eWallet T&C Filipino

Updated December 2021

Terms and Conditions

Definitions

1. TrueMoney Philippines – refers to True Money Philippines, Inc., a domestic stock corporation incorporated in the Philippines. It is authorized and regulated by Bangko Sentral ng Pilipinas (BSP) as an issuer of electronic money in the Philippines.

TrueMoney Member – an individual who uses the TrueMoney service and whose name appears on the online form or signed enrollment or application form, as may be applicable. Refers also to the Principal Account Holder.

TrueMoney Account – an account that stores Philippine Peso (PhP) value in the TrueMoney Philippines system which may be linked to the Account Holder’s mobile phone number.

TrueMoney Center – any accredited establishment authorized by TrueMoney Philippines to perform TrueMoney services.

Biller – any accredited company authorized to accept bills payment using the TrueMoney service.

Short Message Service (SMS) – a communications protocol allowing the interchange of short text messages between mobile telephone devices.

Airtime – refers to the time measured by mobile phone operators (or carriers) when they measure usage. It is typically measured in minutes for voice calls but also covers text and data usage.

One Time Pin (OTP) – A one-time password (OTP) is an automatically generated numeric or alphanumeric string of characters that authenticates the user for a single transaction or login session.

KYC – Know Your Customer, this is the process of obtaining information to identify and verify the identity of the person. This is a mandate by BSP.

The TrueMoney Account refers to a reloadable electronic wallet that can be redeemed at indicated value. It is not a depository account, thus is not covered by the Philippine Deposit Insurance Corporation (PDIC) and does not earn interest. Neither shall it not earn monetary rewards and other similar incentives convertible to cash, nor special discount privileges. However, as a financial transaction, it is subject to the rules and regulations of the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Act (AMLA), under Republic Act No. 9160. TrueMoney Philippines holds responsibility in ensuring that each TrueMoney Member would receive at face value the redeemed amount in Philippine Peso (PhP) at the main office of TrueMoney Philippines. Furthermore, the monetary value is guaranteed regardless if the account has expired, terminated or cancelled or should the company decide to cease operations. Fraudulent transaction or any investigation in relation to a fraudulent case shall forfeit this applicability. In any event of unauthorized use of the service, TrueMoney Philippines shall not be liable for any inconvenience and damage caused to the TrueMoney Member, or a third party. Neither is the company liable for any failure by the TrueMoney Member to avail of the service for whichever reason might be indicated.TrueMoney Philippines may suspend or terminate use of the service for whatever legal reasons it deems proper. In the event of any suspension, termination or confiscation of the service, the TrueMoney Member agrees to hold TrueMoney Philippines free and harmless from any claim, damages, loss, expenses, suit or liability whatsoever, arising from such suspension, termination withdrawor confiscation.

2. Withdrawal – The amount indicated in the TrueMoney account may be withdrawn from any TrueMoney Center. Minimum and maximum withdrawal amounts may be imposed by TrueMoney Philippines. Truemoney Customer agrees to pay other fees and charges during withdrawal transaction, as may be imposed by Truemoney. All Fees and other charges, as may be applicable, shall be inclusive of all applicable Philippine taxes and shall be debited from the TrueMoney account or paid upfront.

3. Transaction and Account Limits – Pursuant to applicable laws, TrueMoney Philippines may assign or change transaction and/or account balance limits, subject to fifteen (15) days prior notice in the form of an SMS/Text message to TrueMoney Members. The limits assigned by TrueMoney Philippines shall be based on the TrueMoney account, product type, and the completeness of the information provided by the TrueMoney Member to TrueMoney Philippines.

4. Upon acceptance of the Terms and Conditions, the TrueMoney Member shall agree to abide by the KYC requirements set forth by TrueMoney Philippines (e.g., Full Name, Date of Birth, Complete Address and other information) in line with BSP’s requirement. TrueMoney Philippines may also ask for valid ID/s or other documentation to verify the accuracy of the KYC Information provided. The information provided by the True Money Member shall be verified through third party vendors, as deemed necessary, and as required by the regulator.

5. In line with the submitted KYC Information, the TrueMoney Member agrees to provide consent to TrueMoney Philippines to share the information with third party vendors, remittance partners and third party databases, as necessary, for the purpose of fulfilling Anti-Money Laundering (AML) requirements and compliance thereof.

