Honda Cars Makati, Inc. v. Commissioner of Internal Revenue

SECOND DIVISION [C.T.A. CASE NO. 8638. January 14, 2016.] HONDA CARS MAKATI, INC. , petitioner , vs. COMMISSIONER OF INTERNAL REVENUE , respondent. DECISION COTANGCO-MANALASTAS , J p : STATEMENT OF THE CASE This Petition for Review 1 filed by Honda Cars Makati, Inc. on April 12, 2013, seeks the refund or issuance of tax credit certificate (TCC) in the amount of P25,812,793.00, allegedly representing its excess and unutilized creditable withholding tax (CWT) for calendar year (CY) 2010. HTcADC STATEMENT OF FACTS Petitioner Honda Cars Makati, Inc. is a corporation duly organized and existing under the laws of the Republic of the Philippines. 2 It is a registered taxpayer of the Bureau of Internal Revenue (BIR), with Taxpayer Identification Number (TIN) 000-220-239-000. 3 Petitioner is engaged in the sale, distribution, service, and repair of automobiles, and it was incorporated with the following primary purpose as stated in its Amended Articles of Incorporation, 4 to wit: "To engage in the sale and distribution, service and repair of automobiles, motor cars, motor trucks, wagons, buggies, carriages and other mechanically propelled vehicles, and vehicle engines, parts, accessories, supplies, and other articles; to operate chain stores and general merchandising pertaining to motor vehicles, to build, maintain, lease or otherwise acquire, own, hold and operate warehouses, agencies, structures, services centers and showrooms which may be used in connection with the business of the Corporation; to buy, sell and generally deal in all kinds of merchandise, fixtures, and chattels relating to motor vehicles; to acquire and own patents, improvements and franchises, and to operate under such patents, improvements and franchises, any commercial dealings pertaining to the matters and things enumerated herein." 5 On the other hand, respondent is the duly appointed Commissioner of the Bureau of Internal Revenue vested with authority, among others, to act upon and approve claims for refund or tax credit of overpaid or erroneously paid internal revenue taxes. Respondent holds office at the 5th Floor, BIR National Office Building, Agham Road, Diliman, Quezon City. On April 15, 2011, petitioner manually filed its Annual Income Tax Return (ITR) for CY 2010 with the BIR Large Taxpayers-Assistance Division II. 6 On the same date, petitioner filed with the BIR, through the Electronic Filing and Payment System (EFPS), an electronic copy of its Annual ITR for CY 2010, 7 with filing Reference No. 1211000D4683610. 8 On February 18, 2013, petitioner filed with the BIR Large Taxpayers Excise Audit Division II a letter-request for refund of or issuance of TCC for its alleged excess and unutilized CWT for CY 2010 in the amount of P25,812,793.00. 9 To date, respondent has neither approved nor denied petitioner's administrative claim for the refund of or issuance of TCC for excess and unutilized CWT for CY 2010. 10 Thus, on April 12, 2013, petitioner filed the instant Petition for Review. 11 Within the extended time granted by the Court, 12 respondent filed her Answer 13 on June 8, 2013, interposing the following special and affirmative defenses: '" SPECIAL AND AFFIRMATIVE DEFENSES 4. She reiterates and re-pleads the preceding paragraphs of this Answer as part of her Special and affirmative Defenses. The instant claim for tax refund is tainted with procedural infirmity due to petitioner's failure to submit complete documents in support of its administrative claim for refund. 5. Basic as a hornbook principle is that, taxes are the lifeblood of the nation through which the government agencies continue to operate and with which the State effects its functions for the welfare of its constituents. Hence, tax refunds are in the nature of tax exemptions and are to be interpreted in the strictest manner. Considering that tax refunds consist of monetary amounts which are currently in the hands of the government, the validity of petitioner's claim should be meticulously verified . With these, to claim for a refund, petitioner should adduce every single document that will prove its entitlement to its claim. It is imperative to prove therefore every minute aspect of its case. 6. Hence, in order to be entitled to the refund being sought, the taxpayer must satisfactorily comply with the following requisites: 1. The claim must be filed with the CIR within the two-year period from the date of payment of the tax; 2. It must be shown on the return that the income received was declared as part of the gross income; and 3. The fact of withholding must be established by a copy of a statement duly issued by the payer to the payee showing the amount paid and the amount of the tax withheld. 