Department of Finance Circular No. 001-2015, Dated June 1, 2015 on the Revised Guidelines on Authorized Government Depository Banks

July 3, 2015 BLGF MEMORANDUM CIRCULAR NO. 013-15 TO : The Regional Directors of this Bureau; the Provincial, City and Municipal Treasurers; and All Others Concerned SUBJECT : Department of Finance Circular No. 001-2015, Dated June 1, 2015 on the Revised Guidelines on Authorized Government Depository Banks For the information and guidance of all concerned, attached is a copy of Department of Finance (DOF) Circular No. 001-2015, dated June 1, 2015 prescribing the revised guidelines on authorized government depository banks which supersedes DOF Order Nos. 27-05, 32-03 and 11-99 dated December 9, 2005, November 20, 2003 and February 24, 1999, respectively, pertaining to authorized government depository banks. In accordance therewith, local government units shall be serviced only by government financial institutions with a universal bank license and a CAMELS rating of at least "3". However, depository accounts with banks other than the GFIs mentioned may be allowed provided that they seek prior approval from the BLGF, upon compliance with specific requirements. Strict compliance with the aforementioned guidelines is hereby enjoined. The Regional Directors of this Bureau are hereby instructed to disseminate this issuance to all Provincial, City and Municipal Treasurers within their respective regional jurisdictions, who in turn, are likewise hereby directed to provide a copy for their respective Provincial Governors, City and Municipal Mayors and others concerned. (SGD.) SALVADOR M. DEL CASTILLO OIC-Executive Director DOF Circular No. 001-15