00:00Senator Robin Padilla has passed a bill to protect the artists who endorse products or companies from investment scams.
00:09Under Senate Bill 2899, all endorsed products have an agreement,
00:15and it is based on the type of business and all products included in the endorsement.
00:21It also provides protection to the endorsers, their relationship with the company,
00:26and they should have nothing to do with the sale of any product.
00:30An endorser will only comply with the law if he is a business agent
00:35or not authorized to sell investment contracts or securities,
00:40fined P100,000 for the first fraud, P300,000 for the second fraud,
00:46and P500,000 up to P1,000,000 for the third fraud.
00:53And they should have a Visa with a Certificate of Registration.
