With the suspension of the Usury Law and the removal of interest ceilings, the parties are generally free to stipulate the interest rates to be imposed on monetary obligations. As a rule, the interest rate agreed by the creditor and the debtor is binding upon them. This rule, however, is not absolute.

The General Information Sheet (GIS) is one of the documents required to be submitted to the SEC on a yearly basis. As pescribed in SEC Circular No. 5 (2006), starting 1 April 2006, only filings that conform to the format of the official GIS form shall be accepted by SEC. Any deviation shall be considered as non-compliant with existing rules and regulation and, hence, will not be accepted.

Q: What is the legal basis of the prohibition on “No Return, No Exchange” Policy of business establishments?

A: Pursuant to the Implementing Rules and Regulations of R.A. 7394, or the Consumer Act of the Philippines, specifically Title III, Chapter I, Rule 2, Section 7 of Department Administrative Order (DAO) No. 2, series 1993, the words “No Return, No Exchange”, or words to such effect shall not be written into the contract of sale, receipt or sales transaction, in any document evidencing such sale or anywhere in the store or business establishment.

Checks are indispensable to aspiring entrepreneurs and established businessmen alike. Suppliers and lessors usually require post-dated checks or PDC's to cover installment payments, and issuing checks are generally more convenient and safer than carrying huge amounts of cash. However, just like in any aspects of business, high vigilance is required. Check frauds are still prevalent. In many instances, the check you are holding, while valid, is worthless. Here are some reminders:

One of the major concerns of employers is labor, and it doesn’t matter if the employer is a big corporation with a Human Resources (HR) department or simply an entrepreneur/small and medium enterprise (SME). The employer hires, pays, manages, disciplines and fires employees. Problems inevitably arise in the process, and, based on the full-packed hallways that I regularly go through at the National Labor Relations Commission (NLRC), these problems are not diminishing.

 

There are formal learning institutions dealing in all aspects of business. There are Big Businesses dominating the Philippine economy. Of course, there are Pinoys who are very lucky to have graduated from these prestigious institutions or worked for or with the Big Businesses.

 

a) Spend your vacation, your dollars, in our Philippines

It is understandable for our OFWs, balikbayans and Pinoy expats to spend vacation in other countries. The world is truly beautiful and majestic. But please do spend some of your vacation, and some of your dollars, in our Philippines. Every dollar that you bring into our country will help build our Philippines. It will help our tourism industry. It will mean more sales and more jobs for our local industries. It will mean an increase in our country’s international dollar reserves. It will help stabilize the Peso. And ultimately, it will help stabilize our economy.

 

I was able to scan the first few pages of the book "A Smart & Practical Guide for New Entrepreneurs" (Marlo Sanchez [2004], New Edition), which reflects this banner "#1 Bestseller for Filipino Entrepreneurs". I got stuck in pages 14 and 15, containing a discussion on the "Legal Types of Organizations", i.e., Sole Proprietorship, Partnership and Corporation.