Exempting the Dormant Accounts of the Philippine Postal Savings Bank From the Prescribed Escheat Proceedings Under Sections 2000 and 200-A of the Revised Administrative Code

EXECUTIVE ORDER NO. 268 July 25, 1987

EXEMPTING THE DORMANT ACCOUNTS OF THE PHILIPPINE POSTAL SAVINGS BANK FROM THE PRESCRIBED ESCHEAT PROCEEDINGS UNDER SECTIONS 2000 AND 200-A OF THE REVISED ADMINISTRATIVE CODE

WHEREAS, pursuant to Presidential Decree No. 221, as amended by Presidential Decree No. 241, the operations of the Philippine Postal Savings Bank ("PPSB") were discontinued and its remaining assets and liabilities were transferred to the Philippine National Bank ("PNB");

WHEREAS, comprising these assets and liabilities are accounts which by law are considered dormant accounts there being no deposit, withdrawal or other transactions thereon for more than ten (10) years since the last transaction;

WHEREAS, the procedures prescribed under Sections 2000 and 2000-A of the Revised Administrative Code, as amended, for the escheat, of PPSB dormant accounts require, among others, the following:

1. posting in every municipality and chartered city a printed list containing:

(a) the name and last known address of the depositor and the name of his beneficiary, if any;

(b) the amount outstanding; and

(c)...

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Summary of Executive Order No. 268

Exempting the Dormant Accounts of the Philippine Postal Savings Bank from Escheat Proceedings
• Provides an exemption from the prescribed escheat proceedings under Sections 2000 and 2000-A of the Revised Administrative Code for the dormant accounts of the Philippine Postal Savings Bank (PPSB).
• Outlines the following procedures for the escheat of PPSB dormant accounts:
    - A notice shall be published in a newspaper of general circulation once a week for three consecutive weeks, requiring depositors to withdraw their outstanding balances within six (6) months from the last publication. (Section 1(a))
    - Any deposits remaining unclaimed after the six-month period shall be deemed escheated in favor of the Philippine National Bank (PNB) as trustee of PPSB assets, without further proceedings. (Section 1(b))
    - The unclaimed deposits shall be disposed of in accordance with Presidential Decree No. 241, after paying expenses related to the required notice. (Section 1(b))
• Repeals or modifies any inconsistent laws, decrees, acts, orders, proclamations, rules, and regulations. (Section 2)
• Took effect immediately upon issuance on July 25, 1987. (Section 3)