2.
Post Transactions to
the Ledger
3. Prepare the Trial
Balance
4. Prepare the
following Financial
Statements:
a. Balance Sheet
b. Income
Statement
c. Statement of
Cashflow
d. Statement of
Changes in Owner’s
Equity
5. Journalize and Post
Closing Entries
6. Prepare Post-
Closing Trial Balance
2. Post Transactions to
the Ledger
3. Prepare the Trial
Balance
4. Prepare the
following Financial
Statements:
a. Balance Sheet
b. Income
Statement
c. Statement of
Cashflow
d. Statement of
Changes in Owner’s
Equity
5. Journalize and Post
Closing Entries
6. Prepare Post-
Closing Trial Balance
Republic of the Philippines Congress of the Philippines Metro
Manila Fifteenth Congress Second Regular Session
Begun and held in Metro Manila, on Monday, the twenty-fifth day of July, two
thousand eleven.
[REPUBLIC ACT NO. 10173]
AN ACT PROTECTING INDIVIDUAL PERSONAL INFORMATION IN
INFORMATION AND COMMUNICATIONS SYSTEMS IN THE
GOVERNMENT AND THE PRIVATE SECTOR, CREATING FOR THIS
PURPOSE A NATIONAL PRIVACY COMMISSION, AND FOR OTHER
PURPOSES
Be it enacted, by the Senate and House of Representatives of the Philippines
in Congress assembled:
CHAPTER I GENERAL PROVISIONS
SECTION 1. Short Title. – This Act shall be known as the “Data Privacy Act of
2012”.
SEC. 2. Declaration of Policy. – It is the policy of the State to protect the
fundamental human right of privacy, of communication while ensuring free
flow of information to promote innovation and growth. The State recognizes
the vital role of information and communications technology in nation-
building and its inherent obligation to ensure that personal information in
information and communications systems in the government and in the
private sector are secured and protected.
SEC. 3. Definition of Terms. – Whenever used in this Act, the following terms
shall have the respective meanings hereafter set forth:
(a) Commission shall refer to the National Privacy Commission created by
virtue of this Act.
(b) Consent of the data subject refers to any freely given, specific, informed
indication of will, whereby the data subject agrees to the collection and
processing of personal information about and/or relating to him or her.
Consent shall be evidenced by written, electronic or recorded means. It may
also be given on behalf of the data subject by an agent specifically
authorized by the data subject to do so.
(c) Data subject refers to an individual whose personal information is
processed.
(d) Direct marketing refers to communication by whatever means of any
advertising or marketing material which is directed to particular individuals.
(e) Filing system refers to any act of information relating to natural or
juridical persons to the extent that, although the information is not
processed by equipment operating automatically in response to instructions
given for that purpose, the set is structured, either by reference to
individuals or by reference to criteria relating to individuals, in such a way
that specific information relating to a particular person is readily accessible.
(f) Information and Communications System refers to a system for
generating, sending, receiving, storing or otherwise processing electronic
data messages or electronic documents and includes the computer system
or other similar device by or which data is recorded, transmitted or stored
and any procedure related to the recording, transmission or storage of
electronic data, electronic message, or electronic document.
(g) Personal information refers to any information whether recorded in a
material form or not, from which the identity of an individual is apparent or
can be reasonably and directly ascertained by the entity holding the
information, or when put together with other information would directly and
certainly identify an individual.
(h) Personal information controller refers to a person or organization who
controls the collection, holding, processing or use of personal information,
including a person or organization who instructs another person or
organization to collect, hold, process, use, transfer or disclose personal
information on his or her behalf. The term excludes:
(1) A person or organization who performs such functions as instructed by
another person or organization; and
(2) An individual who collects, holds, processes or uses personal information
in connection with the individual’s personal, family or household affairs.
Source : https://privacy.gov.ph/data-privacy-act/#w1
