DTI urged to pass IRR on gift checks

 

 

Rep. Henry Ong, 2nd district of Leyte and vice chair of the Committee on Banks and Financial intermediaries, urged the Department of Trade and Industry to pass the implementing rules and regulations on the gift check non-expiry act (HB 6016) 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.

 

Ong said he hopes the 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 various 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, have no expiry date and continue to be legal tender until they are phased out by the Bangko Sentral ng Pilipinas.

 

He 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 asked 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, he said.

 

 

He reiterated his 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.  (RdlC) #

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