Article 66Supplement v1, p. 66

COMMERCIAL LAWS SUPPLEMENT

(d) the extent that the foreign proceeding recognizes the

rights of creditors and other interested parties in a

manner substantially in accordance with the manner

prescribed in this Act; and

(e) the extent that the foreign proceeding has recognized

and shown deference to proceedings under this Act and

previous legislation.

CHAPTER IX Funds for Rehabilitation of

Government-Owned and -Controlled Corporations

SECTION

143.

Funds

for

Rehabilitation

of

Government-owned

and

-Controlled

Corporations.

—

Public funds for the rehabilitation of government-owned

and

-controlled

corporations

shall

be

released

only

pursuant to an appropriation by Congress and shall be

supported by funds actually available as certified by the

National Treasurer.

The Department of Finance, in collaboration with the

Department

of

Budget

and

Management,

shall

promulgate the rules for the use and release of said

funds.

CHAPTER X Miscellaneous Provisions

SECTION 144. Applicability of Provisions. — The provisions

in Chapter II, insofar as they are applicable, shall likewise

apply to proceedings in Chapters III and IV.

SECTION 145. Penalties. — An owner, partner, director,

officer or other employee of the debtor who commits any

one of the following acts shall, upon conviction thereof,

be punished by a fine of not more than One million pesos

(Php1,000,000.00) and imprisonment for not less than

three (3) months nor more than five (5) years for each

offense:

(a) if he shall, having notice of the commencement of the

proceedings,

or

having

reason

to

believe

that

proceedings

are

about

to

be

commenced,

or

in

contemplation of the proceedings, hide or conceal, or

destroy or cause to be destroyed or hidden any property

belonging to the debtor; or if he shall hide, destroy, alter,

mutilate or falsify, or cause to be hidden, destroyed,

altered, mutilated or falsified, any book, deed, document

or writing relating thereto; or if he shall, with intent to

defraud the creditors of the debtor, make any payment,

sale, assignment, transfer or conveyance of any property

belonging to the debtor;

(b) if he shall, having knowledge or belief of any person

having proved a false or fictitious claim against the

debtor, fail to disclose the same to the rehabilitation

receiver or liquidator within one (1) month after coming to

said knowledge or belief; or if he shall attempt to account

for any of the debtor's property by fictitious losses or

expenses; or

(c) if he shall knowingly violate a prohibition or knowingly

fail to undertake an obligation established by this Act.

SECTION

146.

Application

to

Pending

Insolvency,

Suspension of Payments and Rehabilitation Cases. —

This Act shall govern all petitions filed after it has taken

effect. All further proceedings in insolvency, suspension of

payments and rehabilitation cases then pending, except

to the extent that in the opinion of the court their

application would not be feasible or would work injustice,

in which event the procedures set forth in prior laws and

regulations shall apply.

SECTION 147. Application to Pending Contracts. — This

Act shall apply to all contracts of the debtor regardless of

the date of perfection.

SECTION 148. Repealing Clause. — The Insolvency Law

( Act No. 1956 ), as amended, is hereby repealed. All other

laws,

orders,

rules

and

regulations

or

parts thereof

inconsistent with any provision of this Act are hereby

repealed or modified accordingly.

SECTION 149. Separability Clause. — If any provision of

this Act shall be held invalid, the remainder of this Act not

otherwise affected shall remain in full force and effect.

SECTION 150. Effectivity Clause. — This Act shall take

effect fifteen (15) days after its complete publication in the

Official Gazette or in at least two (2) national newspapers

of general circulation.

(Financial Rehabilitation and Insolvency Act (FRIA) of

2010, Republic Act No. 10142, [July 18, 2010])

RA No 7394 | Consumer Act of the

Philippines

April 13, 1992

REPUBLIC ACT NO. 7394

THE CONSUMER ACT OF THE PHILIPPINES

TITLE I General Provisions

ARTICLE 1. Short Title . — This Act shall be known as the

"Consumer Act of the Philippines."

ARTICLE 2. Declaration of Basic Policy . — It is the policy of

the State to protect the interests of the consumer,

promote his general welfare and to establish standards of

conduct for business and industry. Towards this end, the

State shall implement measures to achieve the following

objectives:

a) protection against hazards to health and safety;

b)

protection

against

deceptive,

unfair

and

unconscionable sales acts and practices;

c) provision of information and education to facilitate

sound choice and the proper exercise of rights by the

consumer;

d) provision of adequate rights and means of redress; and

e)

involvement

of

consumer

representatives

in

the

formulation of social and economic policies.

ARTICLE 3. Construction . — The best interest of the

consumer shall be considered in the interpretation and

implementation of the provisions of this Act, including its

implementing rules and regulations.

ARTICLE 4. Definition of Terms . — For purposes of this

Act, the term:

a) "Advertisement" means the prepared and through any

form

of

mass

medium,

subsequently

applied,

disseminated or circulated advertising matter.

b) "Advertising" means the business of conceptualizing,

presenting or making available to the public, through any

form of mass media, fact, data or information about the

attributes, features, quality or availability of consumer

products, services or credit.

c)

"Advertising

agency

or

Agent"

means

a

service

organization

or

enterprise

creating,

conducting,

producing,

implementing

or

giving

counsel

on

promotional

campaigns

or

programs

through

any

medium for and in behalf of any advertiser.

d) "Advertiser" means the client of the advertising agency

or the sponsor of the advertisement on whose account

the advertising is prepared, conceptualized, presented or

disseminated.

e) "Agricultural purpose" means a purpose related to the

production,

harvest,

processing,

manufacture,

distribution,

storage,

transportation,

marketing,

exhibition or disposition of agricultural, fishery or marine

products.

f)

"Amount

financed"

in

a

consumer

credit

sale

constitutes the cash price plus non-finance charges less

the amount of any downpayment whether made in cash

or in property traded in, or in a consumer loan the

© Compiled by RGL

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