LAST-MINUTE TIPS FOR RFBT (May 2024)

304. In case of casinos, the threshold for covered transactions is in excess of P5,000,000.00.
305. In case of jewelry dealers, the threshold for covered transactions is in excess of P1,000,000.00.
306. In case of real estate developers or brokers, the threshold for covered transactions is in excess of P7,500,000.00.
307. Only the Court of Appeals can issue a freeze order.
308. A freeze order when issued is valid for an initial period of 20 days.
309. The maximum period of the freeze order issued shall be 6 months.
310. Under the Safe Harbor Rule, no administrative, criminal, or civil proceedings, shall lie against any person for having
made a transaction report in the regular performance of his duties and in good faith, whether or not such results in any
criminal prosecution under Philippine laws.
311. Should a transaction be determined to be both a covered and a suspicious transaction, it shall be reported as a
suspicious transaction.
312. If there is money laundering connected to a commission of a crime, the offender may be prosecuted for both crimes.
313. The Regional Trial Court (RTC) has jurisdiction over all cases of money laundering, but if the crime of money
laundering is committed by public officers and private person who are in conspiracy with such public officers, the
Sandiganbayan shall have jurisdiction.
314. The RTC has jurisdiction to issue asset preservation orders.
315. All records of all transactions of covered institutions shall be maintained and safely stored for 5 years from the date of
transactions.
316. No prior criminal charge, pendency of a case, or conviction for an unlawful activity or ML offense is necessary for the
commencement or the resolution of a petition for civil forfeiture.
317. No asset shall be attached or forfeited to the prejudice of a candidate for an electoral office during an election period.
318. Lawyers and accountants who are: (a) authorized to practice their profession in the Philippines; and (b) engaged as
independent legal or accounting professionals, in relation to information concerning their clients, or where disclosure of
information would compromise client confidences or the attorney-client relationship are not required to file CTRs.
319. Lawyers and accountants, however, are not precluded from submitting STRs to the AMLC with regard to any
transaction of their clients that is in any way related to ML/TF or related unlawful activity that is about to be committed, is
being or has been committed.
320. When there is conviction for money laundering, the monetary instrument or property found to be proceeds of an
unlawful activity shall be forfeited in favor of the Government of the Republic of the Philippines.

INTELLECTUAL PROPERTY
321. “Derivative work” refers to works based upon one or more preexisting works. It includes dramatizations, translations,
adaptations, abridgments, collections of literary, scholarly or artistic works.
322. Moral rights under copyright includes right of attribution, right of alteration, right of integrity, and right to restrain use
of his or her name.
323. In the case of a work commissioned by a person other than an employer of the author and who pays for it and the work
is made in pursuance of the commission, the person who so commissioned the work shall have ownership of the work, but
the copyright thereto shall remain with the creator, unless there is a written stipulation to the contrary.
324. No protection related to copyright shall extend to any idea, procedure, system, method or operation, concept, principle,
discovery or mere data as such, even if they are expressed, explained, illustrated or embodied in a work; news of the day
and other miscellaneous facts having the character of mere items of press information; or any official text of a legislative,
administrative or legal nature, as well as any official translation thereof.
325. Fair use of a copyrighted work for criticism, comment, news reporting, teaching including multiple copies for
classroom use scholarship, research and similar purposes is not an infringement of copyright.
326. If you posted your selfie on Instagram today, it shall be protected for 50 years commencing on January 1, 2024.
327. When someone wrote and sent you a letter, the letter belongs to you, but you cannot disclose the contents of the letter
without the consent of the sender.
328. An idea of a new invention alone cannot be patented. To qualify for patent protection, an invention has to be applied to
a product or process. For an invention to be patentable, it must be new, involves an inventive step and is industrially
applicable.
329. The term of a patent is 20 years from the date of application and non-renewable.
330. Under the Doctrine of Equivalents, an infringement also takes place when a device appropriates a prior invention by
incorporating its innovative concept and, although with some modification and change, performs substantially the same
function in substantially the same way to achieve substantially the same result.
331. If two or more persons have made the invention separately and independently of each other the right to the patent shall
belong to the person who first filed an application for such invention.
332. The term of a trademark is 10 years from the date of registration and renewable for another 10 years thereafter without
limit.
333. The owner of a well-known mark registered in the Philippines has rights that extends even to dissimilar kinds of goods.
334. Well-known trademarks enjoy protection even without registration.
335. First-to-file rule means that whoever was first to file for registration of the mark, the rights to the trademark is given to
that party.

DATA PRIVACY ACT

336. DPA is not applicable when personal information is processed for journalistic, artistic, literary, or research purposes.
337. The general data privacy principles are transparency, legitimate purpose, and proportionality.
338. Any criminal violation of the DPA shall be considered large-scale when the personal information of at least 100 persons
is harmed, affected, or involved.
339. The rules on rights, its transmissibility, and portability are not applicable to processing of personal information gathered
for the purpose of investigations in relation to any criminal, administrative or tax liabilities of a data subject.

