Senate President Francis Escudero has expressed that there is no immediate need to revisit the existing law on securities, following recent controversies involving celebrity endorsers of an aesthetic company.
Speaking at the “Kapihan sa Senado,” Escudero emphasized that the current law is sufficient to distinguish between ordinary endorsers and those who are also partners in the businesses they promote.
He explained that the legal issues facing celebrities stem from allegations that they were more than just endorsers, but also involved in the company’s operations.
“Personally, I don’t see any need to revisit the law,” Escudero said.
“For me, the law is already clear. There’s a distinction between an ordinary endorser and one who is a partner in the business. The allegations here go beyond simple endorsement; these individuals are being accused of being part of the company.”
Escudero added that a mere endorser should not be held liable for any legal issues, such as scams, linked to the businesses they promote.
“A mere endorser should not be liable for any scams related to a business or restaurant,” he said.
His comments come in the wake of Senator Robin Padilla’s proposal to protect celebrity endorsers from being implicated in investment scams. Padilla recently filed Senate Bill 2889, which aims to safeguard endorsers from legal entanglements arising from fraudulent business activities.
The bill gained traction after actress Nerizza “Neri” Naig-Miranda was detained, and comedian Rufa Mae Quinto faced an arrest warrant for their involvement with Dermacare, a company accused of unauthorized investment solicitation and the illegal sale of securities.
Despite his stance on the matter, Escudero signaled a willingness to consider alternative perspectives from his colleagues.
“If my fellow lawmakers have a different viewpoint, I am open to studying and reviewing their proposals,” he said.
“Maybe there are issues I’m not seeing.”
In the same forum, Escudero shared a personal anecdote about his wife, actress and fashion icon Heart Evangelista. He revealed that she had asked him to review her endorsement contracts, stressing the importance of caution when dealing with large offers.
“My wife is asking me to review the contracts she’s signing, but of course, there are no attorney’s fees involved,” Escudero said with a smile. “It’s important to be cautious. They shouldn’t rush into deals just because there’s a big payout on the table.”
