Opening/Maintaining of Depository FCD Accounts by the Bureau of the Treasury with Philippine National Bank

January 30, 2004 DOF DEPARTMENT ORDER NO . 008-04 SUBJECT : Opening/Maintaining of Depository FCD Accounts by the Bureau of the Treasury with Philippine National Bank 1.0 Purpose This order is being issued to authorize the Bureau of the Treasury (BTr) to open an FCD account with PNB in connection with the Escrowed Swiss Deposit forfeited in favour of the Republic of the Philippines (ROP). 2.0 General Guidelines 2.1 As part of the implementation of the Decision of the Supreme Court in G.R. No. 152154, entitled "Republic of the Philippines versus Sandiganbayan et al, stating among other things, that, "the Swiss deposits which were transferred to and are now deposited in escrow at the Philippine National Bank in the estimated aggregate amount of US$ 658,175,373.60 as of January 31, 2002, plus interest, are hereby forfeited in favour of the Republic of the Philippines", the said funds or assets shall be delivered to the National Treasury to be utilized in accordance with law; 2.2 In order to expedite the transfer of said funds or assets to the ROP, the BTr is hereby authorized to open a custodian account with Philippine National Bank, the latter having entered into various Escrow agreements with the PCGG including the subject Swiss deposits; 2.3 Unless sooner withdrawn or terminated, the custodian account shall be maintained with PNB. 3.0 Effectivity This order shall take effect immediately. ITScHa (SGD.) JUANITA D. AMATONG Secretary