[ BSP MEMORANDUM, February 06, 2001 ]
SIGNING OF TRANSMITTAL LETTERS OF SEQUESTERED COMPANIES COVERING DISBURSEMENTS
Attached is a self-explanatory letter dated January 5, 2001 received by this Office from the Presidential Commission on Good Government (PCGG) acting through its Chairman, Justice Magdangal B. Elma, in relation to the amendments on the guidelines for the signing of transmittal letters of sequestered companies covering disbursements which are pre-audited by the PCGG-designated signatories.
Adopted: 6 Feb. 2001
(SGD.) RAFAEL B. BUENAVENTURA
Governor
GOVERNOR RAFAEL B. BUENAVENTURA
Bangko Sentral ng Pilipinas
Manila
Dear Governor Buenaventura:
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, money market placements and disbursements including rollovers/renewals, availments of credit facilities and loans, are subject to the prior consent and acknowledgment by the hereunder PCGG designated signatories. The approval by said PCGG Comptrollers shall at all times, be indicated in the withdrawal slips and/ or transmittal letters covering transfer of funds, money market placements/advices or credit/ loan applications and other related documents. Sequestered corporations within Metro Manila, hereunder 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 directly to the depository bank(s), subject to exception as mentioned in No. 4
2. In the absence of the abovementioned signatories, any one of the following signatories may sign the transmittal letters and/or related bank documents/communications mentioned in the above number 1. The following personnel are hereby designated as ALTERNATE signatories:
Before these are released or transmitted to the sequestered companies concerned:
3. In the absence of the abovementioned signatories, DIR. TERESO L. JAVIER or DIR. MAURO J. ESTRADA shall countersign all documents mentioned in number 2 and shall be approved by:
COMMISSIONER JORGE V. SARMIENTO
4. A single disbursement/transaction exceeding the amount of FIVE MILLION (P5.000,000.00) PESOS shall need the approval of Commissioner Jorge V. Sarmiento or in his absence by Director Tereso L. Javier
In this connection, kindly advise all commercial banks including ail non-bank financial institutions concerned regarding the aforesaid changes which shall take effect immediately and supersede all previous instructions issued.
Again, thank you for your kind assistance.
Adopted: 6 Feb. 2001
(SGD.) RAFAEL B. BUENAVENTURA
Governor
Attachment
GOVERNOR RAFAEL B. BUENAVENTURA
Bangko Sentral ng Pilipinas
Manila
Dear Governor Buenaventura:
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, money market placements and disbursements including rollovers/renewals, availments of credit facilities and loans, are subject to the prior consent and acknowledgment by the hereunder PCGG designated signatories. The approval by said PCGG Comptrollers shall at all times, be indicated in the withdrawal slips and/ or transmittal letters covering transfer of funds, money market placements/advices or credit/ loan applications and other related documents. Sequestered corporations within Metro Manila, hereunder 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 directly to the depository bank(s), subject to exception as mentioned in No. 4
MO. |
||
No. |
NAME OF CORPORATION |
SIGNATORY(IES) (Specimen Signatures) |
| MBE- 2001 | ||
| 1. -01 | Indophil (OLA) Oil Mills Countryside Millers, Inc. PCYOil Mills | -STEVE M.ALCANTARA |
| 2. -02 | ECJ and Sons Agricultural Enterprises, Inc. |
-APOLINARIO A. CELOZA |
| 3. -03 |
Anchor Insurance Brokerage Corp. | -ALBERTINA D. FETALVERO |
| 4. -04 | Philippine Overseas Tecommunications Corporations | -TERESITA A. TABLIZO |
2. In the absence of the abovementioned signatories, any one of the following signatories may sign the transmittal letters and/or related bank documents/communications mentioned in the above number 1. The following personnel are hereby designated as ALTERNATE signatories:
ON FILE |
ON FILE |
|
MR. RENOR O. DAUAG |
ATTY. SALVADOR T. AGUSTIN |
|
or |
||
MS. ZENAIDA B. CABRERA |
MR. VIRGILIO S. MENDOZA |
|
or |
||
DARWIN C. ALTEA |
||
and shall be APPROVED by: |
||
DIR. TERESO L. JAVIER |
or |
DIR. MAURO J. ESTRADA |
Before these are released or transmitted to the sequestered companies concerned:
3. In the absence of the abovementioned signatories, DIR. TERESO L. JAVIER or DIR. MAURO J. ESTRADA shall countersign all documents mentioned in number 2 and shall be approved by:
COMMISSIONER JORGE V. SARMIENTO
4. A single disbursement/transaction exceeding the amount of FIVE MILLION (P5.000,000.00) PESOS shall need the approval of Commissioner Jorge V. Sarmiento or in his absence by Director Tereso L. Javier
In this connection, kindly advise all commercial banks including ail non-bank financial institutions concerned regarding the aforesaid changes which shall take effect immediately and supersede all previous instructions issued.
Again, thank you for your kind assistance.
| Very truly yours, | ||
| JUSTICE MAGDANGAL B. ELMA | ||
| Chairman |