Senator Robin Padilla is advocating for a bill in the Senate aimed at protecting celebrity endorsers from illegal scams. This move follows the arrest of actress Neri Naig-Miranda for alleged syndicated estafa and violations of the Securities Regulation Code.
The proposed Senate Bill No. 2889, known as the Product Endorsers Protection Act, mandates full disclosure in all product endorsement agreements regarding the nature of the business and the products involved. The agreement must also specify if the business sells investment contracts and other securities.
“Endorsers Beware!” Padilla emphasized, highlighting the need for transparency to protect celebrities from being unwittingly involved in fraudulent schemes.
Under the proposed law, endorsers who falsely present themselves as authorized agents of businesses selling investment contracts and securities will be held accountable. The bill recommends a fine of P100,000 for the first offense, P300,000 for the second, and P500,000 to P1 million and revocation of the certificate of registration for the third offense.
Padilla’s initiative aims to safeguard public figures from the repercussions of endorsing illegitimate businesses, ensuring they are well-informed and protected from potential legal issues.
