Amendments to the Signing of Transmittal Letters of Sequestered Companies

CBP CIRCULAR LETTER Series of 1993

TO : All Commercial Banks and Non-Bank Financial Intermediaries Concerned

SUBJECT : Amendments to the Signing of Transmittal Letters of Sequestered Companies

Attached, for your reference and guidance, is a copy of the letter dated March 17, 1993 with Annex "A" appended thereto of Mr. Magtanggol C. Gunigundo, Chairman, Presidential Commission on Good Government regarding the amendments to the signing of transmittal letters of sequestered companies covering disbursements which are pre-audited by the Commission-designated signatories.

JOSE L. CUISIA, JR. Governor

GOVERNOR JOSE L. CUISIA, JR. Central Bank of the Philippines Manila

Dear Governor Cuisia:

Relative to the signing of transmittal letters of sequestered companies covering disbursements which are pre-audited by the Commission-designated signatories, please consider the following amendments for dissemination to all commercial banks and other non-bank financial institutions:

1. All cash withdrawals, transfer of funds and money market placements and other disbursements including rollovers/renewals, availments of credit facilities/loans, are subject to the prior consent and acknowledgment by PCGG designated signatories per Annex "A", attached herewith, to be indicated in the withdrawals slips and/or transmittal letters covering transfer of funds and in the letter of money placement/advice or credit /loan applications;

2. In the absence of the specified signatories per Annex "A" (attached) anyone of the following signatories may sign the transmittal letters and/or related bank documents/communications mentioned in above number 1, namely:

a. MAURO J. ESTRADA (Sgd.) for MARCOS & IMMEDIATE FAMILY Sequestered Props.

b. MATTHEW B. REYES (Sgd.) for ROMUALDEZ Sequestered Properties

c. BIBIANO MACABUHAY, JR. (Sgd.) for COJUANGCO Sequestered Properties

3. All transmittal letters and other related transactions specified in abovementioned No. 1, and other disbursements which are pre-audited and signed by PCGG-designated signatories shall be countersigned by any one of the following; except the signatory designated in Paragraph 2 above, who signed for and in behalf of the Asset Monitor:

a. MAURO J. ESTRADA b. MATTHEW B. REYES c. BIBIANO MACABUHAY, JR.

4. Finally, all transmittal letters and related documents signed and counter signed by designated signatories shall be APPROVED by the following, namely:

a. (Sgd.) DIRECTOR RAMON P. HONTIVEROS Sequestered Assets Department (SAD)

b. (Sgd.) COMMISSIONER REYNALDO S. GUIAO Commissioner-In-Charge of SAD

before these are released or transmitted to the sequestered companies concerned.

In this connection, kindly advise all commercial banks including all other non-bank financial institutions concerned regarding aforesaid changes which shall take effect immediately and supersede all previous instructions issued.

Again, thank you for your kind assistance.

Very truly yours,

MAGTANGGOL C. GUNIGUNDO Chairman