MANILA, Philippines — President Rodrigo Duterte signed Republic Act 10962, the law prohibiting the issuance of gift checks with an expiration date.
It is now illegal to issue or impose expiry dates on a gift check’s stored-value, credit or balance.
However, gift checks that are issued for the purpose of loyalty, rewards or promotional programs as determined by the Department of Trade and Industry (DTI), as well as coupons and vouchers to avail discounts for any good or service, are not covered by this law.
Meanwhile, merchants can refuse to honor gift checks if these are mutilated or damaged.
Those who will violate the provisions of this law shall be subject to a fine not less than P500,000 but not more than P1 million.
The DTI is responsible for implementing this act 15 days after its publication in newspapers of general circulation. — UNTV News & Rescue
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