Contracts –Waiver of liability for fraud (bar review note) – repost

[originally posted in July, 2009]

Here comes a “movement” that proclaims itself to be “apolitical, inclusive … based on the principle of volunteerism.”  It calls itself AKO MISMO, and it vows the greatest of intentions (to promote “positive change”), but it is run by an advertising agency, DDB Philippines.  A number of celebrities have lent their names and images as supporters of this movement, among them Arnel Pineda (a vocalist), Ely Buendia (a musician), and Maxene Magalona (an actress).

Continue reading “Contracts –Waiver of liability for fraud (bar review note) – repost”

Bitcoin as money

BITCOIN Screen Shot 2016-01-29 at 10.04.16 AM

The following is a note found on Facebook.

Random ideas on what makes money money
by Kermit Kefafel,  Friday, January 29, 2016

Is money a public or private good? It is a private good imbued with public interest. The public goods that attach to money are the safety of the banking system and price stability, as conventionally promised by a central bank.

What are cryptocurrencies? They act as substitutes for the use of cash in untraceable transactions, the idea of Bitcoin. You can even buy bitcoins at your local 7-Eleven.

The market for Bitcoin has lately been shaken with the arrest of one of its principals; there is talk that it could collapse. Will other cryptocurrencies have the same problems?

I suspect that for a cryptocurrency to become viable, it must hurdle the trust problem — its users and holders must be assured that its supply and valuation are, in some sense, sacrosanct. That its price could bubble up and down like a financial asset is a negative. Even fiat-currency central banks pay some kind of lip service to exchange stability under the current system of floating exchange rates.

Because of the public-goods aspect of money, a stateless currency requires an enforcement mechanism that is private but viable. Does such an enforcement mechanism exist?

Or, are cryptocurrencies just another Ponzi scheme?


For reference, see Lawrence White’s article in the Cato Journal.

The central bank (Bangko Sentral ng Pilipinas) has issued an advisory regarding the lack of regulation on virtual currencies.

A recent assessment predicts continued growth of Bitcoin in the Philippines.



A matter of gravity – incomplete or inaccurate SALNs

The law firm of Dimatulac and Calaboso asked an ‘of counsel’ partner to think about the impeachment proceedings. The partner, disinclined from absenting himself from his usual golf course circuit, assigned a junior partner to do the legal legwork.

The junior partner submitted a memorandum that never saw light of day in the law firm. However, a janitor named Juanito Umbanal discovered a USB drive which contained said memorandum. Juanito gave it to a journalist, who, using the usual shield law, agreed not to identify the source of the piece.

The memorandum read as follows.

Continue reading “A matter of gravity – incomplete or inaccurate SALNs”

Saguisag speaks

On the matter of law as taught at San Beda, former Sen. Rene Saguisag sent an e-mail.

Email from Former Senator Rene Saguisag:


The law we learned and teach in San Beda is not the worst. We work
and pray. We placed Nos. 1 and 2 last year in the 2009 bar exams, if
that would count for anything. Every year we are No. 1 or 2,
class-wise, again, if that would count.

It is sad that Ms. Horn should take a cheap shot at San Beda, a
small school but there those of us who are proud of and love it. We
are expected not to take the low road of invective and insult.

The SolGen is from UP. Does he side with GMA?

The unelected Supreme Court is static and just waits for someone
to invoke its authority. The Prez is dynamic, elected by the people
and he receives information from all over. If Business Insight reports
that the Dominican Republic Ambassador (not to the Philippines) saw
GMA last month about an asylum request, it should be checked and

That was why the unelected SC should have conducted a hearing
and listened to both sides, not only to GMA’s. Balance and fairness
are desiderata.

The Prez takes into account not only the law but also policy
considerations and justifications and should verify leads. Jake
Macasaet and Pocholo Romualdez of Business Insight reported that the
paper has credible information on GMA seeking asylum in the Dominican
Republic, through its Ambassador (not to Manila)which could very well
have been discussed in a full-blown hearing in the Supreme Court; it
should notify parties in the regular mode, not through TV. Chaos may

Ad hominem is always sad. San Beda’s Florenz Regalado holds the
bar record of 96.7% followed by Bobby de la Fuente with 95.95%. Flor
served in the SC and had the reputation of being totally
unapproachable. They taught us to stick to the high road. Lo cortes no
quita lo valiente.

The presidency is in the commanding heights but the SC, without
hearings, could only be a bivouac.

If government could not deal with the TRO, it was because the SC
provided only GMA with same. This is not law as taught in San Beda.

I speak up in support of Leila, my fellow Bedan topnotcher. We are
trained to take positions, firmly, as a matter of conviction, ready to
face the consequences believing that in all things God be glorified.
If there was no People Power last night in support of GMA, it may be
because she has cried wolf all too often.

GMA had the basic human and constitutional right to due process but
so has the State.

Moore’s conjecture and renewable energy

Time flies and Moore’s Law applies. Because the cost of computing and other high-tech things, such as solar panels, drop by half about every eighteen months, the feed-in tariff (FIT) component of the Renewable Energy Act of 2008 (RA 9513) will soon be obsolete.

Such obsolescence should be welcomed. When something called “grid parity” has arrived or is at hand, the cost of producing one’s own electricity will have fallen to levels approximating what one now pays the grid. This portends a victory of sorts for the hapless electricity consumer.

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Star wars log – “Heads I win, tails you lose”

On tv yesterday, I heard an argument in favor of early rather than delayed installation of renewable energy (RE) capacity to produce electricity. 

from canonsnapper at flickr

The argument is this. The price of fossil fuels is now high and continuing to rise. If we don’t go with renewables now, we will be at the mercy of producers using fossil fuel who will pass on the cost of fuel into the price of electricity.

But this argument is intellectually dishonest.

Continue reading “Star wars log – “Heads I win, tails you lose””