BEARER INSTRUMENTS REQUIRE NO INDORSEMENT TO BE NEGOTIATED WHILE ORDER INSTRUMENTS DO
Under Sec. 30 of the Negotiable Instruments Law, an order instrument requires an indorsement from the payee or holder before it may be validly negotiated. A bearer instrument, on the other hand, does not require an indorsement to be validly negotiated.
Federal Corporation v. Antonino, GR 199455, June 27, 2018
LEGAL TENDER DEFINED
In the Philippines, RA 7653 known as the New Central Bank Act defines legal tender as
notes and coins issued by the Bangko Sentral.
Money is defined as what is generally acceptable in exchange for goods. Laws define what can be considered as a general medium of exchange.