e-CREDIT
ENROLLMENT TERMS AND CONDITIONS
1. E‐CREDIT FACILITY. The Client hereby avails of EastWest Bank’s (“Bank”)
payroll credit services via the Bank’s e‐Credit Facility (“E‐CREDIT”) under the
terms of this Agreement and the Bank’s E‐CREDIT features and guidelines.
Under this E‐CREDIT facility, the Client may upload the required payroll file
format through the Bank’s website, allowing automatic debit from the
Client’s Deposit Account and real time payroll credits to the individual Payroll
Accounts of the Client’s employees (“Payroll Accountholders”) at designated
payroll dates.
1.1 The E‐CREDIT is the exclusive ownership of the Bank. The Client shall use
E‐CREDIT solely for the purpose of availing of the Bank’s payroll credit
services. The Client shall have no right to sell, distribute, provide copy, make
available, or allow the use of E‐CREDIT by any other person or entity, or even
make any modification thereof, without the prior written consent of the Bank.
Violation hereof shall entitle the Bank to terminate this Agreement pursuant
to Section 8 hereof, without prejudice to the Bank’s rights to claim for
damages and to enforce available remedies under applicable the laws and
regulations.
1.2 It shall be the Client’s sole responsibility to inform its employees of the
terms and conditions of this Agreement, especially those pertaining to the
opening, handling, and closing of the Payroll Accounts.
1.3 This Agreement has been entered into by the Bank only to provide the
Client and its employees with payroll credit services and the Bank shall not in
any manner be deemed as an agent of the Client. The Client shall hold the
Bank, its stockholders, directors, officers, employees, agents, or
representatives free and harmless from any claims of the Payroll
Accountholders arising from the Client’s obligations to them.
2. CLIENT DEPOSIT ACCOUNT
2.1 The Clients agrees to maintain at least one (1) deposit account of its choice
with the Bank at its preferred branch store to serve as the E-CREDIT availment
account (the “Deposit Account”). The Client further agrees to comply with the
terms and conditions of such deposit account.
2.2 Deposit Account Required Maintaining Balance. The Client agrees to
maintain the Minimum Maintaining Balance as required by the Deposit
Account opened by the Client under par. 2.1.;
a. The Client agrees that should it fail to maintain the monthly deposit
maintaining balance, the Bank shall charge the Client with a fee of
PhP___
2.3 Cash Management Service Required Maintaining Balance; Service and
Other Fees. In addition, the Client agrees that in order to avail of the E-CREDIT
facility provided under this Agreement, it shall maintain an agreed upon
monthly E-CREDIT Average Daily Balance (CMD-ADB) in its nominated
Deposit Account or pay a monthly Cash Management subscription fee,
whichever is applicable.
a. The Client further agrees that should it fail to maintain the required CMD-
ADB for its nominated Deposit Account, the Bank shall charge the Client with
a monthly service fee of or the amount of actual service charges
incurred, whichever is higher. This shall be in addition to the fees under par.
no. 2.2. a.
b. In the event that the Client has opted not to maintain the agreed upon
CMD-ADB, the Client agrees to pay a fixed monthly subscription fee of
_________.
c. The actual service charge shall be computed as follows:
Service Fee = (Required ADB – Current ADB) x Current Transfer Pool Rate
/ 12 Months
Where: Current Transfer Pool Rate is the weighted average cost of funds
as determined by the Bank’s Treasury.
d. Onsite Training Support Fee. The Client agrees that the Bank will charge a
support fee of Php__________ for every onsite training support activities to be
conducted by the Bank.
e. The Client authorizes the Bank to debit said service fees, actual service
charges, onsite training support fee and subscription fee from its nominated
deposit account on the date that it is due and payable, without need of notice
to the Client.
f. Should the Client fail to meet and maintain the required monthly CMD-
ADB for six (6) consecutive months, the Bank may stop or suspend provision
of the services under this Agreement or terminate this Agreement altogether,
notwithstanding the collection and payment of service fees or charges.
g. The ADB of the Client’s related accounts shall be considered in computing
