(NAR) VOL. 25 NO. 1 / JANUARY - MARCH 2014
“Section X401 Statement of Principles. The cardinal principle common to all trust and other fiduciary relationship is fidelity. xxx
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Banks may not receive or hold as trustee, agent, administrator, financial manager, or other similar capacity, any fund or money from the Government and government entities, except government financial institutions. Government-owned banks may receive or hold as trustee, agent, administrator, financial manager, or other similar capacity, the following:
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This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.
FOR THE MONETARY BOARD:
(SGD) AMANDO M. TETANGCO, JR.
Governor