House panel eyes creation of trust fund for child actors

ABS-CBN News

Posted at May 12 2018 07:03 PM

File/Jonathan Cellona, ABS-CBN News

MANILA—The House Committee on Public Information has approved a bill requiring the employer of a child actor to deposit his income in a trust fund.

Under House Bill 681, the trust fund will be held in safekeeping by the bank until the actor is 18 years old.

"The bill provides that all movie, television, radio producers, promotions and advertising agencies, talent promoters and other similar entities, who in the course of business, hire, procure or engage the services of an unemancipated minor below 18 years old, shall be required to deposit in the name of the said minor at least 50 percent of the minor’s income or talent fee at a bank duly licensed by the Bangko Sentral ng Pilipinas in the form of a trust fund," the panel said in a statement.

The measure provides that the trust fund shall be "free from the encroachment, use, misuse, or abuse by other parties." 

"In extreme cases, however, as in the case where the life or health of the said minor beneficiary is in grave danger and the use of said trust fund is unavoidable, the rule in the preceding section shall not apply," it said.

"In case of incapacity or death of the minor-beneficiary, the parents, or in their absence, the guardian, or in his absence, the legal heirs of the minor-beneficiary shall take control of the trust fund established by authority of this Act, subject to existing banking laws, rules and regulations pertinent hereto, including the laws of inheritance."

Violators will be fined with imprisonment of 1 year to 5 years or a fine of P5,000 to P10,000, or both, at the discretion of the court.