We are happy to announce that pursuant to the recommendation of the PCSO, the President lifted the suspension of operations of STL, a authorized agent corporations that are compliant with the conditions of their STL agency agreement and has been remitting its guaranteed minimum monthly retail receipts provided the following conditions are met.
One, the AACs shall deposit the PCSO a cash bond equivalent to three months of the PCSO’s share in the guaranteed monthly retail receipts on top of their existing cash bonds.
Second condition, upon failure to timely and fully remit their GMMRR during the duration of operations, the AAC’s cash bond equivalent to three months of the PCSO’s share in the GMMRR shall be automatically forfeited in favor of PCSO, without prejudice to the other remedies that may be exercised by the government.
Third condition, each AAC shall execute a written undertaking that it shall comply with its obligations under the STL agency agreement and will not institute any claims, monetary or otherwise against the government and or apply for a temporary restraining order or injunction from any court to prevent the government from exercising its rights and prerogatives.
And fourth condition, the STL agency agreement shall automatically be terminated upon violation of the conditions of their franchise and or any of the above conditions without prejudice to the other remedies that may be exercised by the government.
The foregoing conditions shall be applied to other AACs that may be allowed to resume operations.
It is understood that all STL AACs that will be allowed to resume operations will comply with the signed and sign new STL agency agreements in accordance with the terms and conditions of the new STL implementing and regulations upon issuance thereof.
Magandang gabi po sa ating lahat. Sa ating mga AACs, our office is open to accommodate po if you have inquiries or you want to settle your obligations, our office is open, tomorrow until next week. Marami pong salamat.
PCSO General Manager Royina Garma