the service fees, if any, which the Bank shall charge the Client.
The following Peso Savings or Demand Deposit Account is considered related
accounts if they belong to the:
• Same account or same client name
• Same account owner for sole proprietorship
• Same signatories for partnerships
• Same signatories or majority owners for corporation
• Husband or wife account owner for personal account (either single
or joint account)
2.2 Monthly Subscription Fee; Prepaid and Debit Card Fees; Transaction Fee.
In the event that the Client has opted not to maintain an agreed upon CMD-
ADB, the Client agrees to pay an agreed upon Monthly Subscription Fee. The
Client also agrees to pay the applicable fees for prepaid and debit card
generation, cost of the debit or prepaid cards issued under this Agreement and
a transaction fee for each credit for every cardholder, if applicable, as well as
as other charges that the Bank may impose from time to time upon written
notice to the Client.
2.3. The Bank reserves the right to close the Deposit Account if the Deposit
Account is improperly handled by the Client as determined by the Bank, based
on the General Terms and Conditions Governing EastWest Bank Accounts and
its applicable policies and guidelines.
2.4. In the event that the mishandled Deposit Account is closed due to
issuance of unfunded or insufficiently funded checks, the Client shall hold the
Bank, its stockholders, directors, officers and employees free and harmless
from any and all liabilities, claims, losses and demands of whatever kind or
nature in connection with or arising from:
a) the closing of the Deposit Account;
b) the dishonor of any check drawn against the closed Deposit Account
and which may be presented to the Bank after the closing of the
Deposit Account; and/or
c) the reporting by the Bank of the closing of the Deposit Account and
the reasons thereof to the Bankers Association of the Philippines
(BAP), or to any central monitoring entity or body established to keep
record of or monitor mishandled bank accounts.
2.5 Authority. The Client shall submit to the Bank a duly notarized Secretary’s
Certificate certifying the resolution of the Board of Directors (a) authorizing the
opening and maintenance of the Deposit Account and the availment of the E-
CREDIT facility and the online banking facility with EastWest Bank, (b)
designating the Client’s authorized signatories and representatives for the E-
CREDIT Facility and the Deposit Account, and (c) showing the specimen
signatures of the Client’s authorized signatories. In addition, it shall certify that
the Board of Directors designated the authorized signatories for purposes of
naming the E-CREDIT Users as defined in par. 4 below. Should there be any
change in the composition of the Board of Directors of the Client or the
authorities of the designated signatories or E-CREDIT users, the Bank shall be
notified thereof and the Client undertakes to submit the necessary
amendment to the Board Resolution or its equivalent as is necessary to
facilitate the Client’s transactions with the Bank.
3. PAYROLL ACCOUNT
3.1 The Client shall send its list of employees – Payroll Accountholders to the
Store of Account for reference purposes. For purposes of crediting the payroll
under this Agreement, each Payroll Accountholder shall be required to open
an individual deposit account (“Payroll Account”) at the Store of Account, under
the Bank’s existing account opening procedures at least five (5) banking days
before payroll date . Given that the Client is already required to maintain the
stipulated minimum monthly ADB and to pay the service charges (if the
requisite minimum monthly ADB is not met); this Payroll Account shall be
exempt from the required minimum monthly ADB and low balance service fee
requirements. Payroll Accounts opened under this Agreement shall be subject
to the Bank’s existing policies and procedures as well as the terms and
conditions governing the Payroll Account.
3.1.1 If Client will not require their employees to go to the Store for
payroll account opening, Client and Store may agree to adopt the
outsourcing of the gathering of minimum customer information. Both
parties must sign the Agreement on Face-to-Face and Outsourcing of
Gathering of Minimum Customer Information.
