Without a valid marriage settlement executed by the spouses, the regime of absolute community of property applies in marriages celebrated after August 3, 1988.

The absolute community of property between spouses shall commence at the precise moment that the marriage is celebrated. Under this property regime, all the property owned by the spouses at the time of the celebration of the marriage or acquired thereafter shall form part of the absolute community.

Article 92 of the Family Code enumerates the properties excluded from the absolute community.

Monetary interest is a compensation fixed by the parties for the use or forbearance of money. On the other hand, compensatory interest may also be imposed by law or by courts as penalty or indemnity for damages. The right to interest applies only by virtue of a contract or by virtue of damages for delay or failure to pay the principal loan on which interest is demanded. (Norsk Hydro, Inc. v. Premiere Development Bank, G.R. No. 226771, September 16, 2020)

Republic Act No. 6971 or the Productivity Incentives Act of 1990 was enacted in line with the State’s policy to encourage higher levels of productivity, maintain industrial peace and harmony and promote the principle of shared responsibility in the relations between workers and employers, recognizing the right of labor to its just share in the fruits of production and the right of business enterprises to reasonable returns on investments and to expansion and growth, and accordingly to provide corresponding incentives to both labor and capital for undertaking voluntary programs to ensure greater sharing by the workers in the fruits of their labor.

It grants benefits and tax incentives to business enterprises which adopt a productivity incentive program.

Republic Act No. 12001 or the Real Property Valuation and Assessment Reform Act was enacted to establish valuation standards based on the Philippine Valuation Standards (PVS) and adopt market value as the single property valuation base for real property tax assessments and real property for various transactions by all government agencies, among others.

An investment contract is a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others. An investment contract is presumed to exist whenever a person seeks to use the money or property of others on the promise of profits. (2015 Implementing Rules and Regulations of the Securities Regulation Code)

Overseas Filipino Workers (OFWs), also known as “Migrant Workers”, refer to those who are engaged or have been engaged in a compensated activity in a state where they are not legal residents. Under the Social Security Act of 2018, all sea-based and land-based OFWs – who are not over sixty (60) years old – must make “compulsory” or mandated or required contributions to the SSS.

Republic Act No. 11293 or Philippine Innovation Act was enacted in line with the State’s policy to foster innovation as a vital component of national development and sustainable economic growth. It was principally authored and co-sponsored by Senate President Pro Tempore Loren Legarda, who aims to create an efficient national innovation system that shall be implemented in all areas of governance in the country. Fostering innovation in the country may be one of the key ingredients to faster economic growth and to encourage global competitiveness among Filipinos.

According to the Bangko Sentral ng Pilipinas, cryptocurrency is a type of Virtual Currency that uses cryptography – a method of storing and transmitting data in unreadable form so that only the intended receivers can read and process it. This method allows cryptocurrency transactions to be carried out in a decentralized manner by a group of users.
Among the most popular cryptocurrencies in the Philippines are Bitcoin, XRP, Litecon, among others.

When it comes to starting an export business as an MSME, the initial step generally starts at registering with the Client Profile Registration System (CPRS) of the Bureau of Customs. Successfully registered exporters are then required to fill out their Export Declarations through the E2M customs system. MSMEs which want or need assistance in processing their registration as exporters may seek aid from Negosyo Centers.

(Customs Memorandum Order Nos. 39-2008, 49-2010, 54-2010, and 7-2012; Sec. 4, Republic Act No. 10644)