“The Gift Check law signed recently is one of our relevant outputs in this Second Regular Session. It formalized the numerous memos & orders which governed the use of gift checks,” Zubiri, chair of the Senate committee on trade, commerce and entrepreneurship who also filed the measure, said in a statement. 10962 or the Gift Check Act of 2017, which prohibits a merchandiser from issuing a gift check that bears an expiry date and imposing an expiration on the stored value, credit, or balance of the gift check. READ: Duterte signs law prohibiting expiration of gift checks“It is virtually good as cash in the shops issuing the Gift Check. Under the law, establishments are also banned from refusing to honor the unused value, credit, or balance stored in the gift check.

Source: Philippine Daily Inquirer December 30, 2017 00:56 UTC