President Rodrigo Duterte has approved the Republic Act 10962 also known as the Gift Check Act of 2017, which now disallows establishments from giving gift checks with any kind of expiry dates since “consumers must not be unduly deprived of the value of their money.”
Gift checks and certificates any form of paper, card, code, or other medium will now retain their initial monetary value. Any violators will be subject to a fine from PhP 50,000 to PhP 1 million.
Establishments are now banned from issuing a gift check with an expiry date, imposing an expiry date on a gift check, and refusing to honor unused value, credit, or balance stored in the check.
Source: CNN Philippines
