Question & AnswerQ&A (Act No. 2972)
The main purpose of Act No. 2972 is to provide the language in which account books must be kept in the Philippines and to establish penalties for any violation of this requirement.
Any person, company, partnership, or corporation engaged in commerce, industry, or any other activity for profit in the Philippine Islands are covered by this Act.
Account books must be kept in either English, Spanish, or any local dialect under Act No. 2972.
No, it is unlawful to keep account books in any language other than English, Spanish, or any local dialect according to Act No. 2972.
Violators may be punished by a fine of not more than ten thousand pesos, imprisonment for not more than two years, or both.
Act No. 2972 took effect on November 1, 1921.
No, Act No. 2972 applies only to persons or entities engaged in commerce, industry, or any activity for profit.
Specifying these languages ensures uniformity and facilitates government regulation, auditing, and legal processes related to commerce and industry.
The Senate and the House of Representatives of the Philippines in Legislature assembled enacted Act No. 2972.
No, partnerships engaged in business must keep their account books only in English, Spanish, or any local dialect, not in a foreign language other than those mentioned.