DOF Department Order No. 27- 05 Dated 9 December 2005

CIRCULAR LETTER Series of 2006

TO          : All Banks Subject  : DOF Department Order No. 27- 05 Dated 9 December 2005

The Department of Finance (DOF) issued on 9 December 2005 the revised guidelines for the deposit and maintenance of government funds with banks under Department Order (DO) No. 27-05. Said DO revised the earlier guidelines issued by the DOF under DO No. 32-03.

Under the revised guidelines, Provincial, City and Municipal Treasurers, Commissioners of BIR and BOC, Heads of attached agencies of the DOF, and Heads of all Government-Owned and/or Controlled Corporations (GOCCs) are required to secure prior DOF approval if they are to deposit their funds or maintain depository accounts with banks other than the Land Bank of the Philippines and the Development Bank of the Philippines.  Banks concerned are therefore reminded to take appropriate measures to ensure that government offices and/or agencies that maintain deposit accounts with them have complied with this recent DOF directive, otherwise, affected deposit accounts may have to be closed.

Attached, for information and guidance, is a copy each of DOF DO Nos. 27-05 and 32-03 dated 9 December 2005 and 10 November 2003, respectively.

For compliance.

NESTOR A. ESPENILLA, JR. Deputy Governor