Government agencies, state-owned and -controlled corporations, and local governments have until June 30 next year to transfer their bank deposits to qualified government financial institutions (GFIs), the Department of Finance (DOF) said over the weekend.

Under a new department circular issued by Finance Secretary Carlos Dominguez 3rd, the extension covers national government agencies (NGAs), local government units (LGUs) and government-owned and -controlled corporations (GOCCs) that have yet to comply with a DOF circular issued last year directing them to deposit funds only in GFIs that have passed the standards set by the Finance department.

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