Chiz Escudero: No need to revisit securities laws amid Neri Naig, Rufa Mae Quinto cases

For Senate President Francis Escudero, there is no need to revisit the law on securities amid the recent cases against celebrity endorsers of an aesthetic company.

"Personally, wala ako nakikitang pangangailangan," Escudero said during the Kapihan sa Senado when asked if there is a need to revisit the law on securities.

(Personally, I don't see any need.)

"Para sa akin sapat yung batas. Ihiwalay mo ang ordinaryong endorser sa endorser na partner pa. Ang alegasyon ay maliban sa endorser-partner bahagi kasama sa korporasyon o kumpanya," he added.

(For me the law is sufficient. There are distinctions on the ordinary endorsers from those who are endorsers and also partners of the company.)

The lawmaker explained that the reason why these celebrities are charged is because they are accused of being a part of the company and not only as its endorsers.

"A mere endorser should not be liable to any scams that will happen doon sa restaurant, o doon sa negosyo o doon sa business," he said.

This after Senator Robin Padilla, an actor on TV and film prior to joining politics, recently filed a bill which seeks to protect endorsers from getting caught in the legal mess of investment scams.

Senate Bill 2889 was introduced amid the detention of actress Nerizza "Neri" Naig-Miranda and the issuance of a warrant of arrest against comedian Rufa Mae Quinto over their affiliation with Dermacare, the company which was flagged by the government for the alleged unauthorized solicitation of investments and sale of securities.

Despite his position, Escudero said that he is open to study the proposals of any members of Congress.

"Kung iba ang pananaw ng mga kasamahan ko rito, mga miyembro ng Kongreso, bukas ang aking isip na pag-aralan at tingnan muli, baka naman may hindi ako nakikita," Escudero said.

(If my colleagues here or any member of Congress has a different view, then I am open to study and review it because maybe I am not aware of some issues.)

In the same forum, Escudero shared that his wife, actress and fashion icon Heart Evangelista, was also asking him to review her endorsement contracts.

"Pinapa-review sa akin nu'ng asawa ko 'yung mga pinipirmahan niya pero walang bayad yung attorney's fees. Wala naman mawawala na maging maingat sinuman... Huwag masyadong manggigil ika nga dahil lamang may malaking kita na nakaamba sa kanila," the Senate president said.

(My wife is asking me to review the contracts that she is signing. But of course, there's no charge for attorney's fees. It is not bad to be cautious. They should not be too eager just because there is a big offer on the table.) —RF, GMA Integrated News