Exact change bill awaits Noy’s signature
MANILA, Philippines - A measure requiring business establishments to give exact change to its customers now awaits President Aquino’s signature for it to be passed into law.
The proposed “Exact Change Act” was referred to Aquino for approval and signature after the Senate and the House of Representatives recently ratified the bill.
The measure declares it unlawful for any business establishment to give insufficient change or no change at all to consumers who purchased or received products or services, even if such change is only a small amount.
It prohibits any business establishment to give the change in any form other than the present currency or to ask the consumer for permission to be exempted from the provisions of the proposed law for any reason including the non-availability of small bills or coins.
The bill also requires business establishments to put signs at every counter that states, “Demand your exact change.”
Business establishments are required to use price tags, when appropriate, indicating the exact retail price per unit or service that already includes the taxes applicable to the goods or services being offered.
To avoid misleading the consumer as to the exact price they have to pay for the goods or services, establishments shall put signs in conspicuous places within the establishments or reflect in the official receipts issued, the taxes incorporated in the retail price per unit or services.
The measure provides the proper procedures in the filing of a complaint by a consumer and would have the Department of Trade and Industry resolve the complaint within 30 days after receiving it.
Under the bill, any violation shall be penalized with a P500 fine or three percent of the gross sales of the business establishment on the day of the violation, whichever is higher for the first offense; a P5,000 fine or five percent of the gross sales, whichever is higher, for the second offense; a P15,000 fine or seven percent of the gross sales and the suspension for three months of the license to operate of the business establishment for the third offense; and a P25,000 fine or 10 percent of the gross sales, whichever is higher, and the revocation of the license to operate of the business establishment for the fourth offense.
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