DTI told to draft IRR for Gift Check Non-Expiry Act

A House leader asked the Department of Trade and Industry (DTI) to immediately come up with the implementing rules and regulations (IRR) on the proposed Gift Check Non-Expiry Act for its implementation this coming Christmas.

Leyte Rep. Henry Ong, vice chairman of the House Committee on Banks and Financial Intermediaries said the DTI should start working on the IRR of the proposed Act, which already passed the scrutiny of the bicameral conference panel.

He expects that the proposed law could be ratified soon after Congress returns from its month-long break and resumes its 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,” Ong said in a statement.

“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,” he said.

Ong, one of the authors of the bill, also called on the DTI to advise establishments to refrain from issuing gift checks with expiry dates.

“I urged the DTI 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,” he said.

“I also urge the DTI to start work already on the IRR so the law can be implemented this Christmas 2017,” he added.

“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,” Ong said.

Last month, the House of Representatives unanimously approved on third and final reading House Bill 6016, or the Gift Check Non-Expiry Act.

The bill prohibits the imposition of an expiry date on the stored value, credit, or balance in the gift check, gift certificate and gift card.

The gift check, gift certificate and gift card shall remain valid until the cessation of business of the issuer.

Upon the effectivity of this Act, all gift checks already issued shall be covered by the provisions of this Act.

Violators of the proposed Act shall be slapped with a penalty of one year to five year imprisonment and fine of R500,000 to R1 million, or both, upon the discretion of the court.