By Vanne Elaine Terrazola
Senators have approved on second reading a bill providing for the removal of expiry dates of gift certificates (GCs).
Senator Juan Miguel Zubiri, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship, said Senate Bill No. 1466, the proposed “Gift Check (GC) Act of 2017”, was passed on its second reading last week.
The proposed measure, authored by Zubiri, will prohibit the placing of expiry dates on GCs and vouchers.
“Like cash, GCs should have no expiration…Giving out gift checks is one of the most convenient and most liked gifts for a long time. Unfortunately, we are left with stale gift certificates at great loss to the recipient and the sender…With a no-expiry law on gift checks, we can enjoy gift-giving better,” he said.
Under the bill, GCs, which may be in the form of paper, card or code, are defined as “any instrument issued to any person, natural or juridical, for monetary consideration, honored upon presentation at a single merchant or an affiliated group of merchants as payment for consumer goods or services.”