THE PSE EXPERIENCE

I began the first half of my summer internship program with the Philippine Stock Exchange (the “PSE”) last April 13, 2009.  While waiting for task assignment here at EMSAVVIL, I want to share my adventures and how I got in to the PSE.

Well, as planned, I distributed my resume all over Tektite and other law firms, outside Tektite, which I personally consider as good offices.  Luckily, I was invited for interview on prestigious law offices like the “Puno and Puno Law Office”, “Maceda and Maceda Law Office”, “VGS Law Firm”, and of course the PSE (Note: EMSAVVIL is another story).  I experienced the longest interview at the PSE.  I was there 7am for an 8am interview.  I had to fill up a long questionaire and an essay, which took me up to 10am to finish.  I then waited for the interview until 11am and finished with the interview by around 1:30pm.  Its good thing that it was a Monday and I had no work at the office that day.

And so I got accepted and began work.  At first, I have to admit I had a bad impression of the place because during my interview, I got to meet only one person from PSE, namely Atty. Banaag (who was very kind by the way).  The rest that I saw at that time are but ‘old chinese men walking in and out of the trading floor’, who I later learned were brokers.  So I had an impression that PSE people are old, boring, etc. (which I later proved to be wrong)

As the days passed by, I realized how lucky I am for being given the opportunity to get good training from a good office.  I also met there Sheelah, my co-intern in the Office of the General Counsel (“OGC”).  We were trained to do the practical side of the legal profession.  We made position papers, re-draft contracts, revised rules, etc.  We also met a lot of different people in the profession and even went to the Senate and Congress.

As Atty. Refran (our Supervising Attorney) told us, we could never get the same experience anywhere else.  PSE offers not just legal experience but even that of quasi-administrative powers.  And the most special moment at the PSE is of course our bonding moments with Atty. Refran, Atty. Varvs, Sir Dennis, Ate Mavel, and many other people who visits us at the floor.

I have personal favorites in the PSE experience too.  First is the visit to the Senate.  It was my first time to go to the Senate so it was very exciting and I enjoyed it very much.  And also, the drafting of a contract with PSE.  There is this specific contract between PSE and a broadcasting company and I handled the revision of the other party’s proposal contract until its finalization.  The biggest thing there is that they had the contract signing at my last day and it was a big event, I must say.  We had TV coverage for the signing and even the ringing of the bell in the trading floor (it was a symbolic act for traders).  Its like the fireworks for the end of my internship program.

As a summary, I super enjoyed my stay at the PSE and I miss them already.  Hope to see everyone soon at Sir Dennis’ treat for lunch.

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PRESS RELEASE: For the 2008 Philippine Bar Exams Result

April 3, 2009

1,310 Pass 2008 Bar Exams

A total of 1,310 out of the 6,364 examinees from 108 law schools nationwide passed the 2008 Bar examinations held on September 7, 14, 21, and 28 last year at the De La Salle University in Taft Avenue, Manila. Judy A. Lardizabal of San Sebastian College law school topped with a rating of 85.70% bar rating. Justice Dante O. Tinga chaired the 2008 Committee on Bar Examinations.

Justice Tinga said the number of those who passed represented 20.58% of the total examinees. The exams were administered through Deputy Clerk of Court and Bar Confidant Atty. Ma. Cristina B. Layusa.

The top 10 Bar passers are:

The list of successful Bar examinees is being shown on three LCD monitors set up at the Supreme Court lobby and can simultaneously be viewed at www.sc.judiciary.gov.ph, the official website of the Supreme Court.

Justice Tinga announced that the examiners are Atty. Juanito G. Arcilla (Political and International Law), Atty. Salvador A. Poquiz (Labor and Social Legislation), Atty. Cynthia R. Del Castillo (Civil Law), Atty. Victorino C. Mamalateo (Taxation), Justice Sixto C. Marella, Jr. (Mercantile Law), Justice Rodolfo G. Palattao (Criminal Law), Justice Lucas P. Bersamin (Remedial Law), and Justice Franciso P. Acosta (Legal Ethics and Practical Exercises).

Oathtaking of the successful bar candidates is set at 2 p.m. on April 28, 2009, at the Philippine International Convention Center.

The Bar passers may secure their clearances from the Office of the Bar Confidant during office hours, Monday to Friday, beginning April 7 to 27, 2009, from 8:30 a.m. to 11:00 a.m. and 2:00 p.m. to 4:00 p.m.

Justice Antonio Eduardo B. Nachura is the Chairperson of the 2009 Committee on Bar Examinations.

The Supreme Court annually conducts the Bar examinations pursuant to its constitutional mandate to promulgate rules governing, among others, the admission to the practice of law.

A total of 6,560 law graduates have filed their petitions to take the 2008 Bar exams; 6,533 were admitted.

The Rules of Court provide that “a candidate may be deemed to have passed his examination successfully if he has obtained a general average of 75% in all subjects without falling below 50% in any subject.” In determining the average, subjects in the examinations are given the following relative weights: Political and International Law, 15%; Labor and Social Legislation, 10%; Civil Law, 15%; Taxation, 10%; Mercantile Law, 15%; Criminal Law, 10%; Remedial Law, 20%; and Legal Ethics and Practical Exercises, 5%, for a total of 100%.

