Philippine-Chinese Charitable Association, Inc.

November 16, 2007 BIR RULING [DA-594-07] BIR Ruling No. DA-649-99 & DA-224-2000 Philippine-Chinese Charitable Association, Inc. 1122-26 Soler Street Binondo, Manila Attention: Dr. James G. Dy Chairman of the Board & President Gentlemen : This refers to your letter dated November 5, 2007 requesting for exemption from the payment of taxes on the proceeds that will be derived from a fund raising concert that your association will be sponsoring. As represented, the Philippine-Chinese Charitable Association, Inc. ("PCCAI") was established in 1877. It owns and operates the Chinese General Hospital and Medical Center, CGH College of Nursing and Liberal Arts, Chinese Cemetery, Home for the Aged, and Charity Clinic. On January 25, 2008, PCCAI will launch a fund raising concert entitled "Music & Memories" at the Centennial Hall, Manila Hotel. It will feature once-in-a-lifetime team up of three of the most sought after local artists namely, Ms. Carmen Soriano, Mr. Jose Marie Chan and Mr. Willie Nepomuceno. All profits/proceeds of the project will be donated to PCCAI in order for it to continue its humanitarian services to our countrymen. In fact, thousands of patients have already benefited from PCCAI's acts of charitable works such as free medical and dental missions, relief operations during typhoons/calamities, among others. In reply, please be informed that the proceeds that will be derived from the aforesaid fund raising concert that PCCAI will be sponsoring is not subject to income and business taxes. However, such income should be declared in the annual information return to be filed by PCCAI on or before April 15, 2008. This ruling is being issued on the basis of the foregoing facts as represented. However, if upon investigation, it will be disclosed that the facts are different, then this ruling shall be considered as null and void. aIcDCH Very truly yours, (SGD.) JAMES H.ROLDAN Assistant Commissioner Legal Service