7. However, compliance with the afore-quoted requirements will not suffice if petitioner failed to comply with the prescribed checklist of requirements to be submitted involving claims for unutilized creditable withholding tax pursuant to Revenue Memorandum Order (RMO) No. 53-98 (Checklist of Documents to be Submitted by a Taxpayer upon Audit of his Tax Liabilities as well as of the Mandatory Reporting Requirements to be Prepared by a Revenue Officer, all of which comprise a Complete Tax Docket). To be sure, RMO No. 53-98 was issued to identify the documents required from a taxpayer during audit of the application for refund. In obedience to the provisions of RMO No. 53-98, . . .: 8. Further, Revenue Regulations 2-2006 (Mandatory Attachments of the Summary Alphalist of Withholding Agents of Income Payments Subjected to Tax Withheld at Source (SAWT) to Tax Returns With Claimed Tax Credits due to Creditable Tax Withheld At Source and of the Monthly Alphalist of Payees (MAP) Whose Income Received Have Been Subjected to Withholding Tax to the Withholding Tax Remittance Return Filed by the Withholding Agent/Payor of Income Payments) provides: aScITE xxx xxx xxx 9. Simply put, petitioner must prove compliance with RR 53-98 and 2-2006 , to give support to the validity of its claim for unutilized creditable withholding tax for calendar year 2010. Verily, administrative issuances have the force and effect of law. They benefit from the same presumption of validity and constitutionality enjoyed by statutes. Failure of the petitioner to prove compliance with the above-mentioned requirements in the administrative level will likely render its Petition for Review vulnerable and shows the weakness of its claim. xxx xxx xxx 11. In the case at bar, although petitioner submitted supporting documents relevant to its claim for tax credit before this Honorable Court, it miserably failed to substantiate its administrative claim for refund filed with respondent, it failed to submit the complete requirements under RMO No. 52-98. There is no record of petitioner ever submitting the complete documents required to substantiate its administrative claim for refund. This is a requirement established by law and jurisprudence. 12. In cases such as this, before judicial inquiry into the issue of whether taxpayers, in general, are entitled to a refund/tax credit under substantive law may be considered, they have an initial burden to discharge. They must prove that they complied with all the administrative requirements continuing up to judicial review . In other words, before trial de novo proceeds and disposes of the issue of refund entitlement under substantive law, it must first be proved that there was procedural compliance in pursuing the administrative claim leading to the appellate proceedings. xxx xxx xxx Petitioner miserably failed to exhaust administrative remedies before elevating the case to the Honorable Court 15. Well settled is the rule that, the party aggrieved by a decision of an administrative official should first apply for review of such decision by higher administrative authority before seeking judicial relief, otherwise his court suit may be dismissed for prematurity or lack of cause of action. xxx xxx xxx 17. In the instant case, it may be gleaned that the administrative claim for the issuance of a tax credit certificate was filed with the Bureau of Internal Revenue only on 18 February 2013 and the Petition for Review was filed with the Court of Tax Appeals on 12 April 2013 . Evidently, respondent was not given sufficient time and information to evaluate petitioner's administrative claim for refund, nor was she given sufficient facts to evaluate the administrative claim. xxx xxx xxx 21. A situation arises wherein taxpayers will file their administrative and judicial claims at a point when the two-year period is about to prescribe, as what had happened in the instant case. Respondent is thus, deprived of her function to act on the administrative claim for refund filed by taxpayers. Taxpayers can always find justification for judicially filing their claims for refund before this Honorable Court because the two-year period is about to prescribe. With this scenario, this Honorable Court becomes an indirect avenue for processing administrative claim for refund, which function rightfully belongs to the Commissioner of Internal Revenue. Hence, before resort to the courts can be obtained, all administrative remedies available should first be exhausted. xxx xxx xxx Claims for refund are construed strictly against the taxpayer and in favor of the Government. 24. Time and again, it has been held that the right of taxation cannot easily be surrendered, statutes granting tax exemptions are considered as a derogation of the sovereign authority. Statutes that grant tax exemptions are construed strictissimi juris against the taxpayer and liberally in favor of the taxing authority. The general rule is that claimants of tax refunds bear the burden of proving the factual basis of their claims . Again, taxes are the lifeblood of the nation. Therefore, statutes that allow exemptions are construed strictly against the grantee and liberally in favor of the government."' The case was then set for a Pre-Trial Conference on August 15, 2013. 14 On September 12, 2013, upon motion of petitioner, 15 the Court commissioned Ms. Milagros F. Padernal as the Independent Certified Public Accountant (ICPA) for the case. 16 Respondent filed her Pre-Trial Brief 17 on September 9, 2013 while petitioner's Pre-Trial Brief 18 was filed on October 2, 2013. Thereafter, the parties filed their Joint Stipulation of Facts and Issues 19 on October 2, 2013. This was approved and adopted by the Court in the Pre-Trial Order 20 promulgated on October 7, 2013. HEITAD During trial, petitioner presented the following witnesses: Mr. Francis Dennis C. Lardizabal, its Finance Manager, and Ms. Ma. Milagros F. Padernal, the Court-commissioned ICPA. On October 10, 2013, petitioner filed a Motion to Take Judicial Notice (Of Evidence Presented in CTA Case No. 8466). 