Bank Guaranty Deposits

Are deposits opened with government depository banks in the account of the Armed Forces of the Philippines (AFP) to guarantee payment of AFP Department of National Defense (DND) contractors/suppliers. The guaranty deposits are derived from regular AFP appropriations and correspond to the amount earmarked for the payment of future obligations for the suppliers to the AFP. Said amount will guaranty the availability of funds or cash to pay contractor and supplier. The bank deposit partakes the nature of an open account or allotment.

Comments We strive for accuracy and fairness. If you see something that doesn't look right, contact us!