Treasury Circular No. 03-2017 dated 20 October 2017 is the legal basis for the reduction in the expiry period of Modified Disbursement System (MDS) check from six (6) months to three (3) months from date of issue.
This Treasury Circular was issued pursuant to Executive Order No. 55, series of 2011, mandating the Bureau of the Treasury (BTr) to implement and adopt a Treasury Single Account (TSA) that will allow the National Government consolidate its cash resources in daily basis and provide a more effective way of managing cash and rationalizing agency bank accounts.
Download Treasury Circular No. 03-2017 dated 20 October 2017 (via Bureau of the Treasury website)