21 This was denied by the Court in the Resolution 22 dated November 28, 2013. Petitioner filed its Formal Offer of Evidence 23 on March 24, 2014. In a Resolution 24 dated June 10, 2014, the Court admitted petitioner's Exhibits "P-1", "P-2", "P-3", "P-4", "P-5", "P-6", "P-6-1", "P-7", "P-8", "P-9", "P-10", "P-10-1", "P-11", "P-12", "P-12-1", "P-14", "P-15", "P-15-1", "P-16", "P-16-1", "P-17", "P-18", "P-19", "P-31", "P-32", "P-32-1 to P-32-113", "P-32-115 to P-32-491", "P-32-493 to P-32-751", "P-32-753 to P-32-4623", "P-32-4625 to P-5206", "P-33", "P-33-1 to P-33-8", "P-34", "P-34-1", "P-34-2", "P-34-3", "P-34-4", "P-34-5", "P-34-6", "P-35", "P-35-1", "P-35-2", "P-35-3", "P-35-4", "P-35-5", "P-36", "P-36-1", "P-36-2", "P-36-3", "P-36-4", "P-37", "P-38", "P-38-1 to P-38-8050", "P-38-8052 to P-38-8090", "P-38-8092 to P-38-8316", "P-38-8318 to P-38-8440", "P-38-8442 to P-38-8549", "P-38-8551 to P-38-8609", "P-38-8611 to P-38-8877", "P-38-8879 to P-38-8933", "P-38-8935", "P-38-8937 to P-38-9316", "P-38-9318 to P-38-9547", "P-38-9548 to P-38-10175", "P-38-10177 to P-38-10398", "P-38-10400 to P-38-10760", "P-38-10762 to P-38-12441", "P-39", "P-39-1 to P-39-2282", "P-39-2285 to P-39-3506", "P-39-3508 to P-39-4340", "P-39-4342 to P-39-5646", "P-40", "P-40-1", "P-40-2", "P-40-3", "P-40-4", "P-40-5" "P-40-6", "P-41" "P-41-1 to P-41-890", "P-41-892 to P-41-2053", "P-41-2055 to P-41-5954", "P-41-5957 to P-41-9165", "P-41-9167 to P-41-9189", "P-41-9192 to P-41-12832", "P-41-12834 to P-41-12868", "P-41-12870 to P-41-16996", "P-41-16998 to P-41-17288", "P-42", "P-42-1", "P-43", "P-43-1", "P-44", "P-44-1 to P-44-3", "P-45", "P-45-1", "P-46", "P-46-1", "P-47", "P-47-1 to P-47-4", "P-48", "P-48-1 to P-48-3978", "P-49", "P-50", "P-51", "P-52", "P-53", "P-55", "P-56", "P-56-1 to P-56-4740", "P-57", "P-57-1 to P-57-41", "P-58", "P-59", "P-60", "P-61", "P-61-a", "P-62", "P-62-a", "P-64", "P-64-a", "P-71", "P-71-1 to P-71-285", "P-71-287 to P-71-932", "P-71-934 to P-71-3852", "P-72", "P-72-1 to P-72-16", "P-73", "P-74", "P-75", "P-75-1 to P-75-3474", "P-76", "P-76-1 to P-76-28", "P-77", "P-78", "P-79", "P-79-1 to P-79-2117", "P-79-2119 to P-79-2618", "P-80", "P-80-1 to P-80-13", "P-81", "P-82", "P-83", "P-83-1 to P-83-2983", "P-84", "P-84-1 to P-84-14", and "P-85". The Court, however, denied the admission of Exhibits "P-19-1", "P-32-114", "P-32-492", "P-32-752", "P-32-4624", "P-37-1 to P-37-24", "P-38-8051", "P-38-8091", "P-38-8317", "P-38-8441", "P-38-8550", "P-38-8610", "P-38-8878", "P-38-8934", "P-38-8936", "P-38-9317", "P-38-9548", "P-38-10176", "P-38-10399", "P-38-10761", "P-39-2283 to P-39-2284", "P-39-3507", "P-39-4341", "P-39-5647", "P-41-891", "P-41-2054", "P-41-5955 to P-41-5956", "P-41-9166", "P-41-9190 to P-41-9191", "P-41-12833", "P-41-12869", "P-41-16997", "P-71-286", "P-71-933" and "P-79-2118" for not being found in the record. Petitioner filed an Omnibus Motion 25 on June 30, 2014, which included a Motion for Reconsideration (Re: Resolution dated June 10, 2014). The Court in a Resolution 26 dated October 22, 2014, admitted Exhibits "P-19-1", "P-32-114", "P-32-492", "P-32-752", "P-32-4624", "P-37-1 to P-37-24", "P-38-8051", "P-38-8091", "P-38-8317", "P-38-8441", "P-38-8550", "P-38-8610", "P-38-8878", "P-38-8934", "P-38-8936", "P-38-9317", "P-38-9548", "P-38-10176", "P-38-10399", "P-38-10761", "P-39-2283 to P-39-2284", "P-39-3507", "P-39-4341", "P-41-891", "P-41-2054", "P-41-5955 to P-41-5956", "P-41-9166", "P-41-9190 to P-41-9191", "P-41-12833", "P-41-12869", "P-41-16997", "P-71-933", and "P-79-2118". During the May 7, 2014 hearing, respondent's counsel manifested that respondent has no evidence to present. 27 Within the extended time granted by the Court, 28 petitioner filed its Memorandum 29 through registered mail on December 17, 2014 which was received by the Court on January 7, 2015. On the other hand, respondent's Memorandum 30 was filed on January 30, 2015, within the extended time granted by the Court. 31 Thereafter, in a Resolution 32 dated February 3, 2015, the case was declared submitted for decision. STATEMENT OF ISSUES The parties agreed that the main issue to be submitted for the Court's resolution is: "Whether or not petitioner is entitled to its claim for refund of or issuance of TCC for excess and unutilized CWT for CY 2010 in the amount of Php25,812,793.00." 33 The parties likewise agreed that the above-stated issue may be broken down into the following sub-issues: 1. Whether or not petitioner's excess and unutilized CWT for CY 2010 in the amount of P25,812,793.00 are duly substantiated by documentary evidence; 2. Whether or not the income from which the CWTs being claimed for refund were withheld was reported as part of the revenues declared in petitioner's Annual ITR; ATICcS 3. Whether or not petitioner carried over its excess and unutilized CWT for CY 2010 to the succeeding taxable periods; and 4. Whether or not petitioner filed its administrative and judicial claims for refund of excess and unutilized CWT for CY 2010 within the two-year prescriptive period provided under Sections 204 (C) and 229, Tax Code. 34 RULING OF THE COURT Petitioner anchors its refund claim on Sections 58 (D) and 76 of the National Internal Revenue Code (NIRC) of 1997, as amended, which state: "SEC. 58. Returns and Payment of Taxes Withheld at Source. xxx xxx xxx (D) Income of Recipient. Income upon which any creditable tax is required to be withheld at source under Section 57 shall be included in the return of its recipient but the excess of the amount of tax so withheld over the tax due on his return shall be refunded to him subject to the