6. TrueMoney reserves the right to verify any activity that is done through the application services, especially if it involves compliance with AML requirements or requirements of other laws, rules, or regulations.

7. SMS – Short Message ServicesTrueMoney Members shall be automatically signed up for “SMS” (Short Message Service), including text alerts:

A TrueMoney Member agrees and authorizes TrueMoney Philippines to send promotional advertisements of its products and services through mail, short messaging service, multimedia messaging services, electronic mail and other forms of telecommunication, unless it has notified TrueMoney Philippines otherwise.

A TrueMoney Member shall abide and be bound by the instructions and/or procedures of TrueMoney Philippines during the use of SMS. The TrueMoney Member shall have no claim, recourse or remedy against TrueMoney Philippines for any loss, damage and expense incurred arising from non-compliance with such instructions and/or procedures.

A TrueMoney Member shall not hold TrueMoney Philippines responsible or liable for any loss or damage which he/she may incur or suffer, directly or indirectly arising out of or in connection with SMS, due to any reason whatsoever including but not limited to breakdown or malfunction of the computer, its terminal connection lines, data processing system or transmission line, whether or not belonging to TrueMoney Philippines or any circumstances beyond TrueMoney Philippines’ control.

TrueMoney Philippines is entitled to effect any changes to SMS, suspend and/or terminate SMS and to vary SMS at any time upon its sole and absolute discretion without assigning any reason and without prejudice to any of its rights of action for any antecedent breach of these terms and conditions by a TrueMoney Member.

A TrueMoney Member hereby irrevocably agrees to hold free and harmless TrueMoney Philippines, and indemnify TrueMoney Philippines against all actions, claims, demands, liabilities, losses, damages, costs and expenses of whatever nature as a result of agreeing to this section. TrueMoney Philippines shall in no way be liable to a TrueMoney Member for any action the latter takes in reliance on SMS Alerts purporting to be from TrueMoney Philippines, but does not proceed from TrueMoney Philippines’ official SMS Alert number.

8. Activation and Deactivation of TrueMoney Service Features – TrueMoney Philippines may introduce additional service features, and may also deactivate existing features at any time. TrueMoney Philippines may, on a case-to-case basis, suspend or terminate a TrueMoney Member’s privilege to use a particular feature, whenever it deems appropriate, and without prior notice. It covers, but is not limited to, occasions of fraudulent transactions or suspicious activities. However, TrueMoney Philippines may reactivate the said feature and charge a reactivation fee, upon request of the TrueMoney Member. Approval of the request shall be the sole option of TrueMoney Philippines.

9. Cash-in shall refer to the ability of an account holder to fund money in his/her TrueMoney Account through accredited channels, where Channels refer to entities where your TrueMoney wallet Account can be loaded. TrueMoney shall accept all the information entered by the account holder as true and correct once a transaction is accepted by the Channel and TrueMoney or vice versa and shall be conclusive against the account holder.
10. Bills payment
a) Payment of bills to accredited billers listed in the App using funds from TrueMoney shall be available. Truemoney reserves the right to make available the bills payment feature in its application and to add and remove the billers available therein.
b) Payment of bills does not require a printed receipt from the Biller. The act of paying a biller to a biller’s TrueMoney Account and/or other authorization means for the purposes of authorizing a payment, or unlocking for internet transactions, or payment made through TrueMoney Mobile Application. Once the transaction has been authorized and consummated, TrueMoney, shall not be held liable for any undelivered goods and non-performance of services, defects, damages, and after-sales services of such goods and/or services, any error in the amount keyed-in or entered, and/or any other dispute between the biller and the Account Holder arising from such payment. Truemoney shall reasonably address and/or assist the Customer on concerns or disputes on involved Transactions, within Truemoney’s capabilities, terms of use, and applicable policies, laws and regulations, and may impose fees when applicable.

c) A confirmation screen is displayed on the mobile application for every transaction. TrueMoney customer validates and checks the data to ensure correct information prior to processing of the payment. Once the customer confirms all the details are correct via the “Confirmation button” on the mobile app, TrueMoney, shall not be liable for any error in the amount keyed-in or entered, and/or any other dispute between the biller and the Account Holder arising from such payment.

d) The TrueMoney reference number in the In-App transaction logs shall be the Account Holder’s proof of payment.

e) All bills payment transactions shall be in accordance with the terms of use as stated herein.

