MANILA, Philippines — President Rodrigo Duterte has signed a new law prohibiting the issuance of a gift check that bears an expiry date, and imposing an expiry date on the stored value, credit, or balance of the gift check. 10962, or An Act Regulating the Issuance, Use and Redemption of Gift Checks. Under the fresh law, a copy of which was released by Malacañang on Friday, refusing to honor the unused value, credit, or balance stored in the instrument is likewise prohibited. Violators of RA 10962 are obligated to return the unused balance of the gift check within 90 days from the declaration of the violation. “Upon effectivity of this ACT, all gift checks already issued shall be covered by the provisions of this Act,” the law said.

Source: Philippine Star December 29, 2017 07:07 UTC