Standard Chartered Bank

March 13, 2009 BIR RULING [DA-(FIT-005) 155-09] Section 27 (D) (1) Standard Chartered Bank Standard Chartered Bank Building 6788 Ayala Avenue, Makati City Attention: Ms. Brigitte A. Ignacio AVP-Priority Banking Makati Branch Gentlemen : This refers to your letter dated February 29, 2009 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 certificates of tax exemption: 1. De La Salle University BIR Ruling No. 176-88 dated May 4, 1988 2. La Sallian Educational Innovators Foundation, Inc. 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 3, 1988 4. Hermano (San) Miguel Febres Cordero Medical Educational Foundation, Inc. BIR Ruling No. 177-88 dated May 4, 1988 5. Frere (Saint) Benilde Romancon Educational Foundation Incorporated (formerly, De La Salle University-Emilio Aguinaldo College) BIR Ruling No. 178-88 dated May 4, 1988 6. De La Salle Araneta University, Inc. (formerly Gregorio Araneta University) dated February 26, 1990 7. University of St. La Salle, Inc. (formerly, La Salle College-Bacolod) dated February 18, 1988 DAHSaT 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 Canlubang, Inc. BIR Ruling No. ENPS-007-2008 dated February 6, 2008. 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. Very truly yours, Commissioner of Internal Revenue By: (SGD.) JAMES H. ROLDAN Assistant Commissioner Legal Service