provisions of Section 204; . . . ." "SEC. 76. Final Adjustment Return. Every corporation liable to tax under Section 27 shall file a final adjustment return covering the total taxable income for the preceding calendar or fiscal year. If the sum of the quarterly tax payments made during the said taxable year is not equal to the total tax due on the entire taxable income of that year, the corporation shall either: (A) Pay the balance of tax still due; or (B) Carry-over the excess credit; or (C) Be credited or refunded with the excess amount paid, as the case may be. In case the corporation is entitled to a tax credit or refund of the excess estimated quarterly income taxes paid, the excess amount shown on its final adjustment return may be carried over and credited against the estimated quarterly income tax liabilities for the taxable quarters of the succeeding taxable years. Once the option to carry-over and apply the excess quarterly income tax against income tax due for the taxable quarters of the succeeding taxable years has been made, such option shall be considered irrevocable for that taxable period and no application for cash refund or issuance of tax credit certificate shall be allowed therefor." Based on the foregoing provisions, a corporation entitled to a tax credit or refund of the excess income taxes paid in a given taxable year has two options: (1) to carry over the excess credit or (2) to apply for the issuance of a tax credit certificate or to claim a cash refund. In case the option to carry over the excess credit is exercised, the same shall be irrevocable for that taxable period and no application for cash refund or issuance of tax credit certificate shall be allowed therefor. 35 The phrase "for that taxable period" merely identifies the excess income tax subject of the option, by referring to the taxable period when it was acquired by the taxpayer. 36 The corporation must signify in its annual corporate adjustment return (by marking the option box provided in the BIR form) its intention, whether to carry over the excess credit or to claim a refund. The two options are alternative and not cumulative in nature, that is, the choice of one precludes the other. 37 In its Annual ITR 38 for CY 2010, petitioner had total tax credits of P56,233,001.00, which consisted of the prior year's excess credits in the amount of P30,420,208.00 and creditable taxes withheld during the year 2010 in the amount of P25,812,793.00 (P4,487,980.00 plus P21,324,813.00). Petitioner claims that its income tax due for CY 2010 in the amount of P2,453,330.70 was paid using a portion of its prior year's excess credits of P30,420,208.00. This leaves the prior year's excess credits in the amount of P27,966,877.30 and creditable taxes withheld during the year 2010 in the amount of P25,812,793.00 totaling P53,779,670.30 unutilized as of December 31, 2010, as shown below: Prior Year's Excess Credits other than MCIT P30,420,208.00 Less: Income Tax Due 2,453,330.70 Balance of Prior Year's Excess Credits P27,966,877.30 Add: Creditable Taxes Withheld CY 2010 25,812,793.00 Excess Creditable Taxes Withheld as of December 31, 2010 P53,779,670.30 ============ Based on its 2009 Annual ITR, 39 petitioner opted to be issued a TCC for its P22,063,883.43 creditable income taxes withheld during CY 2009; thus, the prior year's excess credits of P30,420,208.00 reflected in its 2010 Annual ITR pertain to its excess tax credits as of December 31, 2008. To substantiate its prior year's excess credits of P30,420,208.00, petitioner submitted its Annual ITRs and the related Certificates of Creditable Taxes Withheld at Source (BIR Form No. 2307) for CYs 2004, 40 2005, 41 2006, 42 2007 43 and 2008. 44 However, only P20,689,694.27 of the prior year's excess tax credits was duly substantiated, as shown below: CWT Less: Disallowances Per this Court's Prior year's Per ICPA's further Net Allowable Less: Income Year excess Current year report 45 verification 46 CWT Tax Due Excess CWT 2004 - P17,925,116.00 P767,826.87 P6,111,015.30 P11,046,273.83 P9,090,246.34 P1,956,027.49 2005 P1,956,027.49 14,015,616.00 468,476.59 821,867.04 14,681,299.86 8,799,185.94 5,882,113.92 2006 5,882,113.92 15,122,051.59 93,857.72 - 20,910,307.79 6,564,964.57 14,345,343.22 2007 14,345,343.22 24,108,906.11 3,158,833.72 397,165.97 34,898,249.64 25,499,714.94 9,398,534.70 2008 9,398,534.70 20,983,393.00 58,770.43 - 30,323,157.27 9,633,463.00 20,689,694.27 Applying the P20,689,694.27 prior year's excess credits against the P10,184,335.30 47 income tax due for CY 2009 leaves the amount of P10,505,358.97 excess credits to be carried over to CY 2010. Evidently, the substantiated prior year's excess tax credits of P10,505,358.97 are sufficient to cover petitioner's tax liability for CY 2010 in the amount of P2,453,330.70. TIADCc Since petitioner marked the option "To be issued a Tax Credit Certificate" 48 in its Annual ITR for CY 2010 and that the "Prior Year's Excess Credits" reflected in its Quarterly ITRs 49 and Annual ITR 50 for CY 2011 pertain only to its excess tax credits as of December 31, 2008, the unutilized CWT for CY 2010 in the amount of P25,812,793.00 may be the proper subject of a claim for TCC pursuant to Section 76 of the NIRC of 1997, as amended. In addition to the requirements provided under Section 76 of the NIRC of 1997, as amended, jurisprudence and pertinent BIR Revenue Regulations provide that the following requisites must be further complied with in order that the subject claim may be granted: 1. The claim for refund must be filed within the two-year prescriptive period as provided under Sections 204 (C) and 229 of the NIRC of 1997, as amended; 2. The fact of withholding must be established by a copy of a statement duly issued by the payor (withholding agent) to the payee, showing the amount paid and the amount of tax withheld therefrom; and 3. The income upon which the taxes were withheld must be included in the return of the recipient. 