DO 40, s. 2004 – Authority C ranted to Region V II a nd Attached Divisions to Use Banking Services of the National Teachers and Educators Cooperative Bank (NTECB)
Directors of Services, Centers and Heads of Units
Schools Division Superintendents
Heads, Public Elementary and Secondary Schools
- The Department of Education, upon review of NTECB papers submitted and upon confirmation of the same by the Bangko Sentral ng Pilipinas (BSP), recognizes Monetary Board (MB) Resolution No. 1493 dated 1 September 2000, particularly the provision:
“To approve the request (of NTECB) to accept government deposits only from the Department of Education (Culture and Sports [DECS]) and subject to the following conditions:
- that the aggregate amount of government funds which the Bank can hold at any given time shall not exceed 200% of its net worth;
- that NTECB shall comply with the requirements for the grant of authority to accept government deposits as enumerated in Annex “A”, even after the authority to accept said deposits has been granted and during the period the bank actually holds government deposits; and
- that the amount so deposited will be invested solely in government securities.”
- In this regard, DepED Region VII and any of its attached divisions are authorized to bank with NTECB subject to the requirements for the grant of authority to accept deposits from the Department as outlined by the BSP (Annex A).
- The authority is currently limited to Region VII, the site of the NTECB head office. As NTECB branches expand to other parts of the country, other regions may avail of this authority subject to the limits placed on NTECB by the BSP.
- For immediate dissemination.
Allotment: 1—(DO. 50-97)
To be indicated in the Perpetual Index under the following subjects: