OCA CIRCULAR NO. 100-2004, August 27, 2004
OCA CIRCULAR NO. 100-2004, August 27, 2004
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TO:
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JUDGES AND CLERKS OF
COURT OF THE REGIONAL TRIAL COURTS, SHARI’ A DISTRICT COURTS, METROPOLITAN TRIAL COURTS, MUNICIPAL TRIAL COURTS IN CITIES, MUNICIPAL TRIAL COURTS, MUNICIPAL CIRCUIT TRIAL COURTS, AND SHARI’ A CIRCUIT COURTS |
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SUBJECT:
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THE OPENING OF TIME DEPOSIT
ACCOUNTS WITH THE LAND BANK OF THE PHILIPPINES FOR ALL FIDUCIARY FUND DEPOSITS BELOW ONE MILLION (P1,000,000.00) PESOS |
The Land Bank of the Philippines (LBP) has allowed
the Judiciary to place fiduciary fund deposits below One Million
(P1,000,000.00) Pesos of first and second level courts, including
Shari’a courts, in Time Deposit with the following features:
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Minimum Deposit Requirement |
P1,000,000.00 |
| Term | Minimum of 30 days |
| Insterest Rate | Based on weekly posted rates |
| Prevailing rates: | |
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1,000.00-49,999.99 – 3,25% p.a. |
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50,000.00-249,999.99 – 3.50% p.a. |
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250,000.00-499,999.99 – 3.75% p.a. |
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500,000.00-999,999.99 – 4.00% p.a. |
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| Pre-termination rate | Revert to regular savings rate |
| Documentation | LAND BANK Certificate of Time Deposit |
| Documentary Stamp Tax (DST) | P0.30 for every P200.00 on the original |
| CTD and on every renewal thereof |
Upon receipt of this Circular, the amount deposited
in the LBP bank account for fiduciary funds shall be placed in a Time
Deposit for a term of 30 days. The certificate of time deposit shall be
issued in the name of the Court including the particulars on the branch
and station when applicable,
The trial court’s existing LBP savings/current
account will be maintained for purposes of accepting fiduciary funds
received from the first day up to the last day of the month. Any amount
in said account shall then be placed in Time Deposit at the end of the
month. Said Time deposit shall always be renewed on the last day of the
month.
Any withdrawal of fiduciary funds shall be approved
by the court and shall be first be taken from LBP savings/current
account being maintained. If the amount in said account is not
sufficient, then the balance shall be taken from the Deposit which
withdrawal shall be made preferably on the last day of the month.
__27__ August 2004.
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PRESBITERO J. VELASCO, JR.
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Court Administrator
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