BIR Ruling

August 19, 1970 CAO Employees Cooperative Credit Union, Inc. Ablaza Bldg., 117 E. Rodriguez, Quezon City Attention: Atty . Dionicia B . Inciong President Gentlemen : This refers to your letter dated July 28, 1970, requesting the assistance of this Office relative to the indebtedness incurred by Mr. Jose Paragas with that Union, which indebtedness now amounts to a balance of P823.00, exclusive of interest. In reply, thereto, I have the honor to enclose herewith the letter dated August 19, 1970 of Mr. Paragas to this Office acknowledging said unpaid account and, at the same time, stating the reasons why he was not able to pay the same. Mr. Paragas further requests that he be allowed to pay the balance in installments beginning September 15, 1970 with a down payment of P100.00 and subsequent payments at the rate of P30.00 payable on or before the 15th of every month until full payment. cdta Considering the reasons set forth in the letter of Mr. Paragas, it will be appreciated if he can be allowed to settle the balance of his account with that Union in the manner specified above. The Chief, Law Division of this Office has been instructed to see to it that Mr. Paragas religiously pays his obligations. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue