Document background
The Authorization Letter Money Claim is a vital document in Philippine business and legal practice, commonly used when an individual or entity needs to delegate the authority to collect funds, wages, benefits, or other monetary claims to another person. This document type is particularly relevant in situations where the principal is unable to personally collect funds due to circumstances such as being overseas, physical inability, or business commitments. The letter must comply with Philippine Civil Code requirements regarding agency relationships and the New Central Bank Act's regulations on monetary transactions. It requires proper notarization and must include specific details about the parties involved, the scope of authority, and the particular transaction or claim being authorized. The document serves as protection for all parties involved, including the paying institution, by clearly establishing the legitimacy of the representative's authority to collect funds.