51 Respondent argues that petitioner failed to submit the pertinent documents required under Revenue Memorandum Order (RMO) No. 53-98 and Revenue Regulations (RR) No. 2-2006 to give support to the validity of its claim for unutilized creditable withholding tax for calendar year 2010 and that petitioner failed to prove that it exhausted all administrative remedies before elevating the case to this Court. The Court disagrees with respondent. In the consolidated case of CBK Power Company Limited vs. Commissioner of Internal Revenue , 52 involving the refund of excess final withholding taxes, the Supreme Court held that since the administrative and judicial claims for refund were filed within the two-year prescriptive period, there was exhaustion of administrative remedies. Moreover, petitioner need not comply with all the documents prescribed in RMO No. 53-98 and RR No. 2-2006 before it can claim its unutilized creditable withholding tax. It only needs to comply with the three conditions enumerated above. 53 The Court now proceeds to determine petitioner's compliance with the three requisites for the grant of its subject claim. Anent the first requisite, the pertinent provisions are Sections 204 (C) and 229 of the NIRC of 1997, as amended, which read: "SEC. 204. Authority of the Commissioner to Compromise, Abate and Refund or Credit Taxes . The Commissioner may xxx xxx xxx (C) Credit or refund taxes erroneously or illegally received or penalties imposed without authority, refund the value of internal revenue stamps when they are returned in good condition by the purchaser, and, in his discretion, redeem or change unused stamps that have been rendered unfit for use and refund their value upon proof of destruction. No credit or refund of taxes or penalties shall be allowed unless the taxpayer files in writing with the Commissioner a claim for credit or refund within two (2) years after the payment of the tax or penalty: Provided, however, That a return filed showing an overpayment shall be considered as a written claim for credit or refund." "SEC. 229. Recovery of Tax Erroneously or Illegally Collected. No suit or proceeding shall be maintained in any court for the recovery of any national internal revenue tax hereafter alleged to have been erroneously or illegally assessed or collected, or of any penalty claimed to have been collected without authority, or of any sum alleged to have been excessively or in any manner wrongfully collected, until a claim for refund or credit has been duly filed with the Commissioner; but such suit or proceeding may be maintained, whether or not such tax, penalty, or sum has been paid under protest or duress. In any case, no such suit or proceeding shall be filed after the expiration of two (2) years from the date of payment of the tax or penalty regardless of any supervening cause that may arise after payment: Provided, however , That the Commissioner may, even without claim therefor, refund or credit any tax, where on the face of the return upon which payment was made, such payment appears clearly to have been erroneously paid." (Emphases supplied) It is well-settled in our jurisprudence that the reckoning of the two-year prescriptive period for the filing of a claim for refund/tax credit of excess income tax paid/withheld, both in the administrative and judicial levels, commences from the date of filing of the Final Adjustment Return. 54 It is only when the Final Adjustment Return covering the whole year is filed that the taxpayer would know whether a tax is still due or a refund can be claimed based on the adjusted and audited figures. 55 Based from the foregoing, petitioner has two years from the filing of its Annual ITR within which to file both its administrative and judicial claims for refund. AIDSTE In the instant case, petitioner filed its CY 2010 Annual ITR on April 15, 2011. 56 Counting from this date, petitioner had until April 15, 2013 within which to file its administrative claim as well as its judicial claim for the issuance of TCC. Thus, petitioner's administrative claim for refund filed on February 18, 2013 57 and the subsequent appeal via a Petition for Review filed before this Court on April 12, 2013 are well within the two-year prescriptive period provided by law. Clearly, the first requisite has been satisfied. With regard to the second and third requisites, Section 2.58.3 (B) of Revenue Regulations No. 2-98, as amended, provides: "SECTION 2.58.3. Claim for Tax Credit or Refund. xxx xxx xxx (B) Claims for tax credit or refund of any creditable income tax which was deducted and withheld on income payments shall be given due course only when it is shown that the income payment has been declared as part of the gross income and the fact of withholding is established by a copy of the withholding tax statement duly issued by the payor to the payee showing the amount paid and the amount of tax withheld therefrom. " (Emphasis supplied) Anent the second requisite, petitioner presented a Schedule