Mr. Francisco A. Alba
SEC Opinion • Securities and Exchange Commission • Opinions • Jan 22, 1980
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January 22, 1980 Mr. Francisco A. Alba President, Prudential Life Plan, Inc. Bankmer Bldg., 6756 Ayala Ave. Makati, Metro Manila Sir : We have your letter of the 14th instant, requesting that you be allowed to have two (2) trustee banks instead of one (1). The reason cited therein is you will be better protected in cases of unforeseen events, i.e. bank run or even the closure of a bank which are likely to happen. LexLib Please be informed that we interpose no objection to your placing of your trust fund in two (2) banks provided that the total sum of these two deposits will not be less than P100,000.00 at any one time and provided further, that you submit copies of your trust agreement with the Far East Bank and Trust Company for our perusal as well as to form part of the records of your corporation. Please be guided accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Director Corporate and Legal Department
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