 7080
 Robbery and extortion under Articles 294, 295, 296, 299, 300, 301 and 302 of the Revised Penal
Code
 Jueteng and Masiao punished as illegal gambling under Presidential Decree No. 1602
 Piracy on the high seas under the Revised Penal Code,
 Qualified theft under Article 310 of the Revised Penal Code
 Swindling under Article 315 of the Revised Penal Code
 Smuggling under Republic Act Nos. 455 and 1937
 Violations under Republic Act No. 8792, otherwise known as the Electronic Commerce Act of 2000
Money Laundering Offense
 Money laundering is a crime whereby the proceeds of an unlawful activity are
transacted, thereby making them appear to have originated from legitimate sources. It is
committed by the following:

 a) 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
 (b) 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.
 (c) Any person knowing that any monetary instrument or property is required under this
Act to he disclosed and filed with the Anti-Money Laundering Council (AMLC), fails to do
so.
Creation of Anti-Money
Laundering Council (AMLC) –
Rule 7
 www.amlc.gov.ph
 The Anti-Money Laundering Council (AMLC) is the agency of the
Government of the Philippines that is tasked to implement the
provisions of Republic Act No. 9160, also known as the “Anti-
Money Laundering Act of 2001” (AMLA), as amended, and Republic
Act No. 10168, also known as the “Terrorism Financing Prevention
and Suppression Act of 2012” (TFPSA).
 It serves as the Philippines' central anti-money
laundering/counter-terrorism financing (AML/CTF) authority. As
such, it functions as the AML/CTF regulator and supervisor,
financial intelligence unit, and primary law enforcement agency
of the Philippines against money laundering and
terrorist financing.
Rule 9- RULE 9
Prevention of Money Laundering; Customer Identification
Requirements and Record Keeping
 Rule 9.1. Customer Identification Requirements
 Rule 9.1.a. Customer Identification.
 Rule 9.1.b. Trustee, Nominee and Agent Accounts.
 Rule 9.1.c. Minimum Information/Documents Required for Individual
Customers.
Rule 9- RULE 9
Prevention of Money Laundering; Customer Identification
Requirements and Record Keeping
 Rule 9.2. Record Keeping Requirements-
 Rule 9.2.a. Record Keeping: Kinds of Records and Period for Retention.- records of all
transactions of covered institutions shall be maintained and safely stored for five (5) years
from the dates of transactions.

 Rule 9.2.a. Record Keeping: Kinds of Records and Period for Retention.- All records of
existing and new accounts and of new transactions shall be maintained and safely stored
for five (5) years from October 17, 2001 or from the dates of the accounts or transactions,
whichever is later.
 Rule 9.2.c. Closed Accounts.- 5 yrs retention
 Rule 9.2.d. Retention of Records in Case a Money Laundering Case has been Filed in
Court
 Rule 9.2.e. Form of Records- Originals
Rule 9.3. Reporting of Covered
Transactions.
 Rule 9.3.a. Covered Transaction Report Form.- It shall be signed by the employee(s) who dealt
directly with the customer in the transaction and/or who made the initial internal report within the
covered institution, the compliance officer or his equivalent, and a senior official of the covered
institution with a rank not lower than senior vice-president.
 Rule 9.3.b. Period of Reporting of Covered Transactions.-all covered transactions within five (5)
working days from occurrence thereof, unless the Supervising Authority concerned prescribes a longer
period not exceeding ten (10) working days.
 Rule 9.3.c. Exemption from Bank Secrecy Laws. When reporting covered transactions to the AMLC,
banks and their officers, employees, representatives, agents, documents of identity issued by an
official authority, bearing a photograph of the customer.
 Rule 9.1.e. Prohibition against Certain Accounts- Covered institutions shall maintain accounts only
in the true and full name of the account owner or holder.
 Safe Harbor Provisions. – No administrative, criminal or civil proceedings shall lie against any
covered institution, their personnel, directors or officers or any person for having made a covered
transaction report or a suspicious transaction report in the regular performance of his duties and in
good faith, whether or not such reporting results in any criminal prosecution under this Act or any
other Philippine law.