of Creditable Taxes Withheld for CY 2010 58 and various Certificates of Creditable Tax Withheld at Source (BIR Form No. 2307) 59 to prove the fact of withholding of the subject claim in the amount of P25,812,793.00. The Court-commissioned ICPA examined the said documents and presented in the Final and Consolidated Report dated January 16, 2014 the result of the verification, as follows: 60 Exhibit Summary of Certificate of Creditable Taxes No. Withheld at Source Amount Supported by original certificate of creditable tax withheld at source (BIR Form No. 2307) in the P-32 Petitioner's name P25,630,431.52 Erroneous issuance of BIR Form No. 2307 by 110,692.50 the payor Double recording of BIR Form No. 2307 by the 71,669.03 payor 182,361.53 P-31 P25,812,793.05* ============= * With a discrepancy of P0.05 (P25,812,793.00 less P25,812,793.05) due to rounding off. According to the ICPA, the erroneous issuance of CWT Certificate amounting to P110,692.50 refers to the CWT Certificate issued by Isuzu Automotive Dealership, Inc.-Alabang (IADI-Alabang) to petitioner pertaining to management fees. Based on the ICPA's verification, the total management fees received by petitioner from IADI-Alabang amounted to P2,447,515.07, with an equivalent income tax withheld of P367,127.26, 61 which has been fully accounted and supported by petitioner. However, petitioner alleges that IADI-Alabang failed to retrieve the initial CWT Certificate of P110,692.50 when it issued the revised CWT Certificate to petitioner. On the other hand, the CWT Certificates in the total amount of P71,669.03 were included twice in the Schedule of CWT Certificates prepared by petitioner. Hence, the erroneous issuance and double recording of CWT Certificates in the total amount of P182,361.53 shall be disallowed from petitioner's claim. In addition, out of the P25,630,431.52 found by the ICPA to be duly supported by original BIR Form No. 2307, the amount of P331,643.16, broken down below, should, likewise, be disallowed: Exhibit Income Taxes Payor's Name No. Payments Withheld CWTs supported by original BIR Forms No. 2307 wherein the payee's name or the CWT amount was altered without countersignature Glaxosmithkline Philippines, Inc. P-32-1256 P1,174,084.50 P23,481.69 Subtotal P1,174,084.50 P23,481.69 CWTs supported by original BIR Forms No. 2307 issued in petitioner's name but without the authorized signature of the issuer/payor BPI Leasing Corporation P-32-586 P375,000.00 P3,750.00 BPI Leasing Corporation P-32-589 650,000.00 6,500.00 Federal Phoenix Assurance Co., Inc. P-32-1118 67,774.00 1,355.48 Honda Cars Cavite, Inc. (Southern Kar Krafters, Inc.) P-32-1415 1,279,107.14 12,791.07 Orix Rental Corporation P-32-2301 1,166,964.29 11,669.64 The Philippine American Life and General Insurance Company P-32-4517 818,750.00 8,187.50 SB Cards Corporation P-32-4960 401,834.00 2,009.17 SB Cards Corporation P-32-4965 234,312.00 1,171.56 SB Cards Corporation P-32-4969 243,412.00 1,217.06 SB Cards Corporation P-32-4976 217,730.00 1,088.65 SB Cards Corporation P-32-4977 202,834.00 1,014.17 Mapfre Insular Insurance Corporation P-32-5112 159,497.83 23,925.08 Subtotal P5,817,215.26 P74,679.38 CWTs supported by original BIR Forms No. 2307 issued in petitioner's name but dated outside the period of claim BPI/MS Insurance Corporation P-32-5002 P108,488.33 P16,273.25 BPI/MS Insurance Corporation P-32-5003 82,981.96 12,447.29 BPI/MS Insurance Corporation P-32-5015 116,025.94 17,403.89 Mapfre Asian Insurance Corporation P-32-5090 232,504.81 34,876.06 Subtotal P540,001.04 P81,000.49 CWT supported by original BIR Form No. 2307 issued not in petitioner's registered trade names GMA Network, Inc. P-32-1285 P15,248,160.00 P152,481.60 Subtotal P15,248,160.00 P152,481.60 Total P22,779,460.80 P331,643.16 ============ =========== Thus, petitioner was able to satisfy the second requisite but only to the extent of P25,298,788.31, computed as follows: AaCTcI Amount of claimed CWT P25,812,793.00 Less: Disallowances Per ICPA's report 182,361.53 Per this Court's further verification 331,643.16 Claimed CWT with proper BIR Forms No. 2307 P25,298,788.31 ============ As to the third requisite, petitioner must prove that the income payments from which the substantiated CWTs of P25,298,788.31 were withheld were included in the reported amount of income in its Annual ITR. As corroborated by the ICPA, the CWT of P25,630,431.52 corresponds to the total income payments of P2,037,936,516.93, which comprised of sales of goods and services to corporate customers, insurance companies and "pass through" transactions paid through credit cards in the total amount of P1,998,036,318.37 and of other income, such as rental, management fees, refund from Meralco and income as insurance agent in the total amount of P39,900,198.56. Out of the P2,037,936,516.93 income payments, only the amount of P1,717,520,032.29, with equivalent CWT of P21,414,227.13, was traced to the general ledgers (GL) and/or invoices, journal vouchers (JV), official receipts (OR), commission statements (CS) and check vouchers (CV) of petitioner for CYs 2009 and 2010, as summarized hereunder: 62 Income Payments traced to GL and/or Invoices/JV/OR/CS/CV Particulars Income Payments Tax Withheld Exhibit Equivalent No. CY 2009 CY 2010 Total Tax Withheld Sale of goods and services: "P-38" (Exh. "P-62", Parts Corporate 4-5 customers P1,428,674,637.81 P14,888,839.65 of 14) P6,796,428.55 P1,325,724,598.78 P1,332,521,027.33 P13,857,959.41 "P-39" (Exh. "P-62", Parts Insurance 6-7 companies 192,375,634.81 2,968,753.30 of 14) - 173,911,552.62 173,911,552.62 2,698,884.56 "Pass "P-41" Through" (Exh. Transactions "P-62", paid through Parts credit cards 7-9 376,986,045.75 1,884,919.21 of 14) - 184,402,876.43 184,402,876.43 922,009.40 Subtotal P1,998,036,318.37 P19,742,512.16 P6,796,428.55 P1,684,039,027.83 P1,690,835,456.38 P17,478,853.37 Other income: "P-45" (Exh. "P-62", Rental Part income P647,929.52 P32,396.48 9 of 14) P199,325.89 P448,603.63 P647,929.52 P32,396.48 "P-45 " (Exh. P-62, Mngt. Part fees 5,979,112.93 896,783.99 9 of 14) - 5,977,447.93 5,977,447.93 896,617.49 "P-45 " Refund with (Exh. active "P-62", contract Part 89,313.36 22,328.28 9 of 14) - 89,313.36 89,313.36 22,328.28 "P-48 " Income as (Exh. insurance "P-62", agent Part 32,883,842.75 4,906,410.61 10 of 14) - 19,969,885.10 19,969,885.10 2,984,031.51 Others 300,000.00 30,000.00 - - - - Subtotal P39,900,198.56 P5,887,919.36 P199,325.89 P26,485,250.02 P26,684,575.91 P3,935,373.76 Total P2,037,936,516.93 P25,630,431.52 P6,995,754.44 P1,710,524,277.85 P1,717,520,032.29 P21,414,227.13 =============== ============= ============= =============== =============== ============= However, the CWT of P21,414,227.13 related to the verified income payments of P1,717,520,032.29 included the amount of P24,728.57 which was already disallowed for not being properly supported by BIR Form No. 2307. Consequently, the amount of P24,728.57 should be deducted from the total CWT of P21,414,227.13 to arrive at petitioner's unutilized excess CWT for CY 2010 in the amount of P21,389,498.56, computed as follows: Equivalent CWT of income payments traced to various documents P21,414,227.13 Less: CWT already disallowed for not being properly supported by BIR Form No. 2307 Exhs. "P-32-586"; "P-38", p. 24 (Exh. "P-62", Part 4 of 14) P3,750.00 Exhs. "P-32-1415"; "P-38", p. 65 (Exh. "P-62", Part 4 of 14) 12,791.07 Exhs. "P-32-4517"; "P-39", p. 150 (Exh. "P-62", Part 7 of 14) 8,187.50 24,728.57 Substantiated unutilized excess CWT P21,389,498.56 ============ In recapitulation, petitioner has sufficiently proven compliance with the three requisites for the refund of unutilized CWT, but only to the extent of P21,389,498.56 out of the total claimed CWT of P25,812,793.00 for CY 2010. WHEREFORE , premises considered, the instant Petition for Review is hereby PARTIALLY GRANTED . Accordingly, respondent is hereby ORDERED TO REFUND or TO ISSUE A TAX CREDIT CERTIFICATE in favor of petitioner in the amount of P21,389,498.56 representing its excess and unutilized creditable withholding taxes for CY 2010. SO ORDERED . (SGD.) AMELIA R. COTANGCO-MANALASTAS Associate Justice Juanito C. Castaeda, Jr. and Caesar A. Casanova, JJ. , concur. ANNEX Schedule of Additional CWT Disallowances for CYs 2004, 2005 and 2007 Exhibit Amount of Income Amount of No. Period Covered Payor Payment Taxes Withheld 2004 Disallowances 1. Prior years' CWTs received in 2004 a. Sale of Goods and Services 2000* P-83-1 4th quarter La Tondea Distillers, Inc. 56,795.31 567.95 2001* P-83-2 3rd quarter Abb, Inc. 26,735.63 534.72 P-83-3 3rd quarter Abb, Inc. 2,464.00 24.64 P-83-4 3rd quarter Clarion Manufacturing Corporation of the Philippines 2,862.00 28.62 P-83-5 4th quarter Global Brands Company, Inc. 89,377.38 893.77 P-83-6 1st quarter La Tondea Distillers, Inc. 44,115.71 441.16 P-83-7 2nd quarter La Tondea Distillers, Inc. 59,967.67 599.68 P-83-8 3rd quarter La Tondea Distillers, Inc. 6,845.45 68.45 P-83-9 4th quarter La Tondea Distillers, Inc. 43,106.16 431.06 P-83-10 4th quarter Mermac, Inc. 11,615.00 232.30 2002* P-83-11 1st quarter Agribrands Philippines, Inc. 3,156.00 31.56 P-83-12 2nd quarter Agribrands Philippines, Inc. 756.00 15.12 P-83-13 2nd quarter Agribrands Philippines, Inc. 831.00 8.31 P-83-14 3rd quarter Asian Terminals, Inc. 871,818.00 8,718.18 P-83-15 2nd quarter Avon Cosmetics, Inc. 52,610.50 1,052.21 P-83-16 3rd quarter Avon Cosmetics, Inc. 1,099,407.50 11,804.73 P-83-17 3rd quarter Avon Cosmetics, Inc. 81,225.50 1,624.51 P-83-18 3rd quarter Avon Cosmetics, Inc. 1,018,182.00 10,181.82 P-83-19 1st quarter Ayala Land, Inc. 929,533.74 9,295.33 P-83-20 4th quarter Ayala Land, Inc. 871,818.18 8,718.18 P-83-21 3rd quarter Bacnotan Consolidated Industries, Inc. 968,200.00 9,682.00 P-83-22 2nd quarter BPI Leasing Corporation 515,454.55 5,154.55 P-83-23 3rd quarter BPI Leasing Corporation 971,417.25 9,714.17 P-83-24 3rd quarter BPI Leasing Corporation 1,796,363.64 17,963.64 P-83-25 4th quarter BPI Leasing Corporation 454,545.45 4,545.45 P-83-26 4th quarter BPI Leasing Corporation 452,727.27 4,527.27 P-83-27 1st-4th quarter Cici General Insurance Corporation 150,748.14 2,387.66 P-83-28 3rd-4th quarter Citibank N.A. 2,631,955.00 34,910.10 P-83-29 1st quarter Del Monte Philippines, Inc. 96,622.33 966.22 P-83-30 1st quarter Digital Telecommunications Phils., Inc. 25,171.78 503.44 P-83-31 2nd quarter Digital Telecommunications Phils., Inc. 7,662.38 153.26 P-83-32 3rd quarter Digital Telecommunications Phils., Inc. 23,538.90 470.78 P-83-33 4th quarter Digital Telecommunications Phils., Inc. 12,191.25 243.82 P-83-34 1st quarter ETSI Technologies, Inc. 8,467.00 84.67 P-83-35 2nd quarter ETSI Technologies, Inc. 12,299.00 122.99 P-83-36 3rd quarter ETSI Technologies, Inc. 17,067.00 170.67 P-83-37 4th quarter ETSI Technologies, Inc. 14,401.00 144.01 P-83-38 1st-4th quarter First Lepanto-Taisho Insurance Corporation 22,613.00 226.13 P-83-39 1st-4th quarter Fuji Xerox