The House committee on public information approved House Bill 681, seeking to require movie, television and radio producers, promotion and advertising agencies, talent promoters and other similar entities employing unemancipated minors to deposit the talent fees or income of the child actors and actresses in a trust fund.
The committee chaired by Rep. Scott Davies Lanete, M.D. passed the bill authored by Rep. Maximo Rodriguez who cited the need to protect the rights of child stars being marginalized by the fame and fortune that the performing arts pose.
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 bill provides that at least 50 percent of the minor’s income or talent fee should be deposited at a bank duly licensed by the Bangko Sentral ng Pilipinas in the form of a trust fund.
An unemancipated minor is a minor who is subject to the control, authority, and supervision of his or her parents or guardians, as determined under State law.
The trust fund shall be held in safekeeping by the bank, to earn legal interest, until the minor shall have reached the age of majority as defined by law.
The trust fund shall be held in safekeeping by the bank, to earn legal interest, until the minor shall have reached the age of 18.
The bank wherein the trust fund is deposited shall see to it that the deposit 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.
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 the Act, subject to existing banking laws, rules and regulations pertinent hereto, including the laws of inheritance.
The Bangko Sentral ng Pilipinas shall promulgate the pertinent rules and regulations in the implementation of the Act.
Any person who violates the Act shall be penalized with imprisonment of one year to five years or a fine of P5,000 to P10,000, or both, at the discretion of the court.