11. AIRTIME LOAD

Loading of airtime credits and using funds from a TrueMoney Wallet shall be available via keyword-based commands or menu-based transactions.

A confirmation screen is displayed on the mobile application for every transaction. TrueMoney customer validates and checks the data to ensure correct information prior to purchase of the airtime load.

The TrueMoney reference number in the In-App transaction log shall be the Account Holder’s proof of payment.

12. Send Money
An Account Holder may transfer value from his/her TrueMoney Account to another Truemoney Account and/or other accredited partners using the TrueMoney App, provided that he/she has undergone and passed KYC. Once authenticated and logged-in to the TrueMoneyMobile Application, and once the transfer is consummated therein, the transfer of any value and/or any activity is deemed valid and cannot be disputed by the Account Holder. A confirmation screen is displayed on the mobile application for every transaction. TrueMoney customer validates and checks the data to ensure correct information prior to transaction processing.

The transfer of value is subject to send money amount limits set by Truemoney within reasonable cause and within applicable laws and regulations. Transfers are subject to security features such as, but not limited to, limitation in number of successful transactions, limits in amount to be transferred and may depend on various factors including platform, channel and product.

13. Loyalty/Rewards Program on the use of the service, TrueMoney Philippines may formulate a Loyalty/Rewards Program. Individual member’s rights and obligations to the said Loyalty/Rewards Program shall be covered by separate and specific terms and conditions.

14. Fees, Rates and Other Charges -The TrueMoney Member agrees to pay other fees and charges and applicable taxes related to the TrueMoney service and its use, as may be imposed by TrueMoney Philippines, such as, but not limited to load and encashment fees. Fees and other charges, as may be applicable, shall be inclusive of all applicable Philippine taxes and shall be debited from the TrueMoney account or paid upfront. Should these fees and other charges result in a debit balance in the TrueMoney account, the amount shall be due and demandable from the TrueMoney Member and/or debited from the TrueMoney account upon the availability or replenishment of funds thereof without prior notice. The amount of fees and charges may be revised from time to time as TrueMoney Philippines may deem necessary.

15. Disputes – Transactions are authorized when any one of the following conditions is met: (a) the TrueMoney Member’s fingerprint has been scanned as identity validation, (b) the TrueMoney Member’s PIN/password is successfully keyed-in, or (c) the TrueMoney Member made a request through the service hotline by dialing (02) 7718-9999 or by emailing [email protected]. This shall be efficient evidence that any and all activity has been made and validated, and cannot be disputed by the TrueMoney Member.The details in the receipt page after transaction confirmation SMS/Text confirmation message after transactions are presumed true and correct unless the TrueMoney Member notifies TrueMoney Philippines in writing of any disputes thereon within fifteen (15) days from the date of transaction. If no dispute is reported within the said period, all transactions are deemed true and correct. Disputed transactions shall only be credited back to the TrueMoney Member’s account once the claim/dispute has been properly processed, investigated and proven to be in favor of the TrueMoney Member.

16. There shall be no reversals for erroneous transactions made by the TrueMoney Member. Once TrueMoney Member confirms the transaction occurred and/or successful, TrueMoney Member cannot cancel nor reverse such transaction. TrueMoney shall proceed with crediting the account of the recipient and once the money or fund is in the account of the beneficiary or recipient, TrueMoney cannot reverse nor deduct such account without the proper court order.

17. Complaints – Any complaints about TrueMoney Philippines or its services should be directed to the service hotline by dialing (02) 7718-9999 or by emailing [email protected]. It must clearly state that the TrueMoney Member is filing a complaint, to distinguish the complaint from an inquiry along with pertinent details that can be used to resolve the complaint such as TrueMoney Member ID number, transaction date and amount and a brief narrative of the complaint. All complaints and feedback will be reviewed and addressed accordingly. Furthermore, this will be used to improve TrueMoney’s business and customer service.

18. TrueMoney Service Security – A TrueMoney Member shall be responsible for the security of his/her TrueMoney account, the mobile phone’s Subscriber Identity Module (SIM) and his/her Personal Identification Number (PIN) or password. All transactions made using the service are conclusively presumed made by the TrueMoney Member and the TrueMoney Member shall be responsible thereof. The TrueMoney Member has the option to change his/her PIN/password from time to time or when he suspects the possibility of unauthorized present or future use of the account.