 Rule 9.1.f. Prohibition against opening of Account without Face-to-face Contact. – No new
accounts shall be opened and created without face-to-face contact
RULE 10
Authority to Freeze Accounts
 the AMLA 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.
 Rule 10.1.b. The freeze order on such account shall be effective immediately
for a period not exceeding fifteen (15) days.
 Rule 10.9. Prohibition against Issuance of Temporary Restraining Orders-
o court shall issue a temporary restraining order or writ of injunction against
any freeze order issued by the AMLC or any court order extending period of
effectivity of the freeze order except the Court of Appeals or the Supreme
Court.
RULE 12
Forfeiture Provisions
 Rule 12.1. Authority to Institute Civil Forfeiture Proceedings. – The AMLC
is authorized under Section 7 (3) of the AMLA to institute civil forfeiture
proceedings and all other remedial proceedings through the Office of the
Solicitor General.
 Rule 12.2. When Civil Forfeiture may be Applied. – When there is a covered
transaction report made pursuant to Section 9 (c) or a suspicious transaction
report made pursuant to Section 7 (5) and the court has, in a petition filed for
the purpose, ordered the seizure of any monetary instrument or property, in
whole or in part, directly or indirectly, related to said report, the Revised
Rules of Court on civil forfeiture shall apply.
Rule 14- Penal Provisions

 Rule 14.1.a. Penalties under Section 4 (a) of the AMLA. – The penalty of imprisonment ranging
from seven (7) to fourteen (14) years and a fine of not less than Three Million Philippine Pesos
(Php3,000,000.00) but not more than twice the value of the monetary instrument or property
involved in the offense, shall be imposed upon a person convicted under Section 4 (a) of the AMLA.
 Rule 14.1.b. Penalties under section 4 (b) of the AMLA. – The penalty of imprisonment from four
(4) to seven (7) years and a fine of not less than One Million Five Hundred Thousand Philippine
Pesos (Php1,500,000.00) but not more than Three Million Philippine Pesos (Php3,000,000.00), shall
be imposed upon a person convicted under Section 4 (b) of the AMLA.
 Rule 14.1.c. Penalties under Section 4 (c) of the AMLA. – The penalty of imprisonment from six
(6) months to four (4) years or a fine of not less than One Hundred Thousand Philippine Pesos
(Php100,000.00) but not more than Five Hundred Thousand Philippine Pesos (Php500,000.00), or
both, shall be imposed on a person convicted under Section 4 (c) of the AMLA.
 Rule 14.2. Penalties for Failure to Keep Records under Section 9 (b) of the AMLA. – The penalty
of imprisonment from six (6) months to one (1) year or a fine of not less than One Hundred
Thousand Philippine Pesos (Php100,000.00) but not more than Five Hundred Thousand Philippine
Pesos (Php500,000.00), or both, shall be imposed on a person convicted under Section 9 (b) of the
AMLA.
 Rule 14.3. Penalties for Malicious Reporting. – Any person who, with malice, or in bad faith,
reports or files a completely unwarranted or false information relative to money laundering
transaction against any person shall be subject to a penalty of six (6) months to four (4) years
imprisonment and a fine of not less than One Hundred Thousand Philippine Pesos (Php100,000.00)
but not more than Five Hundred Thousand Philippine Pesos (Php500,000.00), at the discretion of the
court: Provided, That the offender is not entitled to avail the benefits of the Probation Law.
 Rule 14.4. Where Offender is a Juridical Person. – If the offender is a
corporation, association, partnership or any juridical person, the penalty shall
be imposed upon the responsible officers, as the case may be, who
participated in the commission of the crime or who shall have knowingly
permitted or failed to prevent its commission. If the offender is a juridical
person, the court may suspend or revoke its license. If the offender is an
alien, he shall, in addition to the penalties herein prescribed, be deported
without further proceedings after serving the penalties herein prescribed. If
the offender is a public official or employee, he shall, in addition to the
penalties prescribed herein, suffer perpetual or temporary absolute
disqualification from office, as the case may be.
 Rule 14.5. Refusal by a Public Official or Employee to Testify. – Any
public official or employee who is called upon the testify and refuses to do
the same or purposely fails to testify shall suffer the same penalties
prescribed herein.
 Rule 14.6. Penalties for Breach of Confidentiality. – The punishment of
imprisonment ranging from three (3) to eight (8) years and a fine of not less
than Five Hundred Thousand Philippine Pesos (Php500,000.00) but not more
than One Million Philippine Pesos (Php1,000,000.00), shall be imposed on a
person convicted for a violation under Section 9(c) of the AMLA.
The New Central Bank Act
REPUBLIC ACT No. 11211
Sec 52- Legal Tender Power

