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Author Topic: NON-EXPIRY OF GIFT CHECKS IN TIME FOR CHRISTMAS 2017  (Read 310 times)

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NON-EXPIRY OF GIFT CHECKS IN TIME FOR CHRISTMAS 2017
« on: October 11, 2017, 04:03:04 PM »
THE HONORABLE HENRY C. ONG
2nd District of Leyte
Vice Chair, Committee on Banks & Financial Intermediaries
Member, Committees on Transportation, Visayas Development,
Economic Affairs, and 8 other committees
 
REP. HENRY ONG URGES DTI TO READY IRR ON NON-EXPIRY OF GIFT CHECKS IN TIME FOR CHRISTMAS 2017
 
The proposed Gift Check Non-Expiry Act passed the bicameral conference committee phase and could be ratified soon after Congress returns from its month-long break to consult constituents and resumes session on November 13.
 
I am hopeful this bill and other bills that have gone through bicam will be signed during November and be this year’s early Christmas gifts of Congress to the Filipino people.
 
Gift checks and its various other similar versions happen to be convenient gift choices for many. Since gift checks are like cash, Congress is now making it national law and policy to further strengthen the recognition and treatment of gift checks as like cash. Cash, in the form of paper bills, coins, and balances in bank accounts, has no expiry date and continue to be legal tender until they are phased out by the Bangko Sentral ng Pilipinas.
 
I, as author of one of the bills that went into the making of the consolidated version of the Gift Check Non-Expiry Act, urge the Department of Trade and Industry to advise issuers of gift checks to start reducing the number of gift checks they are issuing this year to lessen the number of gift checks with expiry dates going into circulation. This way, we lessen the problems when the law is implemented.
 
I also urge the DTI to start work already on the IRR so the law can be implemented this Christmas 2017.
 
It is quite probable the DTI’s IRR will provide that gift checks issued before the effectivity of the law or of the IRR will not be covered by the prohibitions.
 
I reiterate my stand that the reference date should be the date of the effectivity of the law, not the effectivity of the IRR, because the date of the effectivity of the law as the reference point would be to the advantage of the consumer. (END)
 
HB 6016 was authored by Reps. Jose Antonio Sy-Alvarado (1st District, Bulacan), Gus Tambunting (2nd District, Parañaque City), John Marvin Nieto (3rd District, Manila), Ferjenel Biron (4th District, Iloilo), Xavier Jesus Romualdo (Lone District, Camiguin), Rosanna Vergara (3rd District, Nueva Ecija), Manuel Zubiri (3rd District, Bukidnon), Mark Go (Lone District, Baguio City), Teodoro Montoro (Party-list, AASENSO), Henry Ong (2nd District, Leyte), Manuel Sagarbarria (2nd District, Negros Oriental), Abdullah Dimaporo (2nd District, Lanao del Norte), Arlene Arcillas (1st District, Laguna), Lorna Silverio (3rd District, Bulacan), Lucy Gomez (4th District, Leyte), Maximo Rodriguez Jr. (2nd District, Cagayan de Oro City), Jerry Treñas (Lone District, Iloilo City), Franz Alvarez (1st District, Palawan), Rene Relampagos (1st District, Bohol), Jose Christopher Belmonte (6th District, Quezon City), Jocelyn Limkaichong (1st District, Negros Oriental), Maria Lourdes Acosta-Alba (1st District, Bukidnon), Deogracias Victor Savellano (1st District, Ilocos Sur), Carlo Lopez (2nd District, Manila), Juliette Uy (2nd District, Misamis Oriental), Jose Enrique Garcia (2nd District, Bataan), Francis Gerald Abaya (1st District, Cavite), Sabiniano Canama (Party-list, COOP-NATCCO), Ben Evardone (Lone District Eastern Samar), Paolo Javier (Lone District, Antique), Mercedes Cagas (Lone District, Davao del Sur), Seth Frederick Jaloslos (1st District, Zamboanga del Norte), Yedda Marie Romualdez (1st District, Leyte), Isidro Rodriguez (2nd District, Rizal), Ramon Durano VI (5th District, Cebu), Dennis Laogan (Party-list, ANG KABUHAYAN) Michael John Duavit (1st District, Rizal), Rodante Marcoleta (Party-list, SAGIP), Raul Tupas (5th District, Iloilo), Raymond Democrito Mendoza (Party-list, TUCP), Cecilia Leonila Chavez (Party-list, BUTIL),Richard Eusebio (Lone District, Pasig City), Marlyn Primicias-Agabas (6th District, Pangasinan), Manuel Jose Dalipe (2nd District, Zamboanga City), Gerald Anthony Gullas Jr. (1st District, Cebu) and Edgar Mary Sarmiento (1st District, Samar). (END)

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