19. Fraudulent Transactions

Blocked Account – In the event that TrueMoney Philippines detects or uncovers fraudulent and/or suspicious transactions or use by an unauthorized person, the company shall have the right to automatically suspend or block the TrueMoney account. The company is not obligated to inform the TrueMoney Member regarding this action. Furthermore, the TrueMoney Member acknowledges the authority of TrueMoney Philippines to suspend or block the TrueMoney account, and shall not hold the company accountable against any undue consequences due to suspension or block, nor any loss or damage thereof. Also, TrueMoney Philippines reserves the right to report any suspicious activities to the relevant law enforcement agencies.

Discretion – TrueMoney Philippines reserves absolute discretion (a) to refuse to approve any proposed TrueMoney transaction even if there is sufficient available balance, (b) to suspend, terminate, or cancel the TrueMoney Member’s right to use the account, (c) to increase or decrease the balance limit, (d) to refuse to reissue, renew or replace the TrueMoney account and/or (e) to introduce, amend, vary, restrict, terminate or withdraw the benefits, services, facilities and privileges with respect to or in connection with the TrueMoney account, whether specifically relating to the TrueMoney Member, or generally to all or specific TrueMoney Members, but subject to Article 26 below. This shall apply, but is not limited, in the event:

i. of any fault or failure in the data information processing system;
ii. that the company reasonably believes these accounts have been used, or are likely to be used or the TrueMoney Member allowed them to be used, in breach of this Agreement or to commit an offence;

iii. that any Remaining Balance may be at risk of fraud or misuse;
iv. that the company suspects a TrueMoney Member provided false or misleading information;
v. that the company suspects that the account may be used to make fraudulent or suspicious transactions or be used by an unauthorized person; and
vi. of an order or recommendation of the Philippine National Police, other law-enforcement agencies, or any relevant governmental or regulatory authority.

20. Expiry, Renewal, Reinstatement, Dormancy, and Cancellation of Account

Termination of TrueMoney Service – Should (a) the TrueMoney Member fail to comply with the Terms and Conditions provided herein or for any reason fail to renew the TrueMoney account or the TrueMoney account is not renewed by TrueMoney Philippines, (b) the account has been used on suspicious and/or fraudulent activity, (c) if the account was imposed with a freeze order by the governing regulatory authority/ies, or (d) the TrueMoney Member dies or becomes insolvent, however evidenced, the right to use the TrueMoney account shall be terminated without prior notice and any aggregate and unpaid charges, fees and other expenses for which the TrueMoney Member is liable shall immediately become due without need of demand and may be immediately debited without prior notice from any remaining funds, money and assets of the aforementioned TrueMoney Member.

Expiry –. A TrueMoney account which has been suspended by TrueMoney Philippines may be reinstated by the latter at its option. The TrueMoney Member’s continued use upon suspension, termination or expiration shall be considered a fraudulent act and will be grounds for criminal action. TrueMoney Philippines reserves the right to charge a dormancy fee or not to renew, temporarily or permanently, the service upon expiration, cancellation or suspension, if the TrueMoney account remains inactive and/or not loaded over a fixed period of time as may be required by TrueMoney Philippines.

Dormancy policy – Truemoney may charge dormancy maintenance fees on Truemoney Wallets that have not been used for any monetary TrueMoney transaction for at least six (6) months from the last date of transaction. The maintenance fee shall be automatically debited from the Truemoney Customer’s Wallet. TrueMoney, as may be applicable, can automatically close the account with zero balance that remains inactive for 6 months and with zero balances.

Cancellation – The TrueMoney Member may elect to cancel his/her account even before the set expiry date. The TrueMoney Member concerned must call or provide a written notice of cancellation to TrueMoney Philippines. Customer Services shall immediately suspend all further use of his/her account, within one (1) working day upon notice. Once the accounts have been cancelled.

Remaining Value – Any peso value remaining in the TrueMoney account after cancellation and/or expiration shall be processed by TrueMoney Philippines according to the rules set forth by the Bangko Sentral ng Pilipinas (BSP).