 SEC. 52.Legal Tender Power. _ All notes and coins issuedby the Bangko
Sentral shall be fully guaranteed by theGovernment of the Republic of the
Philippines and shall be legalt ender in the Philippines for all debts, both
public and private:Provided, however, That, unless otherwise fixed by the
MonetaryBoard, coins shall be legal tender in amounts not exceeding
Fiftypesos (P50) for denominations of twenty-five centavos and above,and in
amounts not exceeding Twenty pesos (P20) fordenominations of ten centavos
or less
 Legal tender is the currency which the debtor can compel the creditor to
accept in payment of a debt when tendered for the right amount. While coins
issued by BSP shall be fully guaranteed by the government and shall be legal
tender for all debts, both public and private, they have legal tender power
only for the following amounts:
1. One peso coins and coins of higher peso value are legal tender for obligations
not exceeding P 1,000.
2. Twenty-five cents and coins of lower value are legal tender for obligations not
exceeding P 100 (BSP Circular 537 series of 2006)
Sec 29- Conservator

 Sec 29. Appointment of Conservator. _ Whenever, on thebasis of a report

submitted by the appropriate supervising orexamining department, the
Monetary Board finds that a bank ora quasi-bank is in a state of continuing
inability or unwillingnessto maintain a condition of liquidity deemed
adequate to protectthe interest of depositors and creditors, the Monetary
Board mayappoint a conservator with such powers as the Monetary Boardshall
deem necessary to take charge of the assets, liabilities, andthe management
thereof, reorganize the management, collect allmonies and debts due said
institution, and exercise all powersnecessary to restore its viability. The
conservator shall reportand be responsible to the Monetary Board and shall
have thepower to overrule or revoke the actions of the previous management
and board of directors of the bank or quasi-bank
 The conservator should be competent and knowledgeablein bank operations and
management. The conservatorship shallnot exceed one (1) year.

 The conservator shall receive remuneration to be fixed bythe Monetary Board in an

amount not to exceed two-thirds (2/3)of the salary of the president of the institution in
one (1) year,payable in twelve (12) equal monthly payments: Provided, That,if at any time
within the one-year period, the conservatorship isterminated on the ground that the
institution can operate on itsown, the conservator shall receive the balance of the
remunerationwhich he would have received up to the end of the year; but if
theconservatorship is terminated on other grounds, the conservatorshall not be entitled to
such remaining balance. The MonetaryBoard may appoint a conservator connected with
the BangkoSentral, in which case he shall not be entitled to receive anyremuneration or
emolument from the Bangko Sentral during theconservatorship. The expenses attendant to
the conservatorshipshall be borne by the bank or quasi-bank concerned
 The Monetary Board shall terminate the conservatorshipwhen it is satisfied
that the institution can continue to operate onits own and the conservatorship
is no longer necessary. Theconservatorship shall likewise be terminated
should the MonetaryBoard, on the basis of the report of the conservator or of
its ownfindings, determine that the continuance in business of theinstitution
would involve probable loss to its depositors orcreditors, in which case the
provisions of Section 30 shall apply
Sec 30- Proceedings in Receivership and
Liquidation
 Whenever, upon report of the head of the supervising or
examiningdepartment, the Monetary Board finds that a bank or quasi-bank, or
 (c)cannot continue in business without involving probablelosses to its
depositors or creditors; or(d)has willfully violated a cease and desist order
underSection 37 that has become final, involving acts or transactionswhich
amount to fraud or a dissipation of the assets of theinstitution; in which
cases, the Monetary Board may summarilyand without need for prior hearing
forbid the institution fromdoing business in the Philippines and designate the
PhilippineDeposit Insurance Corporation as receiver of the banking institution
 For a quasi-bank, any person of recognized competence inbanking or finance
may be designated as receiver.The receiver shall immediately gather and take
charge ofall the assets and liabilities of the institution, administer thesame for
the benefit of its creditors, and exercise the general powersof a receiver under
the Revised Rules of Court but shall not, withthe exception of administrative
expenditures, pay or commit anyact that will involve the transfer or disposition
of any asset of theinstitution: Provided, That the receiver may deposit or place
thefunds of the institution in nonspeculative investments. Thereceiver shall
determine as soon as possible, but not later thanninety (90) days from take-
over, whether the institution may berehabilitated or otherwise placed in such a
condition so that itmay be permitted to resume business with safety to its
depositorsand creditors and the general public: Provided, That anydetermination
for the resumption of business of the institutionshall be subject to prior approval
of the Monetary Board
 If the receiver determines that the institution cannot be rehabilitated or
permitted to resume business in accordance with the next preceding
paragraph, the Monetary Board shall notify in writing the board of directors of
its findings and direct the receiver to proceed with the liquidation of the
institution. The receiver shall:

 (1) file ex parte with the proper regional trial court, and without requirement
of prior notice or any other action, a petition for assistance in the liquidation
of the institution pursuant to a liquidation plan adopted by the Philippine
Deposit Insurance Corporation for general application to all closed banks.

