Standard Chartered Bank

May 28, 2010 BIR RULING [DA-(FIT-004) 083-10] Sec. 27 (D) (1); DA (FIT-005) 155-2009 Standard Chartered Bank Standard Chartered Bank Building 6788 Ayala Avenue, Makati City Attention: Brigitte A. Ignacio AVP-Priority Banking Makati Branch Gentlemen : This refers to your letter dated February 08, 2010 requesting for revalidation of the exemption from the 20% and 7.5% final taxes on interest income from local bank deposits and foreign currency deposits of the following De La Salle non-stock, non-profit educational institutions with their corresponding details of certificate of tax exemption: 1. DE LA SALLE UNIVERSITY BIR Ruling No. 176-88 dated May 4, 1988 2. LA SALLE EDUCATIONAL INNOVATORS FOUNDATION BIR Ruling No. 408-88 dated August 23, 1988 3. DE LA SALLE SANTIAGO ZOBEL (formerly, De La Salle South, Inc.) BIR Ruling No. 169 dated May 03, 1988 4. HERMANO (SAN) MIGUEL FEBRES CORDERO MEDICAL EDUCATION BIR Ruling No. 177-88 dated May 4, 1988 5. FREE (SAINT) BENILDE ROMANCON EDUCATION BIR Ruling No. 178-88 dated May 4, 1988 6. DE LA SALLE ARANETA UNIVERSITY, INC. (formerly Gregorio Araneta University) February 26, 1990 7. UNIVERSITY OF ST. LA SALLE, INC. February 18, 1988 8. LA SALLE ACADEMY, INC. RDA-RR No. 16 Ruling No. 8-01 dated April 2, 2001 9. DLSU PROFESSIONAL SCHOOLS, INC. RDA-RR No. 6 Ruling No. 55-02 dated August 27, 2002 10. LA SALLE GREENHILLS, INC. dated March 9, 1989 11. DE LA SALLE UNIVERSITY OF CANLUBANG, INC. BIR Ruling No. ENPS-007-2008 dated February 6, 2008 12. ST. JOSEPH SCHOOL-LA SALLE (Bacolod), Inc. (formerly, St. Joseph's High School) BIR Ruling No. RR-6B-20 dated Nov. 14, 1989. In reply, please be informed that the exemption of the above-mentioned schools from payment of the 20% final tax and 7-1/2% tax on interest income under the expanded foreign currency deposit system imposed under Section 27 (D) (1) of the Tax Code of 1997, as amended, and as provided for under Department Order No. 149-95 dated November 24, 1995, amending Finance Department Order No. 137-87, remains valid and subsisting. [BIR Ruling No. DA(FIT-005)155-2009 dated March 13, 2009] THAICD Very truly yours, (SGD.) GREGORIO V. CABANTAC Deputy Commissioner Legal and Inspection Group