21. CHANGE OF PERSONAL INFORMATION.

The Account Holder shall immediately notify TrueMoney Hotline via telephone or a written notice of any change in his/her residence, office or mailing address and/or telephone number/s, which shall be subject to verification by TrueMoney through presentation of proper documents such as, but not limited to true copies of certification from the NSO, marriage certificate, or court order, as proof or evidence of such change. The request shall be considered valid and final upon authentication of user, based on TrueMoney’s verification process. Verification process may be through a Hotline security verification process.

As applicable, Account Holder may also change their personal information via the App, following the instructions and security measures set by TrueMoney app. The request shall be considered valid and final upon authentication of user, based on Truemoney’s verification process.

22. Exclusion from Liability – TrueMoney Philippines makes no warranty, express or implied, regarding the performance or functionalities of the service offered hereunder. The service is offered on an “AS IS”, “AS AVAILABLE” basis without warranties of any kind, other than warranties that are incapable of exclusion, waiver or limitation under the laws applicable to this terms. Without limiting the generality of the foregoing, TrueMoney Philippines makes no warranty (1) as to the content, quality or accuracy of data or information provided by TrueMoney Philippines hereunder or received or transmitted using the TrueMoney service functionalities, (2) as to any service or product obtained using the service functionalities, (3) that the service will be uninterrupted or error-free or (4) that any particular result or information will be obtained. TrueMoney Philippines shall not be liable for any loss, costs, compensation, damage or liability to the TrueMoney Member or third party arising directly or indirectly as a result of any or all of the following:

The service is honored by any bank, financial institution, ATM or merchant; however, payment transaction is not authorized for any reason whatsoever.

TrueMoney Member is unable to perform or complete any transaction thru the use of any device due to service/system/line unavailability.

Any delay, interruption or termination of the service transaction whether caused by administrative error, technical, mechanical, electrical or electronic fault or difficulty or any other reason or circumstance beyond TrueMoney Philippines’ control (including but not limited to acts of God, strike, labor disputes, fire disturbance, action of government, atmospheric conditions, lightning, interference or damage by third parties or any change in legislation).

Theft or unauthorized use of the TrueMoney account or any loss, costs, damages or payables to any third party by the TrueMoney Member.

Any misrepresentation or fraud by or misconduct of any third party, such as but not limited to owners or employees of TrueMoney Centers.

Other analogous transactions that may affect, harm, and/or damage the reputation, processes, or integrity of the TrueMoney services, TrueMoney Philippines, and the TrueMoney Member, if not specified or indicated in this Terms and Conditions.

23. Limitation of Liability – In the event of any action that the TrueMoney Member may file against TrueMoney Philippines, the TrueMoney Member agrees that TrueMoney Philippines’ liability shall not exceed One Thousand Pesos (P1,000.00) or the amount of damages actually suffered by the TrueMoney Member, whichever is lower.

24. Indemnity Clause – The TrueMoney Member shall reimburse TrueMoney Philippines for all actions, proceedings and claims which may be brought by or against the TrueMoney Philippines, and all losses, damages and reasonable amounts of costs and expenses which TrueMoney Philippines may incur or suffer as a result of or in connection with its providing services to TrueMoney Member under this Agreement, unless due to TrueMoney Philippines’ gross negligence or willful default and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely from it. Member shall provide reasonable assistance, at the member’s expense, in defending any such claim. True Money reserves the right to approve counsel retained by Member, to take control of the defense (at TrueMoney’s expense) of any claim for which indemnity is required, and to participate in the defense of any claim (at TrueMoney’s expense) for which indemnity is required. If a claim is brought against Member, this may not be settled without TrueMoney’s prior consent.

25. Consent to Processing of Information – The TrueMoney Member authorizes and gives consent to the TrueMoney Philippines, its associates, affiliates, subsidiaries, officers, employees, lawyers and other related persons as the company deems necessary for the following:

Collect and verify any information about the TrueMoney Member from any third party;
collect, process, store, record, organize, update, modify, block, erase and destroy (collectively referred to as “process”) the TrueMoney Member’s personal and account information with the company and any information the company obtains from third parties, including account information with other financial or non-financial institutions;
transfer, disclose and use the TrueMoney Member’s personal and account information (including information that the company obtains from third parties, such as other financial or non-financial institutions), to, between and among its Authorized Third Parties, other financial or non-financial institutions or the outsourced service providers of such entities, wherever situated, or a Government Requirement, for any lawful purpose such as business development, data processing, analysis and management, surveys, product and service offers, marketing activities, risk management purposes, and compliance with laws.

