Should the Property Custodian be also bonded?

Yes. Every officer, agent and employee of the Government of the Philippines, regardless of the status of their appointment shall, whenever the nature of the duties performed by such officer, agent or employee permits or requires the possession, custody or control of funds or properties for which he/she is accountable, be deemed a bondable officer and shall be bonded or bondable and his/her fidelity insured.

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