Exemption of PPSB Dormant Accounts from Escheat

Sections 2000 and 2000-A prescribe detailed escheat procedures involving:
- Posting printed lists in every municipality and chartered city containing the name, last known address of the depositor, name of beneficiary if any, amount outstanding, and date of death or last transaction.
- Submission of the printed list with a sworn statement to the Solicitor General certifying dates and places of posting.
- Legal action initiated by the Solicitor General in the Court of First Instance (now Regional Trial Court) of Manila with PPSB as plaintiff and depositors/beneficiaries as defendants.
- Publication of summons and Clerk of Court notice weekly for three consecutive weeks in the Official Gazette.

Since 1973, PNB has sent notices to last known addresses, but most depositors have not responded; deposits remained unclaimed.
Nearly all dormant accounts have minimal balances.
Following prescribed procedures would be impractical and costly considering the nature and amount of these dormant accounts.

Exemption granted for PPSB dormant accounts from Sections 2000 and 2000-A of the Revised Administrative Code escheat procedures.
New procedure mandates publication of a notice to all depositors in a newspaper of general circulation once weekly for three consecutive weeks.
Depositors are required to withdraw outstanding balances within six (6) months from the date of the last notice publication.
Deposits unclaimed after six months from the last publication are deemed escheated in favor of PNB as trustee of PPSB assets without further legal proceedings.
Disposition of escheated funds shall follow provisions set by Presidential Decree No. 241 after deducting notice-related expenses.

All laws, decrees, acts, orders, proclamations, rules, regulations, or parts thereof inconsistent with this Executive Order are repealed or modified accordingly.