Gene Milborn T.

Sapit
BSA 3-7
1. If A has several types of accounts in a bank what is his PDIC deposit insurance coverage?
As indicated by Republic Act 3591 known as PDIC Law, PDIC protection inclusion won't increment and
will be up to P500,000 altogether. The insurance inclusion isn't resolved on a for each record premise and
the sort of record doesn't matter to the measure of insurance coverage, thusly, A is qualified distinctly up
for P500,000.
2. If A has deposits in different banks, is his bank deposit per bank covered by the Php500,000
PDIC insurance?
Indeed. As per the PDIC Law, it will be up to P500,000 per bank as the PDIC guarantees one bank for
every contributor premise. Stores in various financial foundations are safeguarded independently.
Nonetheless, if a bank has at least one branches, the fundamental office and all branch workplaces are
considered as one bank. Consequently, in the event that you have stores at the primary office and at least
one branch workplaces of a similar bank, the stores are included when deciding store protection inclusion,
the all out of which will not surpass P500,000.
3. What are the deposits which are not covered by the PDIC insurance?
Under the PDIC Law, Republic Act No. 9576 specifies that PDIC won't pay deposit insurance for
the accompanying records or exchanges including (1) investment products such as bonds, securities and
trust accounts; (2) deposit accounts which are unfunded, fictitious or fraudulent; (3) deposit products
constituting or emanating from unsafe and unsound banking practices; and (4) deposits that are
determined to be proceeds of an unlawful activity as defined under the Anti-Money Laundering Law.
4. What action can be taken if probable cause exists that a monetary instrument is being used or
related to an unlawful activity?
Under Republic Act 9160 or the Anti-Money Laundering Act, it expresses that the move that would be
made is by Freezing of Monetary Instrument or Property. The Court of Appeals, upon ex-parte by AMLC
and after assurance that reasonable justification exists that any financial instrument or property is in any
capacity identified with an unlawful action, may give freeze request which will be taking effect right now
for a time of 20 days except if reached out by the court upon application by the AMLC.
5. How will you reconcile the authority of the Anti-Money Laundering Council (AMLC) to inquire
into bank deposits vis-a-vis the secrecy of one’s bank deposit?
Under Republic Act 9160 or the Anti-Money Laundering Act, it expresses that the AMLC may ask into
or analyze a specific deposit or investment with any financial organization or non-bank monetary endless
supply of any skillful court in instances of infringement of the AMLA when it has been set up that there is
reasonable justification that the stores or speculations included are in any capacity identified with an
illegal tax avoidance offense. Moreover, the AMLC can inspect financial balances even without court
request if there is a reasonable justification that the stores are identified with specific wrongdoings like
seizing for deliver, infringement of the Dangerous Drugs Act, capturing, damaging illegal conflagration,
murder, and infringement of RA 6235 or acts unfriendly to common aeronautics.
Exercise 2:
1. A obtained a loan from XYZ Bank. What are the information required to be furnished to him
relative to his loan application?
Under the Truth in Lending Act, the creditor or moneylender is needed to illuminate the debt holder or
borrower regarding the accompanying realities comparative with his advance application and these are the
(1) the money cost or conveyed cost of the property or administration to be gained; (2) the sums,
assuming any, to be credited as initial installment and additionally exchange; (3) the contrast between the
sums set out under provisos (1) and (2); (4) the charges, exclusively separated, which are paid or to be
paid by such individual regarding the exchange however which are not occurrence to the expansion of
credit; (5) the aggregate sum to be financed; (6) the account charge communicated as far as pesos and
centavos; and (7) the rate that the money bears to the aggregate sum to be financed communicated as a
straightforward yearly rate on the exceptional neglected equilibrium of the commitment. These data
should be revealed to the account holder or borrower preceding the fulfillment of the exchange and
should be plainly expressed recorded as a hard copy.
2. In case the bank failed to provide the needed information to be disclosed to its borrower, will it
affect the validity of their contract?
In the event that the bank neglected to give the required data to be unveiled to its borrower, the agreement
or exchange stays valid or enforceable, subject to the punishments. Under the Truth in Lending Act, The
punishments if there should be an occurrence of infringement are (1) Any loan boss who disregards the
law is at risk in the measure of P100 or in a sum equivalent to twice the account charged needed by such
lender regarding such exchange, whichever is the more noteworthy, then again, actually such obligation
will not surpass P2,000 on any credit exchange. The activity should be brought inside one year from the
date of the event of the infringement; (2) The leaser is additionally at risk for sensible lawyer's expenses
and court costs as dictated by the court; (3) Any individual who obstinately disregards any arrangement of
this law or any guideline gave thereunder will be fined by at the very least P1,00 or more than P5,000 or
detainment of at the very least a half year, nor over one year or both. Notwithstanding, no discipline or
punishment under this law will apply to the Philippine Government or any organization or any political
development thereof.
