Philippine National Bank

September 4, 2009 BIR RULING [DA-(TSF-006) 494-09] Section 27 (D) (1); DA (FIT-005)155-09 Philippine National Bank Trust Banking Group Account Management Section 3rd Floor, PNB Financial Center Pres. Diosdado Macapagal Boulevard 1305 Pasay City Attention: Rogel L. Zenarosa Senior Vice President Gentlemen : This refers to your letter dated August 24, 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 qualified non-stock, non-profit educational institutions with their corresponding details of certificates of tax exemption, viz. : 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. Frere (Saint) Benilde Romancon Educational Foundation Incorporated (formerly, De La Salle University-Emilio Aguinaldo College) BIR Ruling 178-88 dated May 4, 1988 5. University of St. La Salle, Inc. (formerly, La Salle College-Bacolod) dated February 18, 1988 6. La Salle Greenhills, Inc. dated March 9, 1989 7. De La Salle University Canlubang, Inc. BIR Ruling No. ENPS-007-2008 dated February 6, 2008; and 8. St. Joseph's High School BIR Ruling No. RR-6B-20 dated November 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. SIcEHC Very truly yours, Commissioner of Internal Revenue By: (SGD.) JAMES H. ROLDAN Assistant Commissioner Legal Service