25 Business Laws

Question 1

Tax Reform Act of 1997 (Republic Act No. 8424)

Answer 1

-which amended the National Internal Revenue
Code (NRC) is the law that governs the national taxation in the Philippines and gives the Bureau of
Internal Revenue (BIR) the power and duty to assess and collect hational internal revenue taxes in the country

Question 2

The Local Government Code of the Philippines (Republic Act No. 7160)

Answer 2

is the law governing local
taxation in the Philippines, including the taxation on real properties.

Question 3

Labor Code of the Philippines (Presidential Decree No. 442)

Answer 3

is the law that governs employment
practices and labor relations in the Philippines.

Question 4

Intellectual Property Code of the Philippines (R.A. 8293)

Answer 4

is the law that goyerns the registration;
of patents, trademarks and copyright, and the enforcement of intellectual property rights in the
Philippines.

Question 5

The Corporation Code of the Philippines

Answer 5

is the law that governs the registration and
regulation of corporations in the Philippines.

Question 6

Civil Law of the Philippines

Answer 6

the civil code of the Philippines includes the laws on
obligations and contracts. It also governs special contracts such as contract of agency and partnerships.

Question 7

Social Security Act of 1997 (R.A. No. 8282)

Answer 7

Is the law that mandates employers to register their business and their employees with the Social Security System (SSS).

Question 8

National Health Insurance Act of 1995

Answer 8

the act that mandates employers to
register their business and their employees with the Philippine Health Insurance Corporation or
PhilHealth.

Question 9

Home Development Mutual Fund Law of 2009

Answer 9

the act that mandates employers
to register their business and their employees with the Pag-Ibig Fund

Question 10

Food and Drug Administration

Answer 10

the law that governs the
inspection, registration, licensing and monitoring of establishments and health products.

Question 11

The Philippine Fisheries Code

Answer 11

the law that governs commercial fishing in the
Philippines.

Question 12

The Animal Welfare Act of 1998

Answer 12

the act that governs the supervision and
regulation of the establishment and operation of all facilities utilized for breeding, maintaining,
keeping, treating, or training of all ‘animals in the Philippines

Question 13

securities Regulation Code of the Philippines

Answer 13

the law that governs the
registration and regulation of securities, pre-need plans, and securities market professionals- and
the protection of shareholder interests in the Philippines.

Question 14

Financing Company Act of 1998

Answer 14

the Act that governs the registration and
regulation of financial companies in the Philippines.

Question 15

Truth in Lending Act

Answer 15

An Act to Require the Disclosure of Finance Charges in
Connection with Extensions of Credit

Question 16

Consumer Act of the Philippines

Answer 16

The law that protects the interest of
the consumers in the Philippines, promote their general welfare, and establish standards of conduct
for business and industry.

Question 17

Electronic Commerce Act of 2000

Answer 17

an act providing for the recognition and use of
electronic commercial and non- commercial transactions, penalties for the unlawful use thereof, and
for other purposes.

Question 18

The Magna Carta for Micro, Small and Medium Enterprises (MSMEs), as amended (RA 9501)

Answer 18

an Act to promote entrepreneurship in the Philippines by strengthening development and assistance
programs to Micro, Small and Medium Scale Enterprises in the country

Question 19

Barangay Micro Business Enterprises

Answer 19

A law that promotes
the establishment of Barangay Micro Business Enterprises (BMBEs) in the Philippines, and provides
incentives and benefits such as income tax exemption and access to financial, infrastructural,
marketing, and knowledge support from the government.

Question 20

Insurance Act of the Philippines, as amended

Answer 20

the law that governs the insurance business and
insurance transactions in the Philippines.

Question 21

Foreign Investments ACt Of 1991

Answer 21

the Law that governs foreign investments in the
Philippines.

Question 22

Anti-Violence Against Women and Children Act of 2004

Answer 22

a law that protects women
and children in the workplace.

Question 23

Philippine Cooperative Code of 2008 (R.A. 9520)

Answer 23

the law governing the registration, regulation
and promotion of cooperatives in the Philippines.

Question 24

Anti-Money Laundering Act of 2001 (RA 9160)

Answer 24

An Act that aims to protect and preserve the
integrity and confidentiality of bank accounts

Question 25

The Anti-Red Tape Act of 2007

Answer 25

an act enacted to improve efficiency in the delivery of
government services to the public by reducing bureaucratic red tape, preventing graft and corruption
in all the offices of the government.