l1ilippines

2Kcpublic of file

epartment

.^r

of

office of tile'

^

i imume

ecretarg

gatCttnila May 20, 1A74

DEPARTA4iNT Os DLR NO. 17-74 Series of 19714 RULES AND M,,GULAT IONS GOVERNING PRDMYO SAVINGS BONDS

Pursuant to the provisions of Section : of Republic Act No. 1000, as. amended, the following rules am regulations are hereby prescribed, after consultation with the Monetary Board,, to govern the issuance, plac ement, 'sales, servicing and repayment of Premyo Savings Bonds: I.. General Provisions Section 1.

A;,'pl.icabili

.-

This Orddr shall apply

all Premyo Savings Bonds hearing any issue dues whatever, except as otherwise specifically provided heein. Section 2.

Accreditation of Service Af ^ enci.es.-

As fiscal'

agent, the Central Bank may accredit the Philjippine National Bail: and its branches and agencies and. other ,government or private banks! or non-hank financial institutions as service agencies: Provided, ho,eever, that in the. accreditation of branches and agencies of each private banking. institution said branches and their head office shall. be treated as a unit.

U.

Face of the Bond.-

Each bond shall indicate its title

denoniinati.on, serial number, and uni_ts.. It shall provide a space for the issue date and bear the facsimile sign&ture of the Secretary of Finance as wel.l as an imprint of he Seal `of the Republic of the Philippines. A stub shall be provided to contain only the owner's name and his address. The authority for the issue shall further be printed on the face of each bond. 'II'. Section 1.

I'urchaseof Bonds

Ageiici.es.-

These bonds may be purchased at the

Securities Servicing Department of the Central Bank, at any of

1

the regional offices or.sub-offices of the Central Bank, or at any of its accredited service agencies. Section 2.

-

Methods of Purchase.- These Jonds may be

piurchased, whine the offer therefor is in effect upon the accomplishment of the forms prescribed., as follows: a.

Over-the-Counter for Cash or Checks.- ^ Purchases over-

the-counter may be made upon application and pa^lient of the purchase price, in cash, postal money order, ban. money order, or check.

In the latter case, however, checks ayableby

endorsement are not acceptable. Checks, or othbr forms of exchange, including personal checks, will be accepted subject to collection.

-4b.

On Mail Order.-

Applications for the purchase of

these bonds by mail shall be accepted when accompanied by a remittance to cover,.the issue price.

The renu.Lnce should be

by check or other forms of exchange, forwardedLnith delivery instructions. Service agencies are authorized to deliver bonds by mail within the Philippines at the address given by the purchaser. purchased. by citizens residing abroad, the bonds will be delivered at such address in the Philippines as the purchaser directs. No mail. deliveries. elsewhere will be made. c.

Direct Purchase by Banks, non--bank institutions

other accredited service aa'enci.es.-

and

Applications for the purchase

of these bonds by banks, non-bank institutions and other accredited. service agencies shall be accepted by debit toltheir account. by the Central Dank (in the case of banks) or by direct payment,

or by any other arrangement that may be deemed appropriate. Section 3. .Duties of Service Agencies.-I An authorized service agency shall. perform the duties st'ip»l.ated in the service agency agreement it,has entered into with.the ilentr

Bath of the '

1hilippines. Section 4.- Special. Dej:iand Deposit- Account.- The national Treasurer shall maintain a "Special Demand Dep ,sit-Premyo Savings Bonds" with the Central Bank of: the Philippines! to which proceeds from the sale of the bonds will be credited and to which also all

-5payments of prizes; commissions and other incidental expenses shall 'be charged.

In the event this account is not sufficient

to cover such charges, the Central Bank shall debit the regular demand deposit account of the National Goverimudnt maintained with it. Section 5. ' Funds for Encaslvaent.- All b nds surrendered for encashment. shall be paid out of Goveiwment Special and Trust Funds which will be designated by the S'ecrctar;i of Finance for_ the purpose.. All bonds absorbed by such Funds shall be deemed as investments of said Funds. IV. Section 1.

Lottery Bond Scheme

Announcement of Lotteries an Prizes.

Announcement of the holding of the lottery and of the prizes to be awarded therein shall be made before each draw,, and the result thereof shall be announced not later than the day follow: ing the lottery. Section 2.

