Reporting Procedure and Public Posting
- Reports must be submitted under oath.
- A copy of the report must be posted conspicuously at the financial institution’s premises for at least sixty (60) days from filing.
Consolidation of Reports by Head Office
- Prior practice required each branch to report separately, causing procedural complications.
- Branches are treated as one unit with their Head Office.
- Effective from 1999 odd years onward, the Head Office must submit a consolidated report covering all branches.
Contents of the Consolidated Report
- Names and last known addresses of account holders with unclaimed balances, arranged alphabetically and by branch.
- Amount and date of each unclaimed balance.
- Nature of the unclaimed balance.
- Date of death of the account holder if known, or date of last transaction.
- Amount of interest due on the unclaimed balance, if applicable.
- Confirmation of compliance with notification and posting requirements as mandated by Section 2 of Act No. 3936, including:
- Notice given to the account holder at last known address.
- Posting of the sworn report at the financial institution’s premises.
Penalties for Non-Compliance
- Failure, neglect, or refusal by the Head Office to file the sworn report is subject to penalties as prescribed under Section 4 of Act No. 3936, as amended.
Administrative Details and Revocation of Inconsistent Circulars
- The circular supersedes all prior inconsistent circulars, memoranda, or orders.
- Officially adopted on June 22, 1998, by the Treasurer of the Philippines, Caridad Valdehuesa.