Law on no-expiry gift checks readied in time for Christmas

The Department of Trade and Industry (DTI) is urged to prepare for the implementation of no-expiry gift check law in time for the Christmas season.

Congressman Henry C. Ong of the 2nd District of Leyte and vicechair of the Committee on Banks & Financial Intermediaries, said the proposed Gift Check Non-Expiry Act, of which he was one of the principal authors, would most likely become law before Christmas.

Both the House and the Senate recently agreed on the bicameral conference committee report. The bill will soon be transmitted to the Office of the President for signature of President Rodrigo Roa Duterte.

To speed up the implementation of the Gift Check Non-Expiry Act, Ong urged the DTI to update its Department Administrative Order No. 10-04, series of 2010.

“DTI should be updating DAO No. 10-04, series of 2010, and all related issuances by now,” Ong said.

In the updating process, the Congressman strongly suggested that DTI find ways to allow the general public to immediately reap the benefits of the new law, so that gift checks that are already in circulation and soon to be released will be covered.

“Issuers of gift checks should, by now, accept the fact that this measure will certainly become law and should already have protocols for the redemption or availment of the gift checks during the coming December holidays. They have no excuse on this because they have long been aware of this bill and its progress,” Ong said. (BCM)