Client Authorized Signatory #1 REYMUNDO M. MANALO
(Signature over Printed Name) _____________________________________
Client Authorized Signatory #2
(Signature over Printed Name) ______________________________________
Client Authorized Signatory #3
(Signature over Printed Name) ______________________________________
CONFIDENTIAL
3.2. Conversion of Payroll Deposit Account. A Payroll Deposit Account, i.e.
Special Deposit Account (SDA) or Demand Deposit Account (DDA), with no
payroll credits for three (3) consecutive months shall automatically be
converted to a Regular ATM Savings or Regular Checking Account.
From To
SDA Payroll with Minimum Regular ATM Savings with
Balance required ADB of P2,000
SDA Payroll without Minimum
Balance
DDA Payroll Regular Checking Account with
required ADB of P5,000
3.2.1 The Client agrees on the automatic collection of applicable falling
below maintaining balance service charge if the Payroll Account
does not maintain the required ADB for two (2) consecutive
months.
3,2.2 It shall be the Client’s responsibility to inform its employees of the
changes in its Payroll Account under par. 3.2 and 3.2.1.
3.3 The Payroll Account shall be closed when:
a. The Client initiates or causes the closure of the Payroll Account; Client-
initiated closure of Payroll Accounts shall be processed by the Bank
upon receipt of written instructions signed by the Client’s authorized
signatories; or
b. Payroll Account has no transaction for six (6) consecutive months; or
c. Payroll Account with “Active” or “Dormant” status and has zero ADB
after 90 days for DDA and 180 days for SDA; or
d. In the Bank’s sole determination and judgment, the Payroll Account is
mishandled by the Payroll Accountholder’s own acts or omissions,
gross negligence, evident bad faith or fraud.
3.3.1 In either case, the balance of the Payroll Account shall be credited
by the Bank to the Deposit Account. The Client shall hold in trust the
said amount for the benefit of the Payroll Accountholders. For this
purpose, the Client holds the Bank free and harmless from any and all
claims, damages or losses claimed by the Payroll Accountholder.
3.4 The Client shall allow reasonable access to the Bank’s authorized service
officer or representative who shall, whenever practicable under the
circumstances, visit the Client’s premises to conduct the Bank’s continuing
“Know‐Your‐Customer” process.
3.5 The Client shall, within three (3) banking days from the change, notify the
Store of Account in writing of any subsequent increase and/or decrease in the
number of covered Payroll Accountholders to enable the Store of Account to
assess or re-compute the required monthly CMD-ADB. The Client shall also
notify the Store of Account of any discharge, separation, termination,
resignation, or retirement of an employee with a Payroll Account for
immediate exclusion from E-CREDIT. Otherwise, said Payroll Account shall
continue to be included in the computation of the CMD-ADB requirement of
the Deposit Account. Upon receipt of the notice mentioned in the immediately
preceding clause, the relevant Payroll Account shall either be immediately
closed or, upon request of the Payroll Accountholder, be converted into a
regular account. If the Payroll Account is converted into a regular account, said
regular account shall be subject to the rules and regulations applicable to the
account type chosen by the Payroll Accountholder, including but not limited to
the applicable minimum monthly CMD-ADB requirement.
4. E‐CREDIT REGISTRATION AND ENROLLMENT
4.1 Upon execution of this Agreement, the Client shall accomplish and submit
the Customer Set‐Up Form which the Bank will use and rely upon to process
the enrollment of the Client to E‐CREDIT. The Client shall there list its
authorized E‐CREDIT Users who shall be granted access to E‐CREDIT, which
list shall be certified and signed by the Client’s authorized officer signatories.
4.2 The Client may designate E‐CREDIT Users for the creation, review,
approval, disapproval, or actual crediting of the transactions as follows:
Maker – an E‐CREDIT User who can only create online transactions;
Checker – an E‐CREDIT User who can review, approve, and/or
disapprove online transactions;
Approver – an E‐CREDIT User who can approve and/or disapprove
online transactions and when applicable, perform actual credit or
