Veterans Bank, DepEd tie up
Philippine Veterans Bank president Renato Claravall (5th from left) shakes the hand of Education Secretary Leonor Magtolis Briones during the signing of a MOA on the opening and maintenance of bank accounts. Bank officials who attended the event include manager Eduard Atienza, first vice president Jason Villanueva, first vice president Mike Villa-Real, and vice president Ofelia Oliva as well as DepEd officials including Undersecretary Annalyn Sevilla, assistant secretary Ramon Fiel Abcede, directors Anne Rachel Miguel and Bettina Aquino as well as chief administrative officer Armando Ruiz.
Veterans Bank, DepEd tie up
(The Philippine Star) - November 12, 2019 - 12:00am

MANILA,Philippines — Philippine Veterans Bank and the Department of Education have signed an agreement for the opening and maintenance of bank accounts for non-implementing unit schools (non-IUs).

Education Secretary Leonor Briones said the memorandum of agreement would implement the circular on the management of cash advances to DepEd non-IUs for school maintenance and other operating expenses and program funds.

The circular states that heads of public elementary or secondary schools are allowed to open and maintain bank accounts under the name of the school, where cash advances for school operating budget and program funds shall be deposited

A non-IU may open a checking account with a DepEd accredited bank that is located near the school. The accounts terms have been made beneficial to the schools, for example account opening and maintaining balance requirements are only at P500.

“Through these MOA, at least 42,000 school heads in so called non-implementing unit schools will now be given the chance to manage their cash advances more securely in financial institutions,” Briones said.

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