Veterans Bank, DepEd tie up

MANILA,Philippines — Philippine Veterans Bank and the Department of Education have signed an agreement for the opening and maintenance of bank accounts for non-implementing unit schools (non-IUs).

Education Secretary Leonor Briones said the memorandum of agreement would implement the circular on the management of cash advances to DepEd non-IUs for school maintenance and other operating expenses and program funds.

The circular states that heads of public elementary or secondary schools are allowed to open and maintain bank accounts under the name of the school, where cash advances for school operating budget and program funds shall be deposited

A non-IU may open a checking account with a DepEd accredited bank that is located near the school. The accounts terms have been made beneficial to the schools, for example account opening and maintaining balance requirements are only at P500.

“Through these MOA, at least 42,000 school heads in so called non-implementing unit schools will now be given the chance to manage their cash advances more securely in financial institutions,” Briones said.