PNoy signs 5 business, consumer laws


Posted at Jul 20 2014 01:00 PM | Updated as of Jul 21 2014 08:38 AM

MANILA - President Benigno Aquino III has signed into law five relevant bills meant to boost consumer protection and economic growth.

In an interview with radio dzRB, Communications Secretary Herminio Coloma Jr. said the Graphic Health Warning Bill is now Republic Act 10643.

Under this law, 50 percent of the cigarette packaging should be devoted to the graphic warning. The bill was one of the last to be ratified before Congress adjourned in June.

Aquino also signed Republic Act 10640, which introduces amendments to the Comprehensive Dangerous Drugs Act of 2002, and allows apprehending teams to have initial custody and control of the dangerous drugs and instruments, among others.

On the economic front, Aquino signed Republic Act 10641 that allows the full entry of foreign banks into the country.

The law will allow the Monetary Board to authorize foreign banks to operate in the Philippine banking system by acquiring, purchasing or owning up to 100 percent of the voting stock of an existing bank as well as investing in up to 100 percent of the voting stock of a new banking subsidiary incorporated under Philippine laws.

He defended RA 10641, saying there are realities the country has to face with the integration of ASEAN economies.

“Nangangahulugan lamang na nakita ng ating mga lider sa pamahalaan at sektor pinansyal na ito ang maaaring pinakamainam na sitwasyon na dapat pairalin para mapabilis po ang paglago ng ating ekonomiya, dahil ang mga bangko may mahalagang papel po sila diyan, ‘yung tinatawag na financial intermediation,” he said.

Aquino also signed the Anti-Lemon Law or RA 10642, which allows owners of new cars to secure a refund or replacement if repairs prove useless, as well as RA 10644 or an “Act Promoting Job Generation and Inclusive Growth Through the Development of Micro, Small, and Medium Enterprises.”

Coloma said the laws have gone through thorough studying.