Be updated on our latest insights

TO uphold social welfare for the disadvantaged or indigent communities, Batas Pambansa Bilang 702, as amended by Republic Act No. 10932, prohibits the demand or acceptance of deposits or advance payments as prerequisite for administering basic emergency patient care and medical treatment, including confinement; and the refusal to administer emergency medical treatment or support to a patient in a hospital or medical clinic.

THE Supervision and Examination Sector (SES) of the BSP is responsible for determining the sound operation of banks and other BSP-supervised financial institutions (BSFIs).

THE Bangko Sentral ng Pilipinas (BSP) recently issued Memorandum M-2017-025 which reminds all banks and non-stock savings and loans associations (NSSLAs) on the compliance with the regulations governing fees on dormant deposit accounts. Read more: http://www.sunstar.com.ph/cebu/business/2017/09/19/tax-notes-regulations-governing-fees-dormant-deposit-accounts-564783 Follow us: @sunstaronline on Twitter | SunStar Philippines on Facebook

The Securities and Exchange Commission (SEC) approved the adoption of the following pronouncements as part of its rules and regulations on financial reporting:

ALL persons engaged in trade or business, or in the practice of profession registered with the Bureau of Internal Revenue (BIR) are required to maintain books of accounts. The registered taxpayer determines which type to adopt as allowed by BIR – (1) manual books of accounts, (2) computerized books of accounts/computerized accounting systems (CAS), or (3) loose-leaf books of accounts. Should the taxpayer opt to use either the computerized or loose-leaf books of accounts, he must file an application for permit to use (PTU) with the BIR.

DEPARTMENTS, agencies, instrumentalities, and political subdivisions of the government, including government-owned and controlled corporations (GOCCs) and government- financed institutions (GFIs) have been hiring personnel on job-order or service contract agreement basis.

THE PhilHealth Circular No. 043 series of 2012 instituted Auto-Credit Payment Scheme (ACPS) to improve claims processing of all accredited health care institutions (HCIs). Under ACPS, settlement of claims is credited directly to the HCI’s designated deposit accounts with Land Bank of the Philippines (LBP).

RECOGNIZING the role that clean drinking water plays in individual health and a country’s overall economic wealth, the World Health Organization (WHO) introduced the concept of the water safety plan (WSP) in the Philippines in 2006. The WSP, according to WHO, is the most effective means of maintaining a safe supply of drinking water for the citizenry. The plan analyzes the risks of contamination, from the water source to the consumer.