The following are the statistics on the Bar exams results for the past eight years:

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Top 10 in 2008 Philippine Bar Exams

Top 10 List:
1st Place – Lardizabal, Judy A. (San Sebastian College) 85.70%
2nd Place – Amerol-Macumbal, Mylene I. (Mindanao State University) 85.65%
3rd Place – Baclay, Jr., Oliver P. (Ateneo de Manila University) 85.60%
4th Place – Jala, Majesty Eve L. (Ateneo de Manila University) 85.55%
5th Place – Liceralde, Ma. Elizabeth L. (University of the Philippines) 85.40%
6th Place – Macapagal, Micael T. (University of the Philippines) 84.15%
7th Place – Dy, Denise S. Regis, April Love C. (Ateneo de Manila University) 84.00%
8th Place – Tan, Christine Joy K. (Ateneo de Manila University) 83.80%
9th Place – Jacob, Jihan A. Velasquez (San Beda College); Shirley G. (University of the Philippines) 83.75%
10th Place – Raymundo, Vanessa C. (San Beda College) 83.70%

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September 2008 Bar Exams Result

(September 2008) Philippine Bar Exam Result

Philippine Bar Exam Trivia: Passing rate in recent Phillipine Bar Exams. Will this year be higher?

Below is the passing rate in the Philippine Bar Exam for the last 8 years…

* 2007 – 22.91% (1,289 passers of 5,626 examinees)
* 2006 – 30.60% (1,893 of 6,187)
* 2005 – 27.22% (1,526 of 5,607)
* 2004 – 31.61% (1,659 of 5,249)
* 2003 – 20.71% (1,108 of 5,349)
* 2002 – 19.68% (917 of 4,659)
* 2001 – 32.89% (1,266 of 3,849)
* 2000 - 20.84% (979 of 6,187)

The bar exam results for the Sept. 2008 bar was supposed to be released by mid of March and latest buzz is that it will be released today (April 1, 2009; April Fool’s Day).

Im sure that most aspiring lawyers who took the recent bar exam are now having butterflies in their stomach and are all excited (anxious?) for the release of the result.  Rest assured, i’ll keep you guys posted once the list is out.  Good luck to everyone!

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REVENUE REGULATION 13-98

Implementing Republic Act No. 8424

“An Act Amending the National Internal Revenue Code, as amended” Specifically Section 34 (H) Relative to the Deductibility of Contributions or Gifts Actually Paid or Made to Accredited Donee Institutions in Computing Taxable Income.

SECTION. 1. Definition of Terms

For purposes of these Regulations, the terms herein enumerated shall have the following meanings:

1. “Non-stock, non-profit corporation or organization” – shall refer to a corporation or association/organization referred to under Section 30 (E) and (G) of the Tax Code created or organized under Philippine laws exclusively for one or more of the following purposes:

1. religious;
2. charitable;
3. scientific;
4. athletic;
5. cultural;
6. rehabilitation of veterans; and
7. social welfare

2. “Non-government Organization (NGO)” – shall refer to a non-stock, non-profit domestic corporation or organization as defined under Section 34 (H)(2)(c) of the Tax Code organized and operated exclusively for scientific, research, educational, character-building and youth and sports development, health, social welfare, cultural or charitable purposes, or a combination thereof, no part of the net income of which inures to the benefit of any private individual.

1. Which, not later than the fifteenth (15th) day of the third month after the close of the NGO’s taxable year in which contributions are received, makes utilization directly for the active conduct of the activities constituting the purpose or function for which it is organized and operated, unless an extended period is granted by the Secretary of Finance, upon recommendation of the Commissioner;
2. The level of administrative expenses of which shall, on an annual basis, not exceed thirty percent (30%) of the total expenses for the taxable year; and
3. The assets of which, in the event of dissolution, would be distributed to another accredited NGO organized for similar purpose or purposes, or to the State for public purpose, or purposes, or to the state for public purpose, or would be distributed by a competent court of justice to another accredited NGO to be used in such manner as in the judgment of said court shall best accomplish the general purpose for which the dissolved organization was organized.
(more…)

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Revenue Regulation 3-98

REVENUE REGULATIONS NO. 3-98

(May 21, 1998)

FRINGE BENEFITS TAX

These regulations govern the collection at source of the tax on fringe benefits which have been furnished, granted or paid by the employer beginning January 1, 1998.

A final withholding tax called the Fringe Benefits Tax (FBT) is imposed on the grossed-up monetary value of fringe benefit furnished, granted or paid by an employer to an employee who is holding a managerial or supervisory position. The FBT will be imposed regardless of whether such employer is an individual, professional partnership or a corporation, or that the corporation is taxable or not, or the employer is the Philippine government or one of its instrumentalities.

Only fringe benefits given or furnished to managerial or supervisory employees are subject to FBT. For this purpose, the term “managerial employees” refers to those who are vested with powers or prerogatives to lay down and execute management policies and/or to hire, transfer, suspend, lay-off, recall, discharge, assign or discipline employees. “Supervisory employees” are those who effectively recommend such managerial actions if the exercise of such authority is not merely routinary or clerical in nature but requires the use of independent judgment. “Rank and file employees” means all employees who are holding neither managerial nor supervisory position.

Fringe benefits which have been paid prior to January 1, 1998 shall not be subject to FBT. (more…)

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What does a Black man has to say to the White man…

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Sexy’s 3rd Set of Litter

YEZ!!! Sexy had her third set of litter last Jan. 17, 2009.  She had 4 boys and 1 girl.

Female = P20,000 P15,000
Male = P15,000 P12,000
Features:
- good champ-line (16 red marks); daddy shih has 24 red marks and mommy shih has 9 red marks
- tricolor (white, black, gold/red mahogany)
- princess type with snub nose
- with 5-in-1 vaccine shot and 2 deworming
- with PCCI papers

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Eustaquio Cuz’s Kris Kringle Wishlist

For the pretty and handsome Eustaquio cuz…

(more…)

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