Fund Transfer of the online transaction; and
Authorizer – an E-CREDIT User who can give final
approval/disapproval and perform actual credit or Fund Transfer of
the online transaction.
4.3 Upon approval of the enrollment, the Bank shall grant the Client, through
its E‐CREDIT Users, with E‐CREDIT access.
4.4. The Bank reserves the right to refuse enrollment of Client in E‐CREDIT
and shall not be obliged to disclose to the Client the reason for such refusal.
5. DATA ACCURACY REQUIREMENT
5.1 E‐CREDIT, which has a built‐in validation process, shall conduct a validation
processing before online crediting of the Client’s payroll file to ensure the
following:
a. Conformity to the Bank’s required record layout; and
b. Validity and accuracy of Payroll Account numbers
5.2 Any discrepancies noted in par. 5.1 above shall be immediately relayed by
E‐CREDIT to the Client through an online notification. In case of invalid items
found on the payroll file, E‐CREDIT shall display a summary of the transaction
and Client has the option either to cancel or process said file. The Client shall
upload the corrected file.
5.3 The Client represents and warrants that the data it shall provide for E‐
CREDIT purposes are complete and correct especially the names and accounts
of the Payroll Accountholders and the amounts to be credited to the
corresponding Payroll Accounts.
5.4 The Client shall hold the Bank free and harmless from any and all liability,
responsibility and causes of action, and expenses that may be incurred by the
Client as a result of the Bank’s reliance on the information and documents
furnished by the Client to the Bank under this Agreement.
6. FUNDING AND FUND TRANSFER
6.1 The Client shall ensure that its Deposit Account has sufficient funds on the
day of actual crediting or Fund Transfer to the Payroll Accounts. The Client
must sufficiently cover the total amount needed for the Fund Transfer from
the Deposit Account to the Payroll Accounts; otherwise, the Fund Transfer
request will not be granted.
6.2 Funding of the Fund Transfer request shall be via debits from the Deposit
Account as set forth in the Customer Set‐Up Form. The Approver may initiate
or perform the Fund Transfer as stated on the Authorization screen once the
Fund Transfer request is ready for processing.
6.3 Under no circumstances shall the Client withhold, stop, or reverse the
crediting of the Payroll Account once the Fund Transfer has been confirmed
by the Approver. The Bank will not be obligated to reverse or debit any amount
that has already been credited to the Payroll Account.
6.4 On the day of the Fund Transfer and in the event that there is a Payroll
Account that should not have been credited or that any payments are to be
withheld, but were included in the Fund Transfer request, or if there are
changes, amendments, modifications, alterations, or corrections to said
uploaded or transmitted payroll file, the Bank will not be obligated to reverse
any amount that has been credited to the Payroll Account.
6.5 The Client hereby warrants and guarantees the accuracy, genuineness,
and authenticity of all data, figures and documents furnished by the Client to
the Bank pursuant to this Agreement.
7. LIABILITY
7.1 The Bank’s obligation under this Agreement shall be limited to provision
of payroll credit services via E‐CREDIT. All inquiries and complaints arising
from or regarding the amounts debited from the Deposit Account and amounts
credited to or debited from the Payroll Accounts shall be coursed through,
handled and resolved directly and solely by the Client. The Client assumes full
and absolute responsibility for the amounts debited and credited and shall hold
the Bank, its stockholders, directors, officers, employees, and assigns free and
harmless from any and all claims of the Payroll Accountholders arising from
or related to the payroll amounts debited or credited by the Client.
7.2 In case the Bank, through the E‐CREDIT, fails to credit the covered Payroll
Account/s due to (a) computer or systems related errors, failure or breakdown
and/or the (b) occurrence of fortuitous events or events which are beyond the
control of men, such as but not limited to typhoons, storms, earthquakes,
floods, riots, strikes, civil disturbances and wars, the Client agrees to allow the
Bank to make the necessary adjustments within two (2) banking days from
