Cents would be ‘nothing’ no more because of the No Shortchanging Act.
Bangko Sentral ng Pilipinas (BSP) Gov. Diwa Gunigundo advised the businessmen, public vehicles drivers, among others, to prepare coins to avoid violating the No Shortchanging Act.
The measure, Republic Act 10909, ratified by Congress in early June automatically becomes a law after Malacañang did not act on it in 30 days.
The “No Shortchanging Act” mandates business entities to provide exact or excess change – not less than the amount due to the customer. It also prohibits giving candies in lieu of monetary change.
Businesses won’t be exempted from giving change just because they lack loose bills or coins. They are also required to post a sign that reminds their customers to ask for exact change.
Gunigundo said that even though the change always comes in coins, the consumer and commuters always end-up on the losing end because the business establishment where they shopped or the public utility jeepney (PUJ) they hopped-in do not give them the exact change because of unavailability of cents.
If aggregated, the total amount lost in cent-by-cent short in change is a big loss especially if the aggrieved party are the poor.
From now on, the cents will not be treated as ‘nothing’ anymore especially the often thrown five and ten cents coins.
The Department of Trade and Industry (DTI) announced that the consumers may file a complaint against establishments which do not obey the said law.
Republic Act 10909 penalizes violators with: P500 fine for the first offense; 3-month suspension of establishment’s license to operate plus P15,000 fine if the offense is committed twice; and revocation of establishment’s license to operate plus P25,000 fine if done the third time.
The bill was ratified by both the Senate and the House of Representatives last June and was sent to then outgoing President Benigno Aquino III’s desk for signature.
It was automatically enacted after Malacañan failed to act upon it. Ratified bills lapse into laws when the president does not accept or veto it within 30 days upon receipt.