3. A’s wife wanted to know the financial status of her husband. Can he inquire from the bank of
her husband considering that they are husband and wife?
No, the spouse can't ask from the bank of her better half. Under the Bank Secrecy Law, it precludes any
individual, subject to the special cases, from uncovering to any individual any data, comparative with the
assets or properties having a place with the investors in the authority of the bank. Nobody can simply go
to your bank and request your bank balance.
4. What are the covered deposits under the Bank Secrecy Act?
The Bank Secrecy Law protects all deposits of whatever nature in banks or banking institutions in
the Philippines, including Trust Accounts and Investments in bonds issued by the Government of the
Philippines, its political subdivision and instrumentalities.
5. What are those deposits which are not protected by the Bank Secrecy Act?
Under the Bank Secrecy Law, the exception on the protection of the deposits are (1) Written
permission or consent in writing by the depositor; (2) In cases of impeachment; (3) Upon order of the
court in cases of bribery or dereliction of duty of public officials; (4) Upon order of the court in cases
where the money deposited or invested is the subject matter of the litigation; (5) Upon a subpoena issued
by the Ombudsman concerning an investigation it is conducting, provided that there must already be a
case pending in court, the account be clearly identified, the inspection be limited to the subject matter of
the pending case; and the bank personnel and the depositor must be notified to be present during the
inspection; (6) The BIR can inquire into bank deposits in an application for compromise of tax liability or
determination of a decedent’s gross estate; (7) The Anti-Money Laundering Council 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; (8) 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, Page 29 of 40 violation of the Dangerous Drugs Act, hijacking, destructive arson,
murder and violations of RA 6235 or acts inimical to civil aviation; (9) The Bangko Sentral can examine
bank accounts in the course of its periodic or special examination regarding compliance with Anti-Money
Laundering Law.
Exercise 3:
1. What is protected — first to invent or first to register?
The person who is secured is the person who is first to enlist. Under the Intellectual Property Law, there is
a "First to File Rule" wherein, if at least two people independently made a similar creation, need is given
to one who recorded first. Notwithstanding, there are cures that the genuine innovator can make if the
developments are not made independently. The genuine innovator can document an activity in court that
he is the real creator inside one year from the main distribution and this is pertinent just when the
application is as yet forthcoming.
2. Who is the owner of the ‘Anonymous and Pseudonymous Works’?
Under Republic Act No. 8293 (Section 7 P.D 49), the owner of the Anonymous and
Pseudonymous Works are the publishers that shall be deemed to represent the authors of the articles and
other writings published without the names of the authors or under pseudonyms, unless the contrary
appears, or the pseudonyms or adopted name leaves no doubt as to the author’s identity, or if the author of
the anonymous works discloses his identity.
3. Discuss the principles of ‘idem sonans’ and ‘dominancy test’ in trademarks.
In connection with the Intellectual Property Law, the Principle of Idem Sonans pertains to
similarities of sounds of competing trademarks of closely related goods, which may be held as a sufficient
ground to constitute confusion to the public, wherein consumers are likely to assume that the goods of
one party originated from, or sponsored by, the other party, or believe that there is a connection between
them. However, the Principle of Dominancy Test focus on prevalent or dominant features. Confusing
similarity is to be determined not only on the visual but also on the aural and connotative comparisons
and overall impressions between the two trademarks.
4. What are those which are patentable inventions?
Under Intellectual Property Code of the Philippines (RA 8293), Patentable Inventions are any
technical solution of a problem in any field of human activity which (1) new; (2) involves an inventive
step; and (3) is industrially applicable. It may be, or may relate to, a product, or process, or an
improvement of any of the foregoing.
5. What are those which are not patentable inventions?
Under Intellectual Property Code of the Philippines (RA 8293), Non-Patentable Inventions are(1)
Discoveries, scientific theories and mathematical methods; (2) Schemes, rules and methods of performing
mental acts, playing games or doing business, and programs for computers; (3) Methods for treatment of
the human or animal body by surgery or therapy and diagnostic methods practiced on the human or
animal body. This provision shall not apply to products and composition for use in any of these methods;
(4) Plant varieties or animal breeds or essentially biological process for the production of plants or
animals. This provision shall not apply to micro-organisms and non-biological and microbiological
processes; (5) Aesthetic creations; and (6) anything which is contrary to public order or morality.