CEBU, Philippines - The Provincial Board has authorized Governor Gwendolyn Garcia to open accounts with commercial banks and to make these banks as depository banks for Capitol.
In Monday’s session, the Board Members approved a resolution sponsored by Board Member Wenceslao Gakit, which gave Garcia the go signal to undertake the transaction.
Among the choices for depository banks include Banco de Oro, Metrobank, Bank of the Philippine Islands, Rizal Commercial Banking Corp., Union Bank and Chinabank.
“The Province of Cebu has significant amount of funds/money which needs to be deposited and/or invested in banks for safekeeping and in order to earn substantial revenues/interests,” the approved resolution reads.
The resolution further says the “financial stability reputation, capability and track record of the depository/investment bank have to be considered.”
Garcia recently ordered the termination of Capitol’s depository account with the Land Bank of the Philippines because of discontent of the government bank’s service.
About P671.9 million in the form of T-bills and deposits were temporarily deposited with the Veterans Bank while Capitol finds another bank that would give the province higher interest yields.
Banco de Oro and Metrobank and some government banks already submitted their offers to the provincial treasurer’s office for review.
“Said banks have shown their interest to transact with the Province of Cebu in said regards and have offered competitive interest/returns on top of efficient and good services,” the resolution also reads. — Garry B. Lao/JMO (THE FREEMAN)