Checks are commonly used in business. Some people, however, still have this misplaced confidence in the deterrent effect of Batas Pambansa (B.P.) Blg. 22, also known as the Bouncing Checks Law. Here are some things a layman should know:

The concept of networking, whether in the virtual or real world, is basically the same. The purposes may be different (e.g., professional, personal, business, dating), but the general concept is the same - to link people/entities for optimum utilization of resources. In the real world (and in this side of the world), we have been exposed to the more common kind of business networking: the multi-level marketing (MLM).

 

(Related posts: 13th Month Pay: How is it Computed? and Bonus vs. 13th Month Pay)

 

WHEREAS, it is necessary to further protect the level of real wages from the ravage of worldwide inflation;
 
WHEREAS, there has been no increase in the legal minimum wage rates since 1970;
 
WHEREAS, the Christmas season is an opportune time for society to show its concern for the plight of the working masses so they may properly celebrate Christmas and New Year.
 
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers vested in me by the Constitution, do hereby decree as follows:
 
Section 1. All employers are hereby required to pay all their employees receiving a basic salary of not more than P1,000 a month, regardless of the nature of their employment, a 13th-month pay not later than December 24 of every year.

 

(Note: The salary ceiling of P1,000 was removed by President Corazon Aquino in 1986 through Memorandum Order No. 26, which provides: "Section 1 of Presidential Decree No. 851 is hereby modified to the extent that all employers are hereby required to pay all their rank-and-file employees a 13th-month pay not later than December 24 of every year.")

 
Sec. 2. Employers already paying their employees a 13th-month pay or its equivalent are not covered by this Decree.
 
Sec. 3. This Decree shall take effect immediately.
 
Done in the City of Manila, this 16th day of December 1975.

Subject:  Consumer Protection for Electronic Banking

The Monetary Board in its Resolution No. 999 dated 11 August 2006 approved the following rules and regulations concerning consumer protection for electronic banking (e-banking) products and services.

Pursuant to Monetary Board Resolution Nos. 1278 and 1328 dated 09 September 2004 and 16 September 2004, respectively, Circular No. 398, Series of 2003 governing the credit card operations of banks and subsidiary credit card companies is hereby amended as follows:

 

 

Section 1. Checks without sufficient funds. - Any person who makes or draws and issues any check to apply on account or for value, knowing at the time of issue that he does not have sufficient funds in or credit with the drawee bank for the payment of such check in full upon its presentment, which check is subsequently dishonored by the drawee bank for insufficiency of funds or credit or would have been dishonored for the same reason had not the drawer, without any valid reason, ordered the bank to stop payment, shall be punished by imprisonment of not less than thirty days but not more than one (1) year or by a fine of not less than but not more than double the amount of the check which fine shall in no case exceed Two Hundred Thousand Pesos, or both such fine and imprisonment at the discretion of the court.

The same penalty shall be imposed upon any person who, having sufficient funds in or credit with the drawee bank when he makes or draws and issues a check, shall fail to keep sufficient funds or to maintain a credit to cover the full amount of the check if presented within a period of ninety (90) days from the date appearing thereon, for which reason it is dishonored by the drawee bank.

Where the check is drawn by a corporation, company or entity, the person or persons who actually signed the check in behalf of such drawer shall be liable under this Act.