Noy signs law on cigarette pack warnings, entry of foreign bank

Categories: Business Updates

Date Posted: 21 Jul 2014

Heavy smoker President Aquino has signed five bills into law, including one that requires the graphic health warnings on cigarette packs.

Aquino, a heavy smoker, will now have to contend with Republic Act 10643 – “An Act to Effectively Instill Health Consciousness through Graphic Health Warnings on Tobacco Products.”

The measure intends to scare smokers and would be smokers from buying cigarettes.

Two other laws that Congress passed were also enacted into law – the Anti-Lemon Law (Republic Act 10642) that protects buyers of brand new but defective motor vehicles, and Go Negosyo Act (Republic Act 10644).

RA 10642 is entitled: “An Act Strengthening Consumer Protection in the Purchase of Brand New Motor Vehicles” while RA 10644 is “An Act Promoting Job Generation and Inclusive Growth Through the Development of Micro, Small, and Medium Enterprises.”

Aquino also enacted four other measures to strengthen drug laws and allow the full entry of foreign banks. The new Dangerous Drugs Law (RA 10640) is entitled “An Act to Further Strengthen the Anti-Drug Campaign of the Government, amending Section 21 of RA 9165, otherwise known as the Comprehensive Dangerous Drugs Act of 2002.”

The foreign banks law (RA 10641) is “An Act Allowing the Full Entry of Foreign Banks in the Philippines, amending for the Purpose RA 7721.”

Press Secretary Herminio Coloma Jr. told government-owned radio station dzRB that Secretary Manuel Mamba of the Presidential Legislative Liaison Office (PLLO) confirmed that these were the new laws that Aquino signed last Friday.

Coloma said the new measures showed the continued reforms in the economy, job opportunities, and healthcare of the people.

He noted that the new law allowing foreign banks into the country is in preparation for the full integration of fellow member states of the Association of Southeast Asian Nations (ASEAN) that will take effect in 2015.

Foreign investors who want to put in more investments in the country have called on the government to allow foreign banks to set up shop in the Philippines so they could tap the services of these banks.
Written by: Delon Porcilla

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