 (2) convert the assets of the institution to money, dispose of the same to
creditors and other parties, for the purpose of paying the debts of such
institution in accordance with the rules on concurrence and preference of
credit under the Civil Code of the Philippines a
General Banking Law
Sec 3. Definition and Classification of
Banks. -

(a) Universal banks;

(b) Commercial banks;
(c) Thrift banks, composed of: (i) Savings and mortgage banks, (ii) Stock savings and loan associations, and (iii) P
(d) Rural banks, as defined in Republic Act No. 73S3 (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 Inve
(g) Other classifications of banks as determined by the Monetary Board of the Bangko Sentral ng Pilipinas. (6-Aa)
Section 8. Organization.

 8.1 That the entity is a stock corporation (7);

 8.2 That its funds are obtained from the public, which shall mean twenty (20)
or more persons (2-Da); and
 8.3 That the minimum capital requirements prescribed by the Monetary Board
for each category of banks are satisfied. (n)
Sec 15. Board of Directors

 The provisions of the Corporation Code to the contrary notwithstanding, there

shall be at least five (5), and a maximum of fifteen (15) members of the
board or directors of a bank, two (2) of whom shall be independent directors
Sec 23.

 A universal bank shall have the authority to exercise, in addition to the

powers authorized for a commercial bank in Section 29, the powers of an
investment house as provided in existing laws and the power to invest in non-
allied enterprises as provided in this Act.
Sec 17. Directors of Merged or
Consolidated Banks.
 In the case of a bank merger or consolidation, the number of directors shall
not exceed twenty-one (21). (l3a)
Sec 51. Ceiling on Investments in
Certain Assets.
 Any bank may acquire real estate as shall be necessary for its own use in the
conduct of its business: Provided, however, That the total investment in such
real estate and improvements thereof including bank equipment, shall not
exceed fifty percent (50%) of combined capital accounts: Provided, further,
That the equity investment of a bank in another corporation engaged
primarily in real estate shall be considered as part of the bank’s total
investment in real estate, unless otherwise provided by the Monetary Board.
(25a) SEC. 52. Acquisition of Real Estate by Way of Satisfaction of Claims. –
Notwithstanding the limitations of the preceding Section, a bank may acquire,
hold or convey real property under the following circumstances:
 52.1. Such as shall be mortgaged to it in good faith by way of security for
debts;
 52.2. Such as shall be conveyed to it in satisfaction of debts previously
contracted in the course of its dealings, or
 52.3. Such as it shall purchase at sales under judgments, decrees, mortgages,
or trust deeds held by it and such as it shall purchase to secure debts due it.
 Any real property acquired or held under the circumstances enumerated in
the above paragraph shall be disposed of by the bank within a period of five
(5) years or as may be prescribed by the Monetary Board: Provided, however,
That the bank may, after said period, continue to hold the property for its
own use, subject to the limitations of the preceding Section. (25a)
THE ANTI-BOUNCING CHECK
LAW.chanrobles virtual law library
Sec 1. Checks without sufficient
funds
 Any person who makes or draws and issues any check to apply on
account or for value, knowing at the time of issue that he does not
have sufficient funds in or credit with the drawee bank for the
payment of such check in full upon its presentment, which check is
subsequently dishonored by the drawee bank for insufficiency of
funds or credit or would have been dishonored for the same reason
had not the drawer, without any valid reason, ordered the bank to
stop payment, shall be punished by imprisonment of not less than
thirty days but not more than one (1) year or by a fine of not less
than but not more than double the amount of the check which fine
shall in no case exceed Two Hundred Thousand Pesos, or both such
fine and imprisonment at the discretion of the court.
Malum Prohibitum

 B.P. 22 is the act of making and issuing a worthless check, that is, a check
that is dishonored upon its presentation for payment. The mere act of issuing
a worthless check is malum prohibitum. So also, it is not the nonpayment of
the obligation that is being punished, but the making of worthless checks
Elements of BP 22

 (1) making, drawing, and issuance of any check to apply on account or for
value;
 (2) knowledge of the maker, drawer, or issuer that at the time of issue he
does not have sufficient funds in or credit with the drawee bank for the
payment of the check in full upon its presentment; and
 (3) subsequent dishonor of the check by the drawee bank for insufficiency of
funds or credit, or dishonor for the same reason had not the drawer, without
any valid cause, ordered the bank to stop payment
 The same penalty shall be imposed upon any person who, having
sufficient funds in or credit with the drawee bank when he makes or
draws and issues a check, shall fail to keep sufficient funds or to
maintain a credit to cover the full amount of the check if presented
within a period of ninety (90) days from the date appearing thereon,
for which reason it is dishonored by the drawee bank.

