DURANO VI
A BILL to increase penalties for bounced checks is being pushed in Congress.
House Bill No. 2515 which seeks to amend Batas Pambansa Bilang 22 or the “Anti-Bouncing Checks Law,” increasing the penalties for making or drawing and issuance of a check without sufficient funds, or credit and for other purposes including making or drawing and issuance of a check with a closed bank account.
The bill sponsored by Rep. Ramon “Red” H. Durano VI of Cebu’s 5th district aims to address rampant clamor of business sectors over proliferation of cases involving the issuance of unfunded checks greatly affecting the integrity of the banking and business transaction in the country.
“There is a need to amend the Anti-Bouncing Checks Law because it could no longer cope up with the current business practices and could no longer safeguard businesses from unscrupulous people who are abusing the issuance of unfunded checks,” said Durano in a statement.
Durano said that such amendment would be a step forward in ensuring the continued economic growth of our country and that such move would be necessary to maintain the trust of investors both local and foreign and to protect the financial integrity of the booming business sector in the country.
“Our nation’s economic performance must not lose momentum. This bill if passed do not only benefit the big businessmen but also those in small and medium enterprises who often fall prey to such illegal practices and whose meager income could not cushion the damage it may cause to their business,” Durano said.
The bill stated that issuance of checks from a bank knowing that it had insufficient funds might lead to a maximum of three years imprisonment. On the other hand, knowing at the time of the issuance that the bank account had been closed already would befor decades. punishable with a maximum of six years.
The proposed bill increases the length of imprisonment from at least 30 days to 1 year to at least 1 year to a maximum of three years.
Moreover, checks presented within 180 days shall be considered as evidence against the maker for knowing prior to the issuance that it has insufficient funds in the bank.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
