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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 268 - 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 Section s 2000 and 2000-A of
the Revised Administrative Code, as amended, for the escheat, of PPSB
dormant accounts require, among others, the following:
1.
(a)
(b)
(c)
2.
3.
4.
WHEREAS, PNB has been sending notices to the last known addresses of the depositors concerned since 1973 but so far most of these depositors have not responded and their deposits have remained unclaimed;
WHEREAS, nearly all of these dormant accounts have minimal balances and it would be impractical and costly to follow the prescribed escheat proceedings under Section s 2000 and 2000-A of the Revised Administrative Code;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order:
Section 1.
(a)
(b)
Sec. 2.
Sec. 3.
DONE in the City of Manila,
this 25th day of July, in the year of Our Lord, nineteen hundred and
eighty-seven.
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