Showing posts with label Legal Matters. Show all posts
Showing posts with label Legal Matters. Show all posts

Thursday, November 01, 2007

Philippine Consumer Rights



The mood of the Christmas season is already felt in many places especially after all saints day. These days, although Christmas is no longer celebrated as long as it’s used to due to economics reasons, the Philippines is still one of the countries that celebrates Christmas day the longest. This long anticipation gives rise to deceitful businessmen taking advantage of the shopping rush, selling inferior goods for a very low price or bogus offers to unwary consumers. These substandard products are not only cheating the consumers out of their hard earned money but will cause dangers to life and property like poor quality Christmas lights have been known cause fires and deaths. The Department of Trade and Industry (DTI) is aware of such dishonest acts, as it has been clamping down on unscrupulous businessmen who are selling shoddy products. Consumers likewise must also be aware of their rights.

The DTI is designated to regulate business establishments to ensure that they deal with consumers fairly and reasonably. This gvernment body can impose an administrative fines ranging from 500 pesos to 300,000 pesos among other sanctions, to those who are caught and proven guilty of committing deceptive sales act. But I would like for them to impose even harsher penalties to deter these fly by night businessmen. As consumers, however, we need to be vigilant so we can protect ourselves from getting victimized by such illegal practices, and the first step to this is familiarize ourselves with the law. Be on the lookout for misleading practices such as the no return no exchange policy which is very much prohibited and always inspect the products you wish to buy to be sure you are your money's worth. More importantly, make it a habit to report to the DTI any knowledge of unfair trade practices is a great way to help the efforts of the government to prevent such and shut down these business establishments that prey on their customers.

Wednesday, June 06, 2007

Philippine Anti Money Laundering Law | AMLA



The Philippines is strengthening its laws on anti money laundering in compliance with international banking standards and criminalize money laundering. The scope and meaning of money laundering is broad, but it’s briefly defined as transactions that involve the conversion or transfer of money or proceeds to disguise its illicit or illegal origins and make it appear as coming from legitimate source. The activity is commonly attached to crime syndicates that accumulate enormous amount of money from illegal activities but now also includes terrorist, which uses the money to finance their operations.

Banks in the Philippines are now required to report any suspicious transactions involving large sums of money being moved around by individuals or organizations that appear to have questionable identities and source of funds. Like if a client declares to the bank he is unemployed but large sums of money are being deposited to his account weekly, this sends a clear signal that there is something fishy going on here and should be reported to the Anti-Money Laundering Council (AMLC) for further investigation and the freezing, seizure, forfeiture and recovery of dirty money or property.

But banks are not the only institutions covered by the AMLA. Insurance companies and all other institutions supervised or regulated by the Insurance Commission plus brokers, money changers, investment houses, mutual funds, pre-need companies, foreign exchange corporations, money
payment remittance and other institutions that is supervised and regulated by the Securities and Exchange Commission (SEC). These steps are necessary to ensure that legitimate financial institutions are not used as a place for illegal or unlawful activities such as kidnap for ransom, drug trafficking, smuggling, swindling, plunder and other illegal activities.

Saturday, December 16, 2006

Philippine Credit Card Surcharge Law


Philippine Credit Card Surcharge Law

Have you ever brought something from the supermarket or the department store and noticed that there are two separate charges for cash payments and credit card payments? These extra charges are called surcharges and has been going on since credit cards have first been introduced in the Philippines... Until now.

The Department of Trade and Industry (DTI) has recently issued an order prohibiting the imposition of surcharge by retailers honoring credit, automated teller machine (ATM) or debit cards for payment.

Department Administrative Order No. 10, Series of 2006 intends to further protect consumers from dubious price tag practices by giving more teeth to the existing price tag provisions of Republic Act 7394 or the Consumer Act of the Philippines.

The Order was published on October 20 and 21, 2006, each in a newspaper of general circulation, and shall take effect starting November 5, 2006.

Picture: www.universalpaymentprocessing.com

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