Lottery Coiu;tittee.-

A lottery committee is

hereby constituted with the representative of t1e Secretary of Finance as Chairman, with the Director of the Securities Servicing Department of the Central sank, the Auditor of the Central. Bank, a representative of the Bankers Association of the -Philippines and a representative of the Savings Bankers Association of the Philippines as members. designated.

Al.i:ernate'representatives may also be,

The Committee shall perform the .1 o1icwin$? a.

Determine and recommend, to the 4cretary of

Finance the frequency of the holding of lotteries, the prize fund, and the amounts and number of prizes to be awarded for each draw: Provided, however, that a lottery is held at, least monthly on the first worcing(day of the month; b. .Determine all outstanding bonds Lligible for the lottery, in accordance with the provijsions of Section 2, immediately preceding; Supervise the actual draw; d.

Prepare and submit a report on lie results of

the lottery, recommending payment of'the awarded.

The allotient of the prizes as

the Secretary of Finance shall be final; a.

Cause the publication of th.e reshltsof the

'lottery' and transmit same to the Securities Servicing Department, Central Danjc of the Philippines. Section-3. !'a}m:ent

of Priz es.-

Payment

of prizes-by

check shall be made by the Cecurities Servicing Department, Central Bar4c of. the Philippines, or its autho(•ized service agencies only after verification by the Central. Bait, and only, after the presentation of the winning bond by.the holder. thereof.

Section 4.

Disposition of Unclaimed Prizes.- Prizes that

are not claimed within a period of -five (5) years from the date of the announcement thereof shall be deeiicd unclaimed, and shala accordingly be forfeited to the Government. Section 5. defaced Bonds.-

-

Pavrnent of Prizes on Partially Mutilated or Payment of r.,ia.zc

w n by bond) partially

mutilated or defaced, for which relief may be:glanted by the Central rank, shall be. held in abc,yz;ce until issuance of the corresponding replacement certificate has been dace. VI.

?;eijaYnent

Section 1.- In General.-

Repayinent of a bond r.:ay be made

upon apIlication and its surrender by the holdex1 to the Securities ',Servicing Department of the Central Bans;, or th l ough any Central Bank regional., office. Section 2.- Repayment by Authorized Service Agencies.Repayment of a'bend may also be effected by an accredited service agency upon application and surrender by the holder, only when specifically authorized for the -purpose. VII.

Section 1.

Miscellaneous'Provijsi.ons

Tax. Lempticn.-

All Prerayo Savings Bonds and

the pries thereon shall be exempt from taxation by the Government` of the Rey_,blic of the Philippines or any politi^al or municipal subdivision thereof, and shall. likewise be exen:yl from attachment, execution or seizure.

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;; cl U Per pets on, as well as

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X", r,^t r a of Finance f ur i. s that. may be

the right to sell those bonds abroad

at the rate of exchange prevailing at the tim, of purchase. Section 3.

Relief in case of -partial- d1struction, deface-

ment or mutilation of bend.a.

In case of partial destruction,_.defacenent or mutila-

tion, relief consisting of the issuance of a repl-acecreat certificate maybe granted by the Central- 13ait upon application of the owner, when the complete identification of the bond by issue, series, denomination and serial. number is esthblished- to the, satisfaction of the Central Bank". b. .

Pending replacement of a partially 3estroyed., ,defaced

I or mutilated bond, its eligibility for any to;ctery-draw shall not be suspended of in any manner impaired.. Section 4.

Penal Provision.- Any violation of 't

rules and regulations shall be punishable in accordance with the penal provisions in R.A. No: 1GG0, as a;neluded. Section 5.

Supplements, tiiiendments, or;Revisions.-

The

-Secretaryof Finance may at any time, or-from, time to tirie, prescribe additional, supplemental, or revised rules and regulations governing these bonds.. Section 6. ,Effectivity of these Re,^nl ations.- These rules, and regulations shall.take effect immeaiatelyi.

CESAiu VIRATA Secretary of Finance

DEPARTMENT ORDER NO. 17 .pdf

Page 1 of 7. 2Kcpublic of file l1ilippines. r ^. epartment of .^. i imume. office of tile' ecretarg. gatCttnila. May 20, 1A74. DEPARTA4iNT Os DLR NO. 17-74.

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