Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury
Letter of Instructions No. 61, issued on March 5, 1973, directs the Secretary of Finance to consolidate the cash balances of various government agencies into a single account called the "Treasury Checking Account for Agencies." This measure aims to reduce idle cash and minimize the need for high-interest borrowing by the National Government. All agency checking accounts are to be discontinued, and disbursements will be managed through this unified account. The Treasurer of the Philippines is responsible for replenishing this account as needed and must coordinate with the Auditor General to establish procedures for fund withdrawals.
Quick Answers
- What is Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury about?
- Letter of Instructions No. 61, issued on March 5, 1973, directs the Secretary of Finance to consolidate the cash balances of various government agencies into a single account called the "Treasury Checking Account for Agencies." This measure aims to reduce idle cash and minimize the need for high-interest borrowing by the National Government. All agency checking accounts are to be discontinued, and disbursements will be managed through this unified account. The Treasurer of the Philippines is responsible for replenishing this account as needed and must coordinate with the Auditor General to establish procedures for fund withdrawals.
- What type of law is Letter of Instructions No. 61?
- Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury (Letter of Instructions No. 61) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury enacted?
- Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury (Letter of Instructions No. 61) was enacted on Mar 5, 1973.
- What is the citation for Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury?
- Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury, Letter of Instructions No. 61, Mar 5, 1973 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 61
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 5, 1973
LETTER OF INSTRUCTIONS NO. 61
TO : The Secretary of Finance
Pursuant to Proclamation No. 1081, dated September 21, 1972, and in my capacity as Commander-in-Chief of all the Armed Forces of the Philippines and in order to reduce idle cash balances held by the various departments, bureaus, offices, agencies and/or instrumentalities of the National Government and to reduce borrowing at high interest or discount rates which the National Government is compelled to resort to so as to meet the cash draw-downs occasioned by the periodic withdrawals made by the various departments, bureaus, offices, agencies and/or instrumentalities, you are hereby ordered to direct and effect the immediate transfer of the existing balances of these deposits from the accounts of the various departments, bureaus, offices, agencies and/or instrumentalities to the account of the National Treasury to be designated "Treasury Checking Account for Agencies" in the same depository banks. Henceforth, all agency checking accounts shall be discontinued and there shall be created only one checking account to be designated "Treasury Checking Account for Agencies" against which all checks for disbursements made by various departments, bureaus, offices, agencies and/or instrumentalities shall be drawn.
Such officials authorized to sign or countersign checks to be drawn against the said "Treasury Checking Account for Agencies" shall be duly deputized by the Treasurer of the Philippines. The Treasurer of the Philippines shall from time to time replenish the said "Treasury Checking Account for Agencies" in an amount necessary to cover the disbursement requirements of the various departments, bureaus, offices, agencies and/or instrumentalities of the National Government.
You shall coordinate with the Auditor General in prescribing the necessary procedures governing the disbursements or withdrawals of funds from the Treasury by the various departments, bureaus, offices, agencies and/or instrumentalities of the National Government.
DONE in the City of Manila, this 5th day of March, in the year of Our Lord, Nineteen Hundred and Seventy-Three. cdt
Cite This Law
Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury, Letter of Instructions No. 61, Mar 5, 1973 (Philippines)
Transfer of Existing Balances of Deposits from Accounts of Various Departments to Account of the National Treasury, Letter of Instructions No. 61 (Phil. 1973)
Related Laws
- Transfer to the General Fund of All Existing Balances, etc. of the Consumer Price Equalization FundLetter of Instructions No. 1394 • Mar 29, 1984 • Presidential Issuances
- Establishment of Depository Accounts in the Name of Corp. or Agencies Receiving National Government FundsLetter of Instructions No. 477 • Oct 27, 1976 • Presidential Issuances
- Reverting All Dormant Accounts, Unnecessary Special and Trust Funds to the General FundExecutive Order No. 431 • May 30, 2005 • Presidential Issuances
- Consolidation of the Handling and Accounting of Proceeds of Foreign Loans in the Bureau of the TreasuryLetter of Instructions No. 109 • Aug 3, 1973 • Presidential Issuances
- Directives on Undocumented Certifications to Accounts Payable in the Books of Accounts of Government AgenciesLetter of Instructions No. 478 • Nov 5, 1976 • Presidential Issuances
- Guidelines for the Transfer by National Government Agencies of All Cash Balances to the National TreasuryJOINT COA-DBM-DOF Circular No. 01-97 • Jan 2, 1997 • Implementing Rules and Regulations
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law