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 LAST-MINUTE TIPS FOR RFBT (May 2024)
340. Personal data breach refers to a breach of security leading to the accidental or unlawful destruction, loss, alteration,
unauthorized disclosure of, or access to, personal data transmitted, stored, or otherwise processed.
341. The National Privacy Commission and affected data subjects shall be notified by the personal information controller
within seventy-two (72) hours upon knowledge of, or when there is reasonable belief by the personal information controller
or personal information processor that, a personal data breach requiring notification has occurred.
342. A privacy notice is a statement made to a data subject that describes how the organization collects, uses, retains and
discloses personal information. It is sometimes referred to as a privacy statement, a fair processing statement, or privacy
policy.
343. Personal data shall be disposed or discarded in a secure manner that would prevent further processing, unauthorized
access, or disclosure to any other party or the public, or prejudice the interests of the data subjects.
344. The data subject has the right to object to the processing of his or her personal data, including processing for direct
marketing, automated processing or profiling.
345. The data subject should be indemnified for any damages sustained due to such false, incomplete, outdated, unlawfully
obtained or unauthorized use of personal data, considering any violation of his or her rights and freedoms as a data subject.
346. The lawful heirs and assigns of the data subject may invoke the rights of the data subject at any time after the death of
the data subject or when the latter is incapacitated or incapable of exercising his or her rights.
347. The data subject has a right to be informed whether personal data pertaining to him or her will be, are being, or were
processed.
348. Where his or her personal data is processed by electronic means and in a structured and commonly used format, the
data subject has the right to obtain from the personal information controller a copy of such data in an electronic or
structured format that is commonly used and allows further use.
349. The data subject has the right to suspend, withdraw or order the blocking, removal or destruction of his or her personal
data from the personal information controller’s filing system.
350. The provisions of the law regarding transmissibility of rights and the right to data portability will not apply if the
processed personal data are used only for the needs of scientific and statistical research and, based on such, no activities are
carried out and no decisions are taken regarding the data subject.

ELECTRONIC COMMERCE ACT

351. For evidentiary purposes, an electronic document shall be the functional equivalent of a written document under
existing laws.
352. Except as otherwise agreed by the parties, an offer, the acceptance of an offer and such other elements required under
existing laws for the formation of contracts may be expressed in, demonstrated and proved by means of electronic data
messages or electronic documents and no contract shall be denied validity or enforceability on the sole ground that it is in
the form of an electronic data message or electronic document, or that any or all of the elements required under existing
laws for the formation of contracts is expressed, demonstrated and proved by means of electronic data messages or
electronic documents.
353. Information shall not be denied legal effect, validity, or enforceability solely on the grounds that it is in the data
message purporting to give rise to such legal effect, or that it is merely referred to in that electronic data message.
354. An electronic signature on the electronic document shall be equivalent to the signature of a person on a written
document if that signature is proved by showing that a prescribed procedure, not alterable by the parties interested in the
electronic document, existed.

EASE OF DOING BUSINESS ACT

355. The prescribed processing time for simple transactions is 3 working days.
356. The prescribed processing time for complex transactions is 7 working days.
357. The prescribed processing time for highly technical transactions is 20 working days.
358. In case an agency fails to approve or disapprove an original application within the prescribed processing time, the said
application shall be deemed approved.
359. No contact in any manner with any requesting party concerning an application or request except during submission of
documents.
360. Business One Stop Shop (BOSS) refers to a single common site or location, or a single online website or portal
designated for the Business Permit and Licensing System (BPLS) of an LGU to receive and process applications, receive
payments, and issue approved licenses, clearances, permits, or authorizations.
361. Philippine Business Databank: This shall provide NGAs/LGUs access to data and information to verify the validity and
existence of business entities. Applicants need not submit the same documentary requirements previously submitted.
362. The Chairperson of the EODB/ART Advisory Council is the DTI Secretary. Its Vice-Chairperson is the Director-
General. The Director-General heads the ART Authority.
363. The two representatives to the EODB/ART Advisory Council from the private sector are appointed by the President for
a term of 3 years.
364. First-time offenders shall be administratively liable under the EODB Act, unless it involves fixing or collusion with
fixers which shall be punishable under the Revised Penal Code.
365. Criminal liabilities in case violation of EODB attach only in case of second violation (“Two-strike policy”).
366. The administrative jurisdiction on any violation of the provisions of the EODB Act shall be vested in either the CSC, or
the Office of the Ombudsman as determined by appropriate laws and issuances.

LABOR LAW
367. The labor standards apply to employees of GOCCs without original charters.
368. Where there are two (2) successive regular holidays, like Maundy Thursday and Good Friday, an employee may not be
paid for both holidays if he/she absents himself/herself from work on the day immediately preceding the first holiday,
unless he/she works on the first holiday, in which case he/she is entitled to his/her holiday pay on the second holiday.
369. November 1 or All Saints’ Day is a nationwide special holiday.

