Letter/request of Chairperson Haydee B. Yorac, PCGG re amendments relative to the signing of transmittal letters of sequestered companies covering disbursements which are pre-audited by the Commission- designated signatories

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MAYNiLA, PILiPiNAS

OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR

CIRCULAR-LETTER

TO ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS

Attached is a self-explanatory letter/request dated 2 October 2002 of Chairperson Haydee B. Yorac, Presidential Commission on Good Government. addressed to Governor Rafael B. Buenaventura, Bangko Sentral ng Pilipinas, to advise all banks and non-bank financial institutions on the amendments relative to the signing of transmittal letters of sequestered companies covering disbursements which are pre-audited by the Commission-designated signatories.

The changes in the line up of signatories shall take effect immediately and shall supersede ail previous instructions issued.

For information and guidance.

ALBertO % REYES

Deputy Governor

Att. als

October 2002

MAG-IMPOK SA BANGKO Q i

PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT REPUBLIC OF THE PHILIPPINES

October 2, 2002

Manila Bangko Sentral ng Pilipinas GOVERNOR RAFAEL B. BUENAVENTURA

Dear Governor Buenaventura:

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

1. All cash withdrawals, transfer of funds, money market placements and be indicated in the withdrawal slips and/or transmittal letters covering transfer of related documents. Sequestered corporations within Metro Manila, hereunder directly to the depository bank(s), subject to exception as mentioned in No.4. funds, money market placements/advices or credit/loan applications and other referred to, that are subject to pre-audit by PCGG Comptrollers need not be countersigned or approved by PCGG officials, and therefore may be transmitted Ioans, are subject to the prior consent and acknowledgment by the hereunder PCGG designated signatories. The approval by said PCGG Comptrollers shall, at all times. disbursements including rollovers/renewals, availments of credit facilities and

M.O. No. NAME OF CORPORATION SIGNATORY

(Specimen Signatures)

HBY-2002-05 RADYO PILIPINO MR. SO&RATES C. PIGAO

HBY-2002-06 HARIRAYA COFFEE SHOP MR. SOCRATES C. PIGAC

HBY-2002-07 FIRST UNITED TRAVEL CORPORATION ("FUTC") MR. SOCRATES C. PIGAO

HBY-2002-08 INCORPORATED ("FUTI) FIRST UNITED TRANSPORT. MR. SO&RATES C. PIGAO

IRC Building, # 82 EDSA, Mandaluyong City, Philippines Tel. No. 727-29-27 Telefax: 725-90-39 Fax: 727-29-26 CzN(cl

PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT

Page ...2/ CB Circular

A K0 oUW HBY-2002-09 BROKERAGE CORPORATION ANCHOR INSURANCE MS. RUTH GRAN SOLIVEN

HBY-2002-10 ("PCSI) PHILIPPINE CONSULTANCY SYSTEMS, INCORPORATED MR. ALBERYO M. AGUIRRE

HBY-2002-1 1 BANAHAW BROADCASTING CORPORATION RADIO MS. RUTH GRAN SOLIVEN U duthesoliuen

DWXG-ILIGAN (DWDW-DAGUPAN STATIONS DWLW-LAOAG, DWGW-LEGASPI DWNW-NAGA and DWAN}

2. In the absence of the abovementioned signatorics, any one of the following personnel are hereby designated as ALTERNATIVE signatories: signatories documents/communications mentioned in Number 1 above. may sign the transmittal letters and/or related The following bank

ATTY SALV &DORV. AGUSTIN MR. AEFREDO DEL 9AZ

1r

1 DARWIN C ALTEA

And shall be APPROVED by:

DIR. TERESO L. JAVIER

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

PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT

Page ...3/ CB Circular

3. In the absence of the abovementioned signatories, DIR. TERESO L. JAVIER shall countersign all documents mentioned in number 2 and shall be approved by:

COMMISSIONER VICTORIA A. AVENA

4. A single disbursement/transaction exceeding the amount of FIVE MILLION (P5,000,000.00) PESOS shall need the approval of COMMISSIONER VICTORIA A. AVENA or, in her absence, of DIRECTOR TERESO L. JAVIER.

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

Again, thank you for your kind assistance.

Very truly yours.

HAYDEE'B. YORA Wd8 Ya

hairperson