Amendment on Escheatment of Unclaimed Bank Balances

Within the month of January of every odd year, institutions must forward a sworn statement to the Treasurer of the Philippines detailing all unclaimed balances.
The statement must be arranged alphabetically and include:
- The names and last known addresses of the owners of the unclaimed balances.
- Amounts, dates, and nature (money or securities) of the balances.
- Date of death or last transaction.
- Interest due, if any.
Institutions must post a copy of this sworn statement visibly for at least sixty days.
Prior to filing, institutions are required to notify the owners at their last known addresses.
The Treasurer must inform the Solicitor General about these unclaimed balances.

Upon being informed, the Solicitor General initiates actions in the Court of First Instance where the concerned institution is located.
All parties involved (banks, associations, depositors, or creditors) may be joined in one case.
Service of process involves personal delivery to institution officers and publication of summons in local newspapers or in Manila if none are available locally.
The court hears the case and if balances are confirmed unclaimed, it issues a judgment declaring them escheated to the government.
Institutions are ordered to deposit these balances with the Treasurer.
Notices inviting claims from interested persons are published alongside the summons.
Interested parties may intervene and the court exercises full jurisdiction over the matter and involved parties.

A monthly penalty of Php 500 is imposed on any institution neglecting or refusing to file the required sworn statement.

Institutions that deposit unclaimed balances in accordance with the law are discharged from further liability regarding such funds.
Any legal action related to these unclaimed balances against the institution must be defended by the Solicitor General at no cost to the institution.