Where the check is drawn by a corporation, company or entity, the

person or persons who actually signed the check in behalf of such
drawer shall be liable under this Act.
Sec. 2. Evidence of knowledge of
insufficient funds.
 The making, drawing and issuance of a check payment of which is
refused by the drawee because of insufficient funds in or credit with
such bank, when presented within ninety (90) days from the date of
the check, shall be prima facie evidence of knowledge of such
insufficiency of funds or credit unless such maker or drawer pays the
holder thereof the amount due thereon, or makes arrangements for
payment in full by the drawee of such check within (5) banking days
after receiving notice that such check has not been paid by the
drawee.
Sec. 3. Duty of drawee; rules of
evidence.
 It shall be the duty of the drawee of any check, when refusing to pay the same to
the holder thereof upon presentment, to cause to be written, printed, or stamped
in plain language thereon, or attached thereto, the reason for drawee's dishonor or
refusal to pay the same: Provided, That where there are no sufficient funds in or
credit with such drawee bank, such fact shall always be explicitly stated in the
notice of dishonor or refusal.  In all prosecutions under this Act, the introduction in
evidence of any unpaid and dishonored check, having the drawee's refusal to pay
stamped or written thereon or attached thereto, with the reason therefor as
aforesaid, shall be prima facie evidence of the making or issuance of said check,
and the due presentment to the drawee for payment and the dishonor thereof,
and that the same was properly dishonored for the reason written, stamped or
attached by the drawee on such dishonored check.

Notwithstanding receipt of an order to stop payment, the drawee shall state in the
notice that there were no sufficient funds in or credit with such bank for the
payment in full of such check, if such be the fact.
Truth In Lending Act
Section 4.

 Any creditor shall furnish to each person to whom credit is extended, prior to
the consummation of the transaction, a clear statement in writing setting
forth, to the extent applicable and in accordance with rules and regulations
prescribed by the Board, the following information:

 (1) the cash price or delivered price of the property or service to be acquired;
 (2) the amounts, if any, to be credited as down payment and/or trade-in;
 (3) the difference between the amounts set forth under clauses (1) and (2);
Sec 4.

 (4) the charges, individually itemized, which are paid or to be paid by such
person in connection with the transaction but which are not incident to the
extension of credit;
 (5) the total amount to be financed;
 (6) the finance charge expressed in terms of pesos and centavos; and
 (7) the percentage that the finance bears to the total amount to be financed
expressed as a simple annual rate on the outstanding unpaid balance of the
obligation.
Tender Offer

Means a publicly announced intention by a person acting alone or in concert with

other persons (hereinafter referred to as
“person”) to acquire outstanding equity securities of a public company as
defined in SRC Rule 3, or outstanding equity securities of an associate or
related company of such public company which controls the said public
company.
Tender Offer purposes

 Ensure an even playing field for all shareholders of a company in term of

opportunity to sell their shareholdings
 Ensure that minority shareholders in a publicly listed company are protected
in the sense that they will equally have the same opportunity as the majority
shareholders in terms selling their shares
 Ensure that the shareholders who would also want to sell their shareholdings
will have the opportunity for a better price
PDIC LAW
Who are covered?

 All banks are covered by PDIC. It is mandatory for banks to insure deposits
and pay insurance with PDIC
Insured Deposit

 The amount due to legitimate depositor

 Sisters A & B have the following deposit in Bank XYZ:

A- P500,000 (1)
B- P600,000 (2)-500K
A and/or B- P 5,000,000 (3)- 500K/2= A: 250K; B- 250K
B or C- P 300,000/2= 150K
B and D- P 1,000,000 (500K/2)= 250? B will receive P100K
B and/or E- 5,000,000= B will receive: 0; E will receive

How much are the insured amounts?

Individually- A-(1) 500K; B (2) 500K; A (3- joint)- P 250K B (3- joint) P 250K
How much can B recover from PDIC? P 750,000
500K (single account)+ 250K joint (2 in the joint account)
B will receive: 500K single account; joint: 250K +150K+ 100= 500K
PDIC Examples
 Depositor A, P500,000= 500,000K
 Depositor A, Checking P 1,000,000= 0
 Joint Accounts
 Depositor A or B, P 1,000,000>> insured of B up to P250,000 only
 Depositor A and C, P2,000,000>> A insured up to P 250,000; C is insured up to P250,000
 Depositor A & D P 5,000,000>> A will get nothing
 Depositor A, E, F, G, P 10,000,000>> A will get nothing (500K for joint will be divided among the
co-owners)

 Depositor A (single Account)- 500,000

 Joint account with B: P 250,000
 Joint Account with C: P 250,00

 B will get P 250,000

 E will get P 125,000