DAVAO CITY, Philippines (Mindanao Examiner / June 11, 2008) – The Philippine government said it would seize unclaimed deposits and other assets held by commercial banks in Davao City in Mindanao.
Solicitor General Agnes Devanadera said she filed a case for escheat before the Regional Trial Court so the government can take custody of these unclaimed deposits and assets amounting to more than P633 millions.
Under Philippine laws, the government can claim dormant deposits provided its owners could not be located or found. Devanadera said the monies correspond to the unclaimed deposits the past decade. (Romy Bwaga)
Solicitor General Agnes Devanadera said she filed a case for escheat before the Regional Trial Court so the government can take custody of these unclaimed deposits and assets amounting to more than P633 millions.
Under Philippine laws, the government can claim dormant deposits provided its owners could not be located or found. Devanadera said the monies correspond to the unclaimed deposits the past decade. (Romy Bwaga)
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