Phase out of Bangko Sentral's fiscal agency functions and the transfer of the same to the Department of Finance (DOF)

MEMORANDUM Series of 1997

TO: All Book-Entry System Participants and All GS Investors Concerned

Please be advised that in line with the provisions under Section 129 of Republic Act No. 7653 (New Central Bank Act) mandating the phase out of Bangko Sentral's fiscal agency functions and the transfer of the same to the Department of Finance (DOF) within a period of three (3) years but in no case longer than five (5) years, the Monetary Board under Resolution No. 1296 dated October 1, 1997, approved the transfer of the administration of government securities (GS) under the Book Entry System (BES) administered by BSP's Government Securities Department (GSD) from BSP-GSD to the Department of Finance-Bureau of the Treasury (BTr) under the following arrangement:

1. GS to be transferred/integrated to BTr's Registry of Scripless Securities (ROSS) System shall consist of all GS under BES with maturity dates after November 4, 1997. The official cut-off date for the transfer is October 10, 1997. By Monday, October 13, transactions for and servicing of, the transferred GS shall be reported to/undertaken thru the Btr.

2. GS under BES maturing on or before November 4, 1997 shall no longer be transferred and shall continue to be serviced by BSP until maturity.

EDGARDO P. ZIALCITA Deputy Governor