Q: What is the legal basis of the prohibition on “No Return, No Exchange” Policy of business establishments?

A: Pursuant to the Implementing Rules and Regulations of R.A. 7394, or the Consumer Act of the Philippines, specifically Title III, Chapter I, Rule 2, Section 7 of Department Administrative Order (DAO) No. 2, series 1993, the words “No Return, No Exchange”, or words to such effect shall not be written into the contract of sale, receipt or sales transaction, in any document evidencing such sale or anywhere in the store or business establishment.

Checks are indispensable to aspiring entrepreneurs and established businessmen alike. Suppliers and lessors usually require post-dated checks or PDC's to cover installment payments, and issuing checks are generally more convenient and safer than carrying huge amounts of cash. However, just like in any aspects of business, high vigilance is required. Check frauds are still prevalent. In many instances, the check you are holding, while valid, is worthless. Here are some reminders:

One of the major concerns of employers is labor, and it doesn’t matter if the employer is a big corporation with a Human Resources (HR) department or simply an entrepreneur/small and medium enterprise (SME). The employer hires, pays, manages, disciplines and fires employees. Problems inevitably arise in the process, and, based on the full-packed hallways that I regularly go through at the National Labor Relations Commission (NLRC), these problems are not diminishing.

 

There are formal learning institutions dealing in all aspects of business. There are Big Businesses dominating the Philippine economy. Of course, there are Pinoys who are very lucky to have graduated from these prestigious institutions or worked for or with the Big Businesses.

 

 

a) Spend your vacation, your dollars, in our Philippines

It is understandable for our OFWs, balikbayans and Pinoy expats to spend vacation in other countries. The world is truly beautiful and majestic. But please do spend some of your vacation, and some of your dollars, in our Philippines. Every dollar that you bring into our country will help build our Philippines. It will help our tourism industry. It will mean more sales and more jobs for our local industries. It will mean an increase in our country’s international dollar reserves. It will help stabilize the Peso. And ultimately, it will help stabilize our economy.

 

 

I was able to scan the first few pages of the book "A Smart & Practical Guide for New Entrepreneurs" (Marlo Sanchez [2004], New Edition), which reflects this banner "#1 Bestseller for Filipino Entrepreneurs". I got stuck in pages 14 and 15, containing a discussion on the "Legal Types of Organizations", i.e., Sole Proprietorship, Partnership and Corporation.

There are two theories about how entrepreneurs develop, often called the “supply” and “demand” theories. In the supply theory, entrepreneurs are born, not made — certain people have the personality traits that make a good entrepreneur. Several research studies have shown that entrepreneurs are convinced that they can command their own destinies, or in the jargon of behaviorial scientists , the “locus of control ” of the entrepreneur lies within himself. It is this self-belief which stimulates the entrepreneur, according to supply-side theorists. John G. Burch, writing in the September-October 1986 edition of Business Horizons gave a list of in-born traits that make an entrepreneur:

Some time ago, my father handed me a book, Who Moved My Cheese, by Dr. Spencer Johnson. It’s a short one; I finished it in just under an hour. The theme is about anticipating, accepting and enjoying change in work and in life. It’s about having the guts to step out of our comfort zones. The tendency to stay in one’s comfort zone, specially within the corporate ladder, is also touched by Robert Kiyosaki in his book Rich Dad, Poor Dad. Mr. Kiyosaki beautifully explains why we have to move out of the rat race, and to do it early. Striking out on one’s own becomes more difficult later in life - with family, loans and other expenses.