the date of the transaction, except where the adjustments can be made only
at a later date.
Client Authorized Signatory #1 REYMUNDO M. MANALO
(Signature over Printed Name) _____________________________________
Client Authorized Signatory #2
(Signature over Printed Name) ______________________________________
Client Authorized Signatory #3
(Signature over Printed Name) ______________________________________
CONFIDENTIAL
7.3 The Bank, its stockholders, directors, officers, employees, agents, and 9.8 Venue. All actions arising from or connected with this Agreement shall be
representatives are hereby held free and harmless from any and all liabilities, settled at the proper courts of Taguig City, all other venues being expressly
claims, damages, suits or causes of action and other expenses arising out of waived.
or in connection with its implementation of this Agreement, unless resulting
from the Bank’s act/s of fraud, willful default, gross negligence, or evident 9.9 Corporate Approvals. The Client represents and warrants that it has all the
bad faith. necessary powers and corporate authority to execute and deliver this
Agreement and perform its obligations as incorporated herein and such
7.4 The Client hereby unconditionally and absolutely holds the Bank free and execution, delivery and performance of its obligations hereunder does not and
harmless and shall immediately indemnify the Bank from any and all will not contravene with any provisions of its Articles of Incorporation, By-
Laws, any agreement or instrument to which they are a party, or any laws,
liabilities, claims, damages, losses, suits or causes of action and other
rules and regulations of any government entity.
expenses arising out or in connection with the enrollment and/or deletion of
or change/s in Payroll Accountholders.
9.10 Governing Law. This Agreement shall be governed in all respects,
including validity, construction, performance and effect, by the laws of the
7.5 Fax and E‐Mail Indemnity. The Bank may be requested and authorized,
Republic of the Philippines.
but is not obliged, to rely upon and act in accordance with any notice,
instructions or other communication which may be given by the Client by
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to
facsimile or by e‐mail (“Fax/E‐Mail Instructions”). The Bank is not obliged to
be duly executed by their respective authorized officers on day of _________ at
inquire or look into the authority or identity of the person making or purporting
____________________.
to make Fax/E‐Mail Instructions or the conditions pertinent to or circumstances
prevailing at the time of the Fax/E‐Mail Instructions. The Bank is entitled to
treat Fax/E‐Mail Instructions as fully authorized by and binding upon the Client Information
Client. The Bank shall be entitled, but not bound, to perform such acts in
reliance upon Fax/E‐Mail Instructions as the Bank may in good faith consider June 28, 2021
Enrollment Date:
appropriate, whether such Fax/E‐Mail Instructions include orders to pay money
or debit or credit any account. The Client shall hold the Bank free and harmless Account Name: AM VIRTUAL SOURCING INTERNATIONAL CORPORAT
from any and all losses, claims, actions, proceedings, demands, damages,
costs and expenses incurred or sustained by the Bank of whatever nature and Account Number: 200045594377
howsoever arising, out of or in connection with Fax/E‐Mail Instructions,
provided only that the Bank acts in good faith, except where such arise from Customer Number: 5457408
the willful negligence of the Bank.
Store of Account: Mandaluyong Libertad
8. TERM AND TERMINATION
Address: PRIME BUILDING DIRITA IBA ZAMBALES
8.1 This Agreement shall be effective and shall remain in full force and effect
for a period of one (1) year from date of execution and shall be automatically
Contact Person: EAGLE V. MANGUERRA
renewed every year without need of notice from or to either party, unless
otherwise terminated by either party by serving written notice at least thirty eaglevillotamanguerra@gmail.com
E-mail:
(30) calendar days prior to effective date of termination. In the event, however,
of breach of any of the terms and conditions of this Agreement, the non- Contact Number: 09974505804
breaching party may immediately terminate this Agreement upon written
notice to the breaching party.

