BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jul 2, 1970
Full text
July 2, 1970 Messrs. F. Miravite, Inc. Suites 307-309 Sarmiento Bldg. Ayala Avenue, Makati Rizal Gentlemen : With reference to your letter dated June 30, 1970, I have the honor to inform you that, as a rule, the lending of the Trust Fund to member-employees is permissible provided that the loan is adequately secured. Accordingly, the trustee of the retirement fund of a previously adjudicated qualified retirement plan may extend real estate loan to the members secured by mortgage of the real estate purchased and the house to be erected thereon or the house already standing thereon. Similar loans may also be granted for improvement and repair of residential houses of the members so long that the loan is adequately secured. cdta Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue
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