CITY Council committee on finance, budget, and appropriations chaired by Councilor Edna M. Dahino during its meeting Friday discussed the proposed Memorandum of Agreement (MOA) on Deposit Pickup between Development Bank of the Philippines (DBP) and the city government of Cagayan de Oro.
The proposed MOA covers a period of one year and may be reviewed and/or renewed annually thereafter. If at the end of the one-year term, no new contract is executed, it is understood that there is an implied new contract which will be valid unless revoked, terminated or canceled.
Under the MOA, DBP shall pick up deposits only during regular banking days particularly from Monday to Friday excluding holidays, and within regular banking hours or at such specific time. For reason of security or fortuitous event, DBP reserves the right to fix the time schedule for deposit pick up and the right to suspend it. It shall furnish the city a list of personnel authorized to pick up the deposit and shall immediately notify the city in writing of any changes.
DBP shall assign a teller to pick up the money, checks, and other deposit items. He/she shall count the bills by bundle and coins by the pack at the city’s place of business of any designated pickup point and shall acknowledge in the deposit slip the receipt of the deposit subject to further cash count and verification, among others.
The matter was referred to the committee on laws and rules chaired by Councilor Ian Mark Q. Nacaya for appropriate action. (SP)
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