LGU Compliance Monitoring Re: Authorized Government Depository Banks per DOF Circular No. 001-2015 and DOF Circular No. 002-2015

January 18, 2016 BLGF MEMORANDUM CIRCULAR NO. 001-16 TO : All Regional Directors of this Bureau; All Provincial, City and Municipal Treasurers; and All Others Concerned SUBJECT : LGU Compliance Monitoring Re: Authorized Government Depository Banks per DOF Circular No. 001-2015 and DOF Circular No. 002-2015 This pertains to the attached copy of Department of Finance (DOF) Circular No. 002-2015, dated July 10, 2015, amending Section 6 of DOF Circular No. 001-2015, dated June 1, 2015, on the Revised Guidelines on Authorized Government Depository Banks, circularized under this Bureau's Memorandum Circular No. 13-2015 dated July 3, 2015. The amendment under DOF Circular No. 002-2015 reads as follows: "6. TRANSITORY PROVISIONS 6.1 All NGAs, GOCCs or LGUs maintaining accounts with banks not compliant with the requirements of Section 5.2 except those allowed under Sections 5.3 and 5.4, shall have one (1) year from the effectivity of this Circular to transfer all funds and cash balances to a bank compliant with the provisions of Section 5.2 hereof. (emphasis supplied) 6.2 During the period mentioned in Section 6.1, NGAs, GOCCs and LGUs may maintain existing accounts with a non-compliant bank but may not make further deposits thereto. (emphasis supplied) 6.3 Once the period mentioned in Section 6.1 lapses and the bank is still unable to meet the requirements of Section 5.2, NGAs, GOCCs and LGUs must transfer all funds and cash balances to banks that meet the requirements of Section 5.2." In this regard, all Regional Directors are hereby instructed to widely disseminate this Circular to all Provincial, City and Municipal Treasurers, copy furnished the concerned Local Chief Executive, within their respective regional jurisdictions, informing that the one (1) year deadline to transfer all funds and cash balances to a compliant bank is on June 1, 2016. CAIHTE Likewise, all local treasurers are instructed to submit a report on the depository banks being maintained by the LGU, using the attached standard reporting format (Annex A). Please submit the reports to the concerned Regional Office in (1) Excel file, and (2) signed and certified printed forms no later than 8 February 2016. The BLGF Regional Offices are instructed to consolidate the Excel file reports of all LGUs within their respective jurisdictions (use Annex B) and email such consolidated file to Ms. Josephine A. Aseo, OIC-Chief of Local Treasury Operations Division, via email at [emailprotected] no later than 15 February 2016. For strict compliance. (SGD.) JOCELYN T. PENDON OIC-Executive Director ANNEX A Compliance Monitoring of LGU Depository Banks as of __________________ Region Name of LGU Name of Bank/s Bank Branch Account Type Date Opened Ending Balance Instructions: Populate all cells for every LGU depository account being recorded. Add rows as may be necessary. Certified true and correct: Date Issued: _________________________ _______________________ (Signature over Printed Name) Name of Treasurer Position/Designation ANNEX B Compliance Monitoring of LGU Depository Banks BLGF Region __________________ Region Name of LGU Name of Bank Bank Branch Account Type Date Opened Ending Balance Instructions: Populate all cells for every LGU depository account being recorded. Add continuous rows from LGU sheets. Certified true and correct: Date Issued: _________________________ _______________________ (Signature over Printed Name) Name of Treasurer Position/Designation ATTACHMENT DOF Department Circular No. 002-15 July 10, 2015. DOF Department Circular No. 001-15 June 1, 2015. BLGF Memorandum Circular No. 013-15 July 3, 2015.