Senate President Francis “Chiz” Escudero believes there is no need to revise securities laws, even in light of legal issues involving celebrity endorsers Neri Naig and Rufa Mae Quinto, who are linked to an aesthetic company under scrutiny.
Speaking at the Kapihan sa Senado, Escudero stated, “Personally, I don’t see any need [to revisit the law].” He explained that the current legislation sufficiently distinguishes between ordinary endorsers and those who are actively involved as partners in a company.
“The allegations against these celebrities go beyond being endorsers—they are accused of being part of the company itself. A mere endorser should not be liable for scams tied to the business,” he said.
The discussion comes as Senator Robin Padilla proposed Senate Bill 2889, aimed at protecting celebrity endorsers from legal entanglements in investment scams. The bill follows the detention of actress Neri Naig-Miranda and an arrest warrant issued against comedian Rufa Mae Quinto over their association with Dermacare. The company was flagged by authorities for allegedly unauthorized investment solicitations and securities sales.
While Escudero remains firm that the law is adequate, he is open to revisiting the issue. “If my colleagues or members of Congress have a different perspective, I’m open to studying it. Maybe there’s something I’m missing,” he said.
Escudero also shared a personal anecdote, mentioning that his wife, actress and fashion icon Heart Evangelista, regularly asks him to review her endorsement contracts. “She asks me to review them, but of course, there are no attorney’s fees involved,” he joked. “It’s wise to be cautious and not too eager, even if there’s a big offer on the table.”