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THE Cebu City treasurer yesterday requested the City Council to authorize the city government to deposit some of its money collected from taxes for the months January and February this year to a new authorized depository bank.
City Treasurer Ofelia Oliva also asked the City Council to authorize the city government to open a Japanese Yen account in the banks.
Oliva said that United Coconut Planters Bank (UCPB) submitted a proposal to serve the city as one of the city's depository bank.
Oliva said she had earlier received a circular from the Finance Department adding UCPB to the list of government's depository banks.
Oliva said the bank manager of the UCPB Mango avenue branch in Cebu City offered a 3.5 percent interest to the city's money to be deposited in the bank.
She said the city's collected P2.7 billion in taxes in the first two months of the year and deposited it in the different depository banks of the city.
The city government deposited P787.2 million to the Land Bank of the Philippines, P300.8 million to Banco de Oro, P1.2 billion to the Philippine Veteran's Bank and P4.7 million to the Development Bank of the Philippines.
Oliva also requested that the city government open a Japanese Yen account in savings or high yield deposits with any government authorized depository bank.
She said a Yen acount would benefit the city because of the city's loans to a Japanese Bank for the South Road Properties.
She said a Yen account would protect the city's money from a strong yen.
The Council, however, said they still have to study Oliva's request because they were just protecting the public's money.