The above consent applies for the duration of and even after the closure or cancellation of the account/s. The consent will be effective despite any applicable non disclosure agreement.
The TrueMoney Member acknowledges that information relating to him/her and his/her accounts, including Confidential Information, may be transferred to jurisdictions which do not have strict data protection or data privacy laws.
The TrueMoney Member declares that he has provided any notices, consents and waivers necessary to permit the company, its Authorized Third Parties to carry out the actions described in this provision.

The TrueMoney Member also agrees to hold TrueMoney Philippines free and harmless from any liability that may arise from the processing and use of the personal and account information, and other information pertaining to the account.

Also, TrueMoney may automatically collect information from devices and browsers including but not limited to:

Device information, such as a unique device identifier; and,
Location information, such as IP address or geo-location.

26. Data Sharing – We take care to allow your personal information to be accessed only by those who require access to perform their tasks and duties, and to share only with third parties who have a legitimate purpose for accessing it. TrueMoney will never sell or rent your personal information to third parties without your explicit consent. When there is a need for us to share your personal data to our third party affiliates and partners, we will ensure that personal data will be protected under the terms of Data Sharing Agreement and Contractual obligations.

We may disclose and share your personal data to the following:

• Any member of the TrueMoney Group, its directors, officers, employees, duly authorized representatives, related companies and affiliates
• Third party service providers and vendors including credit card processors, data analytics, marketing services, customer support providers, and IT service providers who are bound by an obligation of confidentiality. They will have access to your personal data only as necessary to perform their requested function on your behalf, and if they have adequate security and privacy standards acceptable to TrueMoney;
• Any authority, regulator, supervisory, enforcement agency, exchange, court, quasi-judicial body or tribunal;
• Professional advisers including accounting, tax, financial or legal counsel; or
  
• Anyone we consider necessary for purposes of providing you products and services and other purposes mentioned above.
• Publicity – Members grant TrueMoney permission to use member’s name and logo in TMN’s marketing materials including, but not limited to use on TMN’s website, social media posts, in customer listings, in interviews and in press releases.

Cross Border Transfers – To facilitate our international operations, TrueMoney may transfer, store, and process your information within our family of companies, partners, and service providers based throughout Asia, including Singapore, Thailand and possibly other countries. We contractually obligate recipients of your personal information to agree to at least the same level of privacy safeguards as required under applicable data protection laws. By communicating electronically with TrueMoney, you acknowledge and agree to your personal information being processed in this way.

27. Venue of Litigation – Venue of all suits shall either be at Pasig City or at any location at the exclusive option of TrueMoney Philippines.

28. Non-Waiver of Rights – Failure, omission, or delay on the part of TrueMoney Philippines to exercise its right or remedies under these Terms and Conditions shall not operate as a waiver. Any such waiver shall be valid only when reduced in writing and delivered to the TrueMoney Member.

29. Separability Clause – Should any term or condition in this Agreement be rendered void, illegal or unenforceable in any respect under any law, the validity, legality, and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.

30. Amendments – TrueMoney Philippines may at any time and for whatever reason it may deem proper amend, revise or modify these Terms and Conditions without further notice. TrueMoney Philippines shall notify TrueMoney Members of pertinent changes to these Terms and Conditions via SMS or email. The TrueMoney Member’s continued use of the TrueMoney service after any such change constitutes acceptance of the new Terms and Conditions. Failure to notify TrueMoney Philippines of the TrueMoney Member’s intention to terminate his/her account shall be construed as acceptance by the TrueMoney Member of the amendment to these Terms and Conditions.

31. Agreement – The TrueMoney Member agrees to be bound by the Terms and Conditions governing the issuance and use of the TrueMoney service. A TrueMoney Member’s signature on activation or use of the TrueMoney wallet shall also be deemed as acceptance of and agreement to be bound by these Terms and Conditions and such amendments hereof as may be made by TrueMoney Philippines from time to time. These Terms and Conditions shall bind the members and their heirs, executors and administrators, successors and assignees, for legal accountability and documentary purposes. These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of the Philippines.