Sen. Juan Miguel Zubiri. INQUIRER FILE / JOAN BONDOC
Gift checks would now be virtually as good as cash with no expiration date, Senator Miguel Zubiri said on Saturday as he described the recently-signed law as one of Congress’ relevant outputs this year.
“The Gift Check law signed recently is one of our relevant outputs in this Second Regular Session. It formalized the numerous memos & orders which governed the use of gift checks,” Zubiri, chair of the Senate committee on trade, commerce and entrepreneurship who also filed the measure, said in a statement.
“Now, the confusion, loss and false advertising claims of shops and retailers are put to rest. Receivers and buyers of Gift Checks now have peace of mind that the value of the GC stated in paper, plastic & covered transactions will not diminish at all,” he added.
Last Dec. 19, President Rodrigo Duterte signed into law Republic Act No. 10962 or the Gift Check Act of 2017, which prohibits a merchandiser from issuing a gift check that bears an expiry date and imposing an expiration on the stored value, credit, or balance of the gift check.
READ: Duterte signs law prohibiting expiration of gift checks
“It is virtually good as cash in the shops issuing the Gift Check. The law also clarifies the coverage of GCs apart from special promos,” Zubiri pointed out.
“Thus, the new law will increase the business as it removes the hesitation to give GCs during Christmas, birthdays, graduations and other gift-giving events,” he added.
Under the law, establishments are also banned from refusing to honor the unused value, credit, or balance stored in the gift check. But those issued to consumers under loyalty, rewards, or other promotional programs are not covered by the measure. /cbb