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Disbursement Authorization Form for Philippines

Disbursement Authorization Form Template for Philippines

A Disbursement Authorization Form under Philippine law is a formal financial document that grants authority for the release of funds from an account. This document, governed by Philippine banking regulations and the General Banking Law of 2000, serves as an official instruction to a financial institution to disburse specified funds to designated beneficiaries. It includes essential elements such as the authorizer's details, beneficiary information, transaction specifics, and necessary declarations to comply with anti-money laundering regulations and banking requirements in the Philippines.

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What is a Disbursement Authorization Form?

The Disbursement Authorization Form is a critical financial control document used in the Philippines to manage and authorize the release of funds from accounts. This document is essential when account holders need to formally authorize financial institutions to disburse funds to specific beneficiaries, whether for one-time or recurring transactions. The form must comply with Philippine banking regulations, including the General Banking Law of 2000 and Anti-Money Laundering Act requirements. It typically contains detailed information about the transaction, parties involved, and necessary authorizations, serving as both a security measure and an audit trail for financial transactions. The document is particularly important for corporate accounts, government transactions, and high-value transfers where formal authorization and documentation are crucial for compliance and record-keeping purposes.

What sections should be included in a Disbursement Authorization Form?

1. Header Information: Document title, date, reference number, and bank/institution details

2. Account Holder Details: Full name, account number, contact information, and identification details of the account holder authorizing the disbursement

3. Transaction Details: Specific amount to be disbursed, currency, and payment method (check, wire transfer, cash)

4. Beneficiary Information: Complete details of the recipient including name, account number if applicable, and bank details for transfers

5. Authorization Statement: Clear statement of authorization for the disbursement, including any specific conditions or limitations

6. Declarations: Standard declarations regarding the legitimacy of the transaction and compliance with anti-money laundering regulations

7. Signature Block: Space for authorized signatories, witnesses if required, and date of signing

What sections are optional to include in a Disbursement Authorization Form?

1. Purpose of Disbursement: Section detailing the reason for the disbursement - required for amounts above certain thresholds or for compliance purposes

2. Special Instructions: Any specific disbursement instructions or conditions that are not standard

3. Supporting Documents: List of attached supporting documents when required for large transactions or specific purposes

4. Bank Use Only: Section for bank processing details, approvals, and verifications

5. Term of Authorization: If the authorization is recurring or valid for a specific period, include validity period details

What schedules should be included in a Disbursement Authorization Form?

1. Schedule A - Supporting Documentation: List and copies of required supporting documents such as ID proofs, board resolutions for corporate accounts

2. Schedule B - Transaction History: For recurring authorizations, a log of previous transactions under this authorization

3. Appendix 1 - Terms and Conditions: Standard terms and conditions governing the disbursement authorization

4. Appendix 2 - Verification Checklist: Checklist for compliance requirements and document verification

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions

























Clauses




















Relevant Industries

Banking and Financial Services

Corporate Services

Government and Public Sector

Healthcare

Education

Real Estate

Manufacturing

Retail and Commerce

Non-profit Organizations

Professional Services

Relevant Teams

Finance

Treasury

Accounts Payable

Banking Operations

Compliance

Risk Management

Legal

Internal Audit

Corporate Governance

Financial Control

Relevant Roles

Finance Manager

Treasurer

Chief Financial Officer

Account Manager

Banking Operations Manager

Compliance Officer

Financial Controller

Accounts Payable Supervisor

Treasury Operations Manager

Finance Director

Bank Branch Manager

Corporate Secretary

Authorized Signatory

Financial Analyst

Risk Management Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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