Amended Guidelines on Authorized Government Depository Banks

May 11, 2017DOF DEPARTMENT CIRCULAR NO. 001-17TO:Heads of All National Government Agencies, Government-Owned or -Controlled Corporations/Government Financial Institutions and Provincial City, Municipal and Barangay Treasurers (Local Treasurers)   SUBJECT:Amended Guidelines on Authorized Government Depository Banks SECTION 1. Section 3 of Department Circular No. 01-2015 dated June 1, 2015, as amended, is hereby amended to read as follows: "3.1 "Authorized Government Depository Banks" ("AGDBs")" refer to banks where NGAs/GOCCs/GFIs/GICPs/GCEs and LGUs are allowed by law to deposit Government Funds and maintain depository accounts, or by way of exception, a bank allowed by the Department of Finance and the Monetary Board to hold government deposits subject to prescribed rules and regulations."3.2 "Government Financial Institutions ("GFIs")" refer to financial institutions or corporations in which the government directly or indirectly owns majority of the capital stock and which are either: (1) registered with or directly supervised by the Bangko Sentral ng Pilipinas ("BSP"); or are (2) collecting or transacting funds or contributions from the public and thereafter, placing them in financial instruments or assets such as deposits, loans, bonds and...