Handout 10 Flashcards
(43 cards)
shall mean a citizen of the Philippines or a domestic partnership or association wholly owned by citizens of the Philippines; or a corporation organized under the laws of the
Philippines of which at least sixty percent (60%) of the capital stock outstanding and entitled to vote is
owned and held by citizens of the Philippines or a corporation organized abroad and registered as doing business in the Philippine under the Corporation Code of which one hundred percent (100%) of the capital stock outstanding and entitled to vote is wholly owned by Filipinos or a trustee of funds for pension or other
employee retirement or separation benefits, where the trustee is a Philippine national and at least sixty percent (60%) of the fund will accrue to the benefit of Philippine nationals
“Philippine National”
shall include soliciting orders, service contracts, opening offices, whether called “liaison” offices or branches; appointing representatives or distributors domiciled in the Philippines or who in any calendar year stay in the country for a period or periods totaling one hundred eighty (180) days or more; participating in the management, supervision or control of any domestic business, firm, entity or corporation in the Philippines;
“doing business”
shall mean an enterprise that produces goods for sale, or renders service to the domestic market entirely or, if exporting a portion of its output, fails to consistently export at least 60% thereof.
domestic market enterprise
shall mean an enterprise wherein a manufacturer, processor, or service (including tourism) enterprise exports sixty percent (60%) or more of its output, or wherein a trader purchases products domestically and exports sixty percent (60%) or more of such purchases.
export enterprise
the following investments have the corresponding limitation of foreign ownership:
List A: Foreign Ownership Is Limited by Mandate of the Constitution and Specific Laws
List B: Foreign Ownership Is Limited for Reasons of Security, Defense, Risk to Health and Morals and Protection of Small and Medium-Scale Enterprises Up to Forty Percent (40%) Foreign Equity:
4. Sauna and steam bathhouses, massage clinics, nightclubs, bars, beer houses, dance halls, and other like activities regulated by law because of risks they may impose on public health and morals, except wellness centers.
Under Executive Order No. 65 dated October 29, 2018, pursuant to Republic Act No. 8179
No franchise, certificate, or any other form of authorization for the operation of a public utility shall be granted except to citizens of the Philippines, or to corporations or associations organized under the laws of the Philippines or at least 60 per centum of whose capital is owned by such citizens, nor shall such franchise, certificate, or authorization be exclusive in character or for a longer period than fifty years.
Article XII, Section 11 of the 1987 Philippine Constitution.
It is a written promise committing the maker to pay the payee a specified sum of money either on-demand or at a fixed or determinable future date, with or without interest.
Promissory Note.
It is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person whom it is addressed to pay on demand or at a fixed determinable future time a sum certain in money to order or bearer.
Bill of Exchange.
It is a bill of exchange drawn on a bank payable on demand. These are the special types of checks:
Check.
It is drawn by the bank’s manager upon the bank itself and deemed accepted by the act of issuance. It is similar to the cashier’s check both as to effect and use. It is the bank’s check and may be treated as a promissory note with the bank as the maker.
Manager’s Check.
It is one upon which the holder’s signature must appear twice, one to be affixed by him at the time it is issued (usually in the presence of the bank issuing the checks) and the second or counter-signature, to be affixed by him in the presence of the payee before it is paid, otherwise, it is incomplete.
Traveler’s Check.
It bears upon its face an agreement by the drawee bank that the check will be paid on presentation.
Certified Check.
Under accepted banking practice, crossing a check is done by writing two (2) parallel lines diagonally on the left top portion of the checks, the crossing is special where the name of a bank or a business institution is written between the two (2) parallel lines, which means that the drawee should pay only with the intervention of that company.
Crossed Check.
In commercial transactions, it is a written account of the particulars of merchandise shipped or sent to a purchaser, consignee, and actor with the value of the prices and charges.
Invoice.
It is a repository of the agreement resulting from negotiations for the sale of goods between the parties. It is a list of goods and the prices charged for them.
Sales Invoice.
A contract in itself, involving the undertaking agreed upon and the items mentioned therein, between the party placing the order and signing the same and the party to whom it is addressed and who accepts the order.
Purchase Order.
It is a written document issued by a carrier that specifies contractual conditions and terms (such as time, place, person named for receipt) for delivery of goods.
Bill of Lading.
(Act No. 2137) seeks to encourage transactions which may only be issued by a warehouseman who is engaged in the business of receiving commodities on deposit for storage.
Warehouse Receipt.
(Presidential Decree No. 115) defines this transaction as any transaction by and between a person referred to as the entruster, and another person referred to as the entrustee, whereby the entruster, who owns or holds absolute title or security interests over certain specified goods, documents or instruments, releases the same to the possession of the entrustee upon the latter’s execution and delivery to the entruster of a signed document
Trust Receipt.
includes instruments employed in making payments between countries - using paper currency, notes, checks, bills of exchange, and electronic notifications of international debits and credits.
Foreign exchange
The payment in money shall be made in the currency stipulated, and if it is not possible to deliver such currency, then in the currency which is legal tender in the Philippines.
Article 1249 of the New Civil Code of the Philippines.
means such currency which in a given jurisdiction can be used for payment of debts, public or private, and which cannot be refused by the creditor.
Legal tender
the Monetary Board further liberalized the foreign exchange regulations on receipts and disbursements of residents arising from non-trade and trade transactions.
Under Central Bank Circular No. 1353 (September 21, 1992)
generally is a corporation formed to maintain savings account and check accounts, issuing loans and credit, and dealing in negotiable securities issued by government entities and corporations. Banks earn money by investing their customers’ deposits.
“bank”
