Dads authorize Mayor Uy to open payroll facility with PVB
THROUGH separate ordinances, the 20th City Council, on its regular session Monday, authorized City Mayor Rolando A. Uy to enter into and sign the Payroll Facility and Services Agreement with the Philippine Veterans Bank (PVB) covering the provision of the latter’s payroll facility and services through the use of the Regular Automated Teller Machine (ATM) Card.
Likewise enacted was an ordinance authorizing Mayor Uy to enter into and sign the Deposit Pick-up Services Agreement with the PVB covering the provision of deposit pick-up services to the City Government of Cagayan de Oro.
Under the agreement for Payroll Facility, PVB shall allow the city’s covered employees to open and maintain payroll accounts and receive, access and withdraw their salaries and other monetary benefits with the use of the ATM cards issued by the bank. The city shall authorize PVB to initiate automatic debit from the city’s deposit account and use the funds to pay the salaries and other monetary benefits of its employees thru the payroll accounts, among others. The city shall open and maintain a Savings or Current Account and shall maintain the required minimum monthly Average Daily Balance (ADB) of P630,000.
Meanwhile, for the Deposit Pick-up Services Agreement, the PVB shall pick-up five times a week the City’s cash and other deposits on regular banking hours and days. For its part, the city shall open and maintain a deposit account with a minimum ADB of P2,000,000,00. Should the city be unable to meet the required ADB, PVB may continue the service only if the city maintains an ADB of P500,000 in which case the city shall be charged a service fee of P800 per pick-up, among others.
The legislations were reviewed and endorsed by the committees on finance, budget and appropriations and on laws and rules respectively chaired by Councilors Yan Lam S. Lim and Edgar S. Cabanlas.