Commercial Law 5: Legal Business Issues
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Questions and Answers

Which law emphasizes legal tender power over coins and notes?

  • Intellectual Property Law
  • The New Central Bank Act (correct)
  • AMLA Law
  • PDIC Law
  • The New Central Bank Act replaced Republic Act no. 265.

    True

    What was the primary function of the Banko Sentral ng Pilipinas (BSP)?

    To act as the central monetary authority in the Philippines.

    The period of _______________ had no central bank in the Philippines.

    <p>Spanish period</p> Signup and view all the answers

    Which bank was the only one able to print banknotes during the Spanish period?

    <p>El Banco Espanol Filipino de Isabel</p> Signup and view all the answers

    The Philippine National Bank was established before the Philippine Coinage Act.

    <p>False</p> Signup and view all the answers

    What was 'Mickey Mouse Money'?

    <p>Military peso notes used during the Japanese occupation.</p> Signup and view all the answers

    The __________ Act established a standard of value and provided for a coinage system in the Philippines.

    <p>Philippine Coinage</p> Signup and view all the answers

    Study Notes

    Course Description

    • Covers laws related to business transactions including PDIC Law, General Banking Law, and Intellectual Property Law.
    • Focuses on specific laws: Secrecy of Bank Deposits, AMLA Law, New Central Bank Act, and different aspects of Intellectual Property such as patents, trademarks, and copyrights.

    Grading System

    • Midterm and Endterm exams each account for 50% of their respective term grades.
    • Quizzes contribute 10% of the term grade.
    • Activity tasks carry a weight of 40% for both terms.

    First Week Objectives

    • Understand the objectives and functions of the Bangko Sentral ng Pilipinas (BSP).
    • Identify the powers held by the Monetary Board.
    • Recognize the Central Bank's role as the lender of last resort.

    R.A. No. 7653: The New Central Bank Act

    • Enacted in 1993, replacing Republic Act No. 265 which created the Central Bank of the Philippines.
    • Amended by Republic Act No. 11211 on February 14, 2019.

    History of Banking in the Philippines — Spanish Period (1521-1898)

    • No formal central bank; colonial government monopolized currency regulation.
    • Money supply comprised diverse coins including Mexican pesos, Spanish-Filipino coins, and British North Borneo coins.
    • Establishment of Manila's first mint in 1857 authorized by Queen Isabel II.
    • Spanish Civil Code of 1889 regulated banks; only four banks operated:
      • El Banco Espanol Filipino de Isabel (unique issuer of banknotes)
      • Chartered Bank of India (HSBC branch)
      • Monte de Piedad
      • Banco Peninsular Ultramarino de Madrid.

    History of Banking in the Philippines — American Period (1899-1941)

    • Philippine Coinage Act of 1903 established a standard coinage system.
    • Philippine National Bank founded in 1916 to expand banking services.
    • Emergence of additional banks; Philippine Bank of Commerce marked as the first with Filipino private capital.
    • Disapproval of the Central Bank establishment bill by US President Franklin D. Roosevelt during the Commonwealth Period (1935-1941).

    History of Banking in the Philippines — Japanese Occupation (1942-1945)

    • Introduction of military pesos termed "Mickey Mouse Money," lacking backing.
    • Only Japanese and Filipino banks permitted to operate; use of pesos and dollars was penalized.
    • Passage of Central Bank Law during this period.

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    Commercial Law 5 PDF

    Description

    This quiz covers the regulatory framework and legal issues related to business transactions, including essential laws like PDIC, AMLA, and the General Banking Law. Students will explore critical topics such as bank deposits, loans, and reportorial requirements. Test your knowledge of commercial law as it applies to various business scenarios and regulations.

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