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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 95
TO
: The Executive Secretary
Office of the President
The Secretary
Department of Finance
The Secretary
Department of Education & Culture
The Governor
Central Bank of the Philippines
In order to assure success of the National Savings for Progress Campaign, and for the proper observance of the Savings Consciousness Year from June 29, 1973 to June 29, 1974 launched under Proclamation No. 1155 dated June 29, 1973:
1.
The Secretary of Education and Culture is hereby
directed to order School Superintendents, Principals and Head Teachers
to invite an official of any banking institution in their community to
speak before the school children on the subjects of thrift, savings,
banks and the responsible use of credit, at any time during the Savings
Consciousness Year.
The said official is also
directed to allow authorized banks to
distribute to school children promotional materials or similar devices
designed to encourage said children to deposit in banks or otherwise
make them conscious of the importance of saving in these institutions,
and to instruct School Superintendents, Principals and Head Teachers to
request officials of any bank situated in their locality to allow
school children to observe banking operations during class hours.
2. The Central
Bank of the Philippines is hereby
directed to allow banks and banking institutions to offer promotional
schemes based on the lottery principle during the Savings Consciousness
Year to encourage and attract savings and deposit accounts, and to
publicize the National Savings for Progress Campaign.
To maintain the savings campaign as a continuing effort that will involve and attract all sectors of society to save in banks, the secrecy feature of deposits under Republic Act No. 1405 is hereby strengthened, and the Executive Secretary and the Secretary of Finance are hereby directed, in the implementation of the pertinent provisions of Republic Act No. 3019 or any other law or regulation which may require the declaration of assets and liabilities, to cause the adoption of a proper form under which cash holdings in the form of bank deposits and the banks in which such deposits are maintained shall not be identified, and such deposits may be declared as part of a more general grouping of assets.
Done in the City of Manila, this 30th day of June, in the year of Our Lord, nineteen hundred and seventy-three.
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