No more expiry date for gift certificates

MANILA, Philippines - The Senate approved on second reading Monday the proposed Gift Check Act of 2017, which mandates that GCs should not have expiry dates.

Sen. Juan Miguel Zubiri, principal author of Senate Bill 1466, said since cash has no expiration, GCs should have no expiration.

“Once enacted into law, this will firm up the gains of consumers, both buyers and recipients of gift checks,” Zubiri, chairman of the Senate committee on trade, commerce and entrepreneurship, said.

He noted the Department Trade and Industry issued an order in July 2014 banning expiry dates in GCs. He, however, said the order could be revoked anytime.

“In this wired, unwired, unplugged and seamless world, consumers have so many options on the kinds of gifts to send and how to send it. Giving out gift checks is one of the most convenient and most liked gift for a long time. Unfortunately, we are left with stale gift certificates at great loss to the recipient and the sender,” Zubiri said.

He explained that the bill distinguished between gift check, gift certificates or gift cards; and coupons or vouchers.

GCs are defined as ”any instrument issued to any person, natural or juridical, for monetary consideration, honored upon presentation at a single merchant or an affiliated group of merchants as payment for consumer goods or services.”