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 LAST-MINUTE TIPS FOR RFBT (May 2024)
370. Seasonal workers may not be paid the required holiday pay during off-season when they are not at work.
371. The “no work, no pay” principle applies during special days and on such other special days as may be proclaimed by
the President or by Congress.
372. Workers who are not required or permitted to work on special days are not entitled to any compensation.
373. The unused service incentive leave is commutable to its money equivalent at the end of the year.
374. The maternity leave benefit applies to all covered female employees, regardless of civil status, employment status, and
the legitimacy of her child.
375. The maternity leave benefit shall be for one hundred five (105) days with full pay, and additional fifteen (15) days with
full pay in case the female employee qualifies as a solo parent under RA 8972.
376. Paternity leave is granted to all married male employees in the private sector, regardless of their employment status
(e.g., probationary, regular, contractual, project basis).
377. Paternity leave benefit (seven (7) days with full pay) shall apply to the first four (4) deliveries of the employee’s lawful
wife with whom he is cohabiting.
378. In addition to leave privileges under existing laws, parental leave of not more than seven (7) working days every year
shall be granted to any solo parent employee who has rendered service of at least one (1) year, which shall not be
cumulative.
379. At any time during the application of any protection order, investigation, prosecution and/or trial of the criminal case, a
victim of VAWC who is employed shall be entitled to a paid leave of up to ten (10) days in addition to other paid leaves.
380. A woman employee having rendered continuous aggregate employment service of at least six (6) months for the last
twelve (12) months shall be entitled to a special leave benefit of two (2) months with full pay based on her gross monthly
compensation following surgery caused by gynecological disorders.
381. All employers are required to pay their rank-and-file employees 13-month pay, regardless of the nature of their
employment and irrespective of the methods by which their wages are paid, provided they worked for at least one (1) month
during a calendar year.

SOCIAL SECURITY LAW

382. Coverage in the SSS shall be compulsory upon all employees including kasambahays or domestic workers not over
sixty (60) years of age and their employers
383. Spouses who devote full time to managing the household and family affairs, unless they are also engaged in other
vocation or employment which is subject to mandatory coverage, may be covered by the SSS on a voluntary basis.
384. If the self-employed member realizes no income in any given month, he shall not be required to pay contributions for
that month.
385. The contribution imposed in the preceding section shall be remitted to the SSS within the first ten (10) days of each
calendar month following the month for which they are applicable or within such time as the Commission may prescribe.
386. Self-employed members shall remit their monthly contributions quarterly on such dates and schedules as the
Commission may specify through rules and regulations.
387. An employee shall not be qualified to receive the benefit if he/she has been involuntarily separated from employment
due to the following: Serious misconduct, Willful disobedience to lawful orders, Gross and habitual neglect of duties, Fraud
or willful breach of trust/loss of confidence, Commission of a crime or offense; or Analogous cases like abandonment,
gross inefficiency, disloyalty/ conflict of interest/ dishonesty.
388. Any employer who, after deducting the monthly contributions or loan amortizations from his employee’s
compensation, fails to remit the said deduction to the SSS within thirty (30) days from the date they became due, shall be
presumed to have misappropriated such contributions or loan amortizations and shall suffer the penalties provided in Article
315 (“estafa”) of the Revised Penal Code.
389. Retirement benefit is a cash benefit granted—either as a monthly pension or a lump sum amount—to a member who
can no longer work due to old age.
390. For a covered employee who lost one hand, the SSS gives a benefit equivalent to 39 months.
391. An employee who is involuntarily unemployed can only claim unemployment benefits once every three (3) years.
392. The monthly pension and dependents’ pension shall be suspended upon: (1) reemployment or resumption of self-
employment, (2) the recovery of the disabled member from his or her permanent total disability, or (3) his or her failure to
present himself or herself for examination at least once a year upon notice by the SSS.
393. Upon the death of the retired member, his or her primary beneficiaries as of the date of his or her retirement shall be
entitled to receive the monthly pension.

Panginoon, salamat po sa pagkakataong sumubok na maging isang ganap na CPA.

Salamat po sa lahat ng mga taong nagmamahal at patuloy na sumusuporta sa aming lahat—sa aming mga kapamilya,
kaibigan, guro, kaklase, kasama na rin ng mga taong hindi namin kakilala ngunit nagbibigay sa amin ng karagdagang
pag-asa upang mapagtagumpayan ang nalalapit na pagsusulit. Gaano man kami katapang at kahanda, batid Ninyo
kung ano ang tunay naming nararamdaman sa aming mga puso. Nawa’y tanggalin ‘Nyo lahat ng pag-aagam-agam at
pagdududa sa aming puso at isipan. Muli Ninyong ipaalala sa amin ang walang katapusang pagmamahal na matagal
na Ninyong ipinamalas at ipinaramdam sa amin. Hindi kami aabot nang ganito kalayo kung wala kaming kakayahan
upang tapusin ang kahuli-huling hakbang patungo sa katuparan ng aming mga pangarap. Sa mga darating na araw,
ipanatag Ninyo nawa ang aming puso at isipan upang buo naming maalala lahat ng aming inaral. Iniaalay po naming
lahat ang Inyong ipinangakong tagumpay para sa kapurian ng Inyong Pangalan.

Lahat ng ito ay aming buong pusong ipinapanalangin sa ngalan ng Maykapal at tanging Tagapagligtas.

AMEN.

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