Ang saya! Castelo’s bill against expiring GCs moves forward
The proposed measure that bans expiration dates on gift certificates has moved one step closer to enactment.
House Bill (HB) 3091, authored by Quezon City 2nd district Rep. Winston Castelo, provides that all gift certificates, checks or cards shall have no expiry dates and be redeemable by the holder until fully used up.
“A gift certificate is as good as cash and since cash in any form of currency does not expire, a gift check should also not expire,” Castelo said in a statement Sunday, February 12.
In the same statement, Castelo bared that his measure has hurdled the committee level at the House of Representatives (HOR). The Committee on Trade approved a bill earlier this week.
Castelo said the bill – if it is eventually passed by the House and the Senate – will protect millions of consumers who buy store certificates as gifts for friends and relatives.
Under Castelo’s proposed law, the only times gift checks may no longer be redeemed are when they are lost due to no fault of the supplier or when they are mutilated or defaced to the point that their security features can no longer be authenticated.
The bill mandates the Department of Trade and Industry (DTI) to issue the necessary rules and regulations to implement the law.