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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 88 -
AUTHORIZING THE METROPOLITAN INSURANCE COMPANY, INC. TO BECOME A SURETY
UPON OFFICIAL RECOGNIZANCES, STIPULATIONS, BONDS AND UNDERTAKINGS
WHEREAS, Sec. 1 of Act No. 536, as
amended by Act No. 2206, provides that whenever any recognizances,
stipulations, bond or undertaking conditioned for the faithful
performance of any duty or any contract made with any public authority,
national provincial, municipal, or otherwise, or of any undertaking, or
for doing or refraining from doing anything in such recognizance,
stipulation, bond or undertaking specified is, by laws of the
Philippines or by the regulation or resolutions of any public authority
therein, required or permitted to be given with one surety or with two
or more sureties, the execution of the same or the guaranteeing of the
performance of the conditions thereof shall be sufficient when executed
or guaranteed solely by any corporation organized under the laws of the
Philippines, having power to guarantee the fidelity or persons holding
positions of public or private trust and to execute and guarantee bonds
or undertakings in judicial proceedings and to agree to the faithful
performance of any contract or undertaking made with any public
authority;
WHEREAS, said section further provides "that no head of department,
court, judge, officer, board, or body, whether executive, legislative
or judicial, shall approve or accept any corporation as surety on any
recognizance, stipulation, bond, contract, or undertaking unless such
corporation has been authorized to do business in the Philippines in
accordance with the provisions of said Act No. 536, as amended, nor
unless such corporation has, by contract with the Government of the
Philippines, been authorized to become a surety upon official
recognizances, stipulations, bonds and undertakings; and
WHEREAS, the Metropolitan Insurance Company, Inc., is a domestic
corporation organized and existing under the laws of the Republic of
the Philippines and fulfills the conditions prescribed by said Act No.
536, as amended.
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the Republic
of the Philippines, by virtue of the powers vested in me by law, do
hereby authorize the Metropolitan Insurance Company, Inc., to become a
surety upon official recognizances, stipulations, bonds and
undertakings, in such manner and under such conditions as are provided
by law, subject to the conditions that the total amount of government
bonds that it may issue, shall not, at anytime, exceed its admitted
assets and that the contributed surplus fund shall not, at anytime, be
withdrawn and paid back in cash to the contributing stockholders
without prior recommendation and justification by the Insurance
Commissioner duly approved by the Secretary of Finance.
DONE in the City of Manila,
this 29th day of September, in the year of Our Lord, Nineteen Hundred
and Ninety-Nine.
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