Bureau of Local Government Finance Opinion
Bureau of Local Government Finance Opinion • Bureau of Local Government Finance • Opinions • Dec 1, 2011
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December 1, 2011 BUREAU OF LOCAL GOVERNMENT FINANCE OPINION Mr. Gerardo F. Aguimod Municipal Treasurer Municipal Hall Caraga, Davao Oriental Sir : Enclosed for your information is a copy of the letter dated September 14, 2011, of the Honorable Secretary of Finance Cesar V. Purisima, addressed to the Honorable Municipal Mayor William S. Duma-an of that municipality, denying the request for reconsideration on the disapproval of the Municipal Government's request to transfer its Internal Revenue Allotment (IRA) from the Land Bank of the Philippines (LBP)-Mati Branch to the Philippine Veterans Bark (PVB)-CM Recto, Davao City Branch. Nonetheless, that municipality is allowed to open and maintain an account with PVB-CM Recto, Davao City Branch solely for debt servicing of the LGU's outstanding term loan therewith. The IRA depository account and all other forms of deposit accounts ( e.g. current, time deposit and other placements) should be maintained with LBP. Please be guided accordingly. IaDcTC Very truly yours, (SGD.) SALVADOR M. DEL CASTILLO OIC-Executive Director
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