DOF extends agencies, GOCCs compliance with deposit rulesDOF Sec. 01-2015 on June 1, 2015 directing NGAs, LGUs and GOCCs to deposit funds only in qualified GFIs to help ensure that public funds are tightly safeguarded and as part of government efforts to strengthen its overall fiscal position. DOF has until the day before the deadline to evaluate, and approve or disapprove the request,” the circular likewise stated. 01-2015.”The DOF issued DC No. “All NGAs, GOCCs, and LGUs specifically allowed by law, rules and regulations to retain income and/or for operations and/or working balances shall deposit and maintain accounts with GFIs with a universal bank license and CAMELS rating of at least “3” DOF said.

Source: Manila Bulletin July 18, 2016 07:52 UTC