For tighter control in the processing and verification of your government securities transactions

CIRCULAR LETTER Series of 1993

TO : All Accredited Government Securities Dealers, Banks, Financial Intermediaries and All Concerned

For tighter control in the processing and verification of your government securities transactions, we wish to reiterate certain requirements prescribed under Central Bank Circular Letter dated April 12, 1988, as follows:

"1. Signing authority of officers called for by nature of transaction

The signature of two duly designated Class A officers, or anyone of the designated Class A officers jointly with any designated Class B officer should be required. The specimen of the signatures of these officers must be on file with the Government Securities Department (GSD), Central Bank of the Philippines, in the prescribed form, sample attached as Annex "A".

2. Authorization requirement for representatives to claim, receive or take-delivery-of-securities from GSD viz-a-viz-the-delivery-of such securities to any division in said Department.

Institutional investors transacting business with the GSD should submit standing authorization signed by the officers referred to under No. 1 hereof, with specimen signatures and recent photographs of authorized representatives.

Every request to take delivery of securities from the Central Bank must be accompanied by a specific written authority giving the name of the authorized representative and complete description of the securities requested. Individual authorizations of persons whose names and pictures are not on file with GSD shall be dishonored. Moreover, no changes in delivery instruction shall be allowed."

Accordingly and to update the Government Securities Department's records necessary in the processing and verification of your government securities transactions, please submit as soon as possible the following:

1. List of your authorized designated Class "A" and Class "B" officers as of October 31, 1993 together with their specimen signatures; and

2. List of your representatives authorized to claim, receive or take delivery of government securities from the Government Securities Department together with their pictures and specimen signatures.

It is understood, however, that every request to take delivery of securities from the Bangko Sentral must be accompanied by a specific written authority giving the full name of the authorized representative and complete description of the securities involved. Individual authorization to persons whose names and positions are not on file with GSD shall be dishonored. Moreover, no changes in delivery instruction shall be allowed.

To expedite verification of signatures, kindly type the names of authorized officers below their signatures on documents submitted to GSD like tender forms, letters/memoranda concerning over-the-counter placements in government securities, book-entry withdrawal forms, custodianship withdrawal letter-requests, etc.

Henceforth, please submit your list of authorized signatories together with their specimen signatures every six (6) months on or before January 31 and July 31 every year, or whenever there is a change, deletion and addition in the name of your signatories.

LAGRIMAS R. NUQUI Officer-In-Charge