Friday, 21 September 2018
Business News Photos

NO EXPIRY  |  BICAM on Proposed Gift Check Act

MANILA (DWDD) – Senator Juan Miguel F. Zubiri, Chairman of the Senate Committee on Trade, Commerce and Entrepreneurship and Rep. Ferjenel G. Biron M.D., Chairman of the House Committee, present the signed copies of the Bicameral version of the proposed Gift Check (GC) Law of 2017.

It bans the imposition of expiry dates on GCs and on the unused value, credit or balance stored in GCs and imposes stiff penalties ranging from fines of P500,000 to P1 Million; return of total amount of GCs issued in violation of the law; and, suspension and cancellation of the issuance of GCs by the offending issuer.

Likewise, the benefits of Senior Citizens and Persons With Disability are protected in the proposed law. The signatories present during the Bicam meeting include Rep. Rosanna Vergara, Rep. Biron; Sen. Zubiri; Rep. Arlene Arcillas (seated); Reps. Xavier Jesus Romualdo; Manuel F. Zubiri; Kuya Jose Antonio R. Sy-Alvarado; and, Senator Sherwin Gatchalian; and DTI USec. Teodoro Pascua (standing).

The measure removes the expiry dates on gift checks and cards. Once approved into law, all gift checks, certificates, and cards should be sold at a discount of five percent from its face value. SENATE/MCAG

Post Comment