8.2 The termination of this Agreement shall be in addition to, and not in lieu DISCLOSURE AND SHARING OF INFORMATION
of, other rights and remedies under the law. All obligations incurred or existing
as of the date of termination of this Agreement will survive such termination.
a. Processing of Application
The Client shall be responsible for informing the Payroll Accountholder of the
termination of this Agreement and the consequent dis‐enrollment from E‐ I/We consent and authorize the disclosure of personal and sensitive
CREDIT. personal information by the Bank, provided that such disclosure is in
accordance with the provisions of Republic Act No. 10173 or the Data
9. GENERAL PROVISIONS Privacy Act of 2012, its Implementing Rules and Regulations, and other
9.1 The Client’s Deposit Account and the Payroll Accounts shall be subject to rules and regulations relating to data privacy.
the terms and conditions governing each deposit account, the Bank’s policies,
rules and regulations, and applicable banking laws, rules and regulations. b. Account Maintenance and Servicing

I/We hereby authorize the transfer, disclosure and communication of

9.2 Severability. Should any provision contained herein or any document
executed in connection herewith be declared invalid, illegal or unenforceable,
the remaining provisions of this Agreement shall not in any way be affected
or impaired.
9.3 Waiver. No waiver of any provision hereunder and no consent by either
party to any departure therefrom shall be effective unless the same is in
writing and such waiver or consent shall be effective only in the specific
instance and for the purpose for which it has been given.
9.4 Amendment. This Agreement supersedes all prior agreements, oral or
written between the parties and is intended as a complete and exclusive
statement of the Agreement between the parties. The Bank may at any time,
modify, amend, supplement or revise any of the terms and conditions of this
Agreement, upon prior written notice or subsequent notification to the Client.
The Client agrees to be bound by such amendment.
EastWest of any information, including personal and sensitive personal
information, relating to my/our account/s with EastWest together with all
of the documents submitted for this application to any of its offices,
branches, subsidiaries, affiliates, agents, representatives and third parties
for application processing, data processing/storage, customer satisfaction
surveys, and for any other purpose as EastWest may deem appropriate,
and/or as described in the Bank’s data privacy policy, and as may be
required by law or regulation. The foregoing constitutes my/our written
consent for any such submission and disclosure of information relating to
my/our account/s for the purpose indicated above and under applicable
laws, rules and, regulations.
I/We agree to hold EastWest free and harmless from any liability that
may arise from any transfer, disclosure or storage of information relating
to my/our account/s.

9.5 Assignment. This Agreement inures to the benefit of, and is binding upon,
the successors and assigns of the parties hereto. Neither party may assign
this Agreement or the obligations to be performed hereunder to any person or
entity without the prior written consent of the other.

9.6 Notices. All notices permitted or required under this Agreement shall be
in writing and shall be sent by personal delivery, registered mail, or facsimile
(followed by the hard copy) at the address set forth in this Agreement, unless
notification in writing of change of address is received by the other party.

9.7 Effects of Rules. All present and future laws, rules and regulations
pertinent to this Agreement, and other documents executed pursuant thereto,
are deemed incorporated into this Agreement by reference and are to be
strictly complied with by the parties.

CONFIDENTIAL
 DECLARATION
I/We certify that all the information in this enrollment form is true
and correct.

I/We further certify that I/we have read and understood and
expressly agree to be bound by the e-Credit Terms and Conditions
as set forth herein.

I/We also acknowledge that I/we have fully read and understood
the Bank’s data privacy policy published in its website:
https://www.eastwestbanker.com/info/ew_privacy.asp

Client Authorized Signatory #1 REYMUNDO M. MANALO

(Signature over Printed Name) _______________________________________

Client Authorized Signatory #2

(Signature over Printed Name) _______________________________________

Client Authorized Signatory #3

(Signature over Printed Name) _______________________________________

Annex A (For Bank Use Only)

EXISTING CLIENT: X YES NO

PRICING (Select one only)

500,000
x ADB Required ADB: _______________________________

FEE BASED Monthly Subscription Fee: ____________________

CARD DETAILS CARD AND PER CREDIT FEES

Fee per Credit
X Debit Card only Card Generation Fees (for Fee based only)
Debit Card:
Prepaid Card Debit Card: _________
only ___________________
Prepaid Card ________
Debit & Prepaid Card:
Prepaid
___________________

RELATED ACCOUNT NUMBERS

200047103249 , 200045594296, 200022094571

SAMPLE COMPUTATION FOR SERVICE FEE:

Minimum of P300 or
Amount of Difference in ADB Requirement x Prevailing TPR Per
Month whichever is higher
Ex. Required ADB (500,000) – Actual ADB (450,000) = 50,000
(Difference)
= 50,000 x 6% (TPR)/ 12 = 250.00, hence Service Fee should be P300

Approved By: (For Bank Use Only)

Store Manager’s Signature Donato M. Bacud III

Over Printed Name ________________________________________

For inquiries and feedback, you may call EastWest's 24-Hour Customer
Service at (02) 8888-1700. EastWest is supervised by Bangko Sentral ng
Pilipinas with email address at consumeraffairs@bsp.gov.ph Similarly, you
may also contact the BSP Financial Consumer Protection Department at (02)
8708-7087.

CONFIDENTIAL