Procedure for Payment of Prize Claims in the Form of Cash to Service Agency Holders of Winning Bonds

February 14, 1979 CBP CIRCULAR LETTER TO : All Premyo Savings Bonds "Biglang-Bahay" Series Bank Service Agencies SUBJECT : Procedure for Payment of Prize Claims in the Form of Cash to Service Agency Holders of Winning Bonds In implementation of Ministry Order No. 4-79, series of 1979, copy attached, providing for the payment of prizes of winning Premyo Savings Bond "Biglang-Bahay" series, in the form of cash at the option of the Human Settlements Development Corporation if the holder thereof is a service agency, the following procedure shall be observed.. 1. The service agency shall prepare the usual prize claim for Premyo Savings Bonds. 2. The prize claim shall be forwarded to the HSDC with the request that payment be made in the form of cash. cdpr 3. On the basis of the above prize claim, the service agency bank shall debit the account " Due to CB-PSBs" (20% retention). 4. The Securities Servicing Department shall respond to the above debit only upon receipt of the prize claim, payment of which in the form of cash, has been approved by the HSDC. Please be guided accordingly. cdll (SGD) ALINA M. DIAZ Director ATTACHMENT MINISTRY ORDER NO. 4-79 Series of 1979 February 12, 1979 FURTHER AMENDMENT TO THE RULES AND REGULATIONS GOVERNING PREMYO SAVINGS BONDS In accordance with Section 5 of Part VII of Department Order No. 23-74, Series of 1974, as amended, the rules and regulations governing Premyo Savings Bonds are hereby further amended to read as follows: SECTION 1. Section 3 of Part IV is hereby further amended to read as follows: SECTION 3. Payment of Prizes . Payment of prizes by check shall be made by the Securities Servicing Department, Central Bank of the Philippines, or by the authorized service agency from whom the winning bond was purchased, only after verification by the Central Bank, and only after the presentation of the winning bond by the holder thereof; provided, however, that for winning bonds of the "Biglang-Bahay" series, prizes shall be in the form of houses and lots to be awarded through the Human Settlements Development Corporation, or at its option in cash, if the holder of the winning bond is a service agency . SECTION 2. Effectivity . This Order shall take effect immediately. (SGD.) CESAR VIRATA Minister of Finance