Philippines, Inc. 173,962.50 3,479.25 P-83-40 3rd quarter Generali Pilipinas Insurance Co., Inc. 31,372.00 627.44 P-83-41 4th quarter Generali Pilipinas Insurance Co., Inc. 65,653.50 1,313.07 P-83-42 2nd quarter Global Brands Company, Inc. 39,991.00 399.91 P-83-43 2nd quarter Honda Cars Fairview 471,786.00 4,717.86 P-83-44 1st quarter Honda Cars Fairview (A Division of House of Investments, Inc.) 707,663.00 7,076.63 P-83-45 4th quarter Honda Cars Fairview (A Division of House of Investments, Inc.) 685,481.00 6,854.81 P-83-46 3rd quarter Honda Cars Kalookan, Inc. 621,448.00 6,214.48 P-83-47 1st quarter Honda Cars Quezon City, Inc. 497,280.00 4,972.80 P-83-48 2nd quarter Honda Cars Quezon City, Inc. 495,968.00 4,959.68 P-83-49 3rd quarter Honda Parts Manufacturing Corporation 970,700.00 9,707.00 P-83-50 3rd quarter Kimberly-Clark Philippines, Inc. 12,187.71 243.75 P-83-51 4th quarter Kodak Philippines, Ltd. 8,957.54 179.15 P-83-52 4th quarter Kodak Philippines, Ltd. 550,250.00 5,502.50 P-83-53 2nd quarter La Tondea Distillers, Inc. 3,977.45 39.77 P-83-54 1st quarter Laguna Properties Holdings, Inc. 533,488.44 5,334.88 P-83-55 3rd quarter Maa General Assurance Phils., Inc. 4,499.50 89.99 P-83-56 4th quarter Maa General Assurance Phils., Inc. 60,451.50 1,209.03 P-83-57 2nd quarter Malayan Insurance Co., Inc. 61,871.50 1,237.43 P-83-58 2nd quarter Malayan Insurance Co., Inc. 167,513.00 1,675.13 P-83-59 1st quarter Merck Sharp and Dohme Philippines 1,297,660.00 12,976.60 P-83-60 1st quarter Metro Rail Transit Corporation 3,938.00 78.76 P-83-61 4th quarter Mindanao I Geothermal Partnership 876,364.00 8,763.64 P-83-62 1st quarter New Zealand Milk Philippines, Incorporated 9,007.50 180.15 P-83-63 2nd quarter New Zealand Milk Philippines, Incorporated 10,739.00 214.78 P-83-64 3rd quarter New Zealand Milk Philippines, Incorporated 15,669.00 313.38 P-83-65 3rd quarter New Zealand Milk Philippines, Incorporated 7,099.50 141.99 P-83-66 1st-4th quarter Penn Philippines, Inc. 1,556,506.00 15,565.06 P-83-67 2nd quarter Petrogen Insurance Corporation 18,909.09 378.18 P-83-68 2nd quarter Petrogen Insurance Corporation 11,219.55 224.39 P-83-69 4th quarter Philippine General Insurance Corporation 9,272.73 185.45 P-83-70 4th quarter Philippine Long Distance Telephone Company 3,703,329.59 37,033.29 P-83-71 1st quarter Philippine Postal Corporation 67,592.00 1,228.95 P-83-72 1st quarter Pioneer Insurance & Surety Corporation 480,909.09 4,809.09 P-83-73 2nd quarter Sara Lee Phils., Inc. (Branded Apparel Div.) 11,317.00 113.17 P-83-74 4th quarter Sara Lee Phils., Inc. (Branded Apparel Div.) 1,393.00 27.86 P-83-75 4th quarter Sara Lee Phils., Inc. (Branded Apparel Div.) 4,309.00 43.09 P-83-76 1st-4th quarter Seaboard Eastern Insurance Co., Inc. 36,834.00 736.68 P-83-77 1st-4th quarter Seaboard Eastern Insurance Co., Inc. 16,730.00 167.30 P-83-78 1st-4th quarter Seaboard-Eastern Insurance Co., Inc. 138,376.50 2,767.53 P-83-79 1st-4th quarter Seaboard-Eastern Insurance Co., Inc. 182,178.00 1,821.78 P-83-80 4th quarter Shangri-La Plaza Corporation 19,530.00 390.00 P-83-81 2nd quarter The Andresons Group, Inc. 32,714.00 327.14 P-83-82 3rd quarter The Andresons Group, Inc. 12,340.00 123.40 P-83-83 3rd quarter The Andresons Group, Inc. 20,461.00 204.61 P-83-84 4th quarter The Andresons Group, Inc. 4,767.00 47.67 P-83-85 1st quarter The Church of Jesus Christ of Latter-Day Saints 10,483.39 209.66 P-83-86 2nd quarter The Church of Jesus Christ of Latter-Day Saints 103,129.68 2,062.58 P-83-87 3rd quarter The Church of Jesus Christ of Latter-Day Saints 45,421.58 908.44 P-83-88 4th quarter The Church of Jesus Christ of Latter-Day Saints 8,816.26 176.32 P-83-89 3rd-4th quarter Tupperware (Philippines), Inc. 3,713.00 37.13 P-83-90 3rd-4th quarter Tupperware (Philippines), Inc. 1,290,933.00 12,909.33 P-83-91 1st quarter Union Cement Corporation 1,032,465.26 10,324.65 P-83-92 1st-4th quarter United Coconut Planters Life Assurance Corp. 46,797.34 935.98 2003* P-83-93 2nd quarter Abb, Inc. 28,098.59 561.97 P-83-94 3rd quarter Abb, Inc. 14,785.89 295.72 P-83-95 3rd quarter Abb, Inc. 9,941.27 198.83 P-83-96 4th quarter Abb, Inc. 16,584.49 331.69 P-83-97 4th quarter Abb, Inc. 9,311.99 186.42 P-83-98 4th quarter Abb, Inc. 55,401.84 1,108.00 P-83-99 1st quarter Abbott Laboratories 70,743.00 707.43 P-83-100 2nd quarter Abbott Laboratories 572,922.00 5,729.22 P-83-101 2nd quarter Abbott Laboratories 53,755.00 537.55 P-83-102 3rd quarter Abbott Laboratories 58,701.00 587.01 P-83-103 4th quarter Aboitiz Transport System Corp. 486,728.00 4,867.28 P-83-104 4th quarter Adenphar Pharmaceuticals 756.50 15.13 P-83-105 4th quarter Adenphar Pharmaceuticals 1,087.00 10.87 P-83-106 1st-4th quarter AFP General Insurance Corp. 124,177.00 2,483.54 P-83-107 2nd quarter Alcatel Philippines, Inc. 42,196.00 843.92 P-83-108 4th quarter Alcatel Philippines, Inc. 90,302.00 1,806.04 P-83-109 4th quarter Allied Bankers Insurance Corporation 58,649.13 1,172.98 P-83-110 3rd quarter Allied Domecq Phils., Inc. 28,959.50 579.19 P-83-111 3rd quarter Allied Domecq Phils., Inc. 19,787.00 197.87 P-83-112 4th quarter Allied Domecq Phils., Inc. 23,846.00 476.92 P-83-113 4th quarter American Express International 57,776.68 260.97 P-83-114 1st quarter Amkor Technology Philippines, Inc. 79,679.37 1,593.59 P-83-115 2nd quarter Amkor Technology Philippines, Inc. 36,363.99 727.28 P-83-116 3rd quarter Amkor Technology Philippines, Inc. 94,576.85 1,891.53 P-83-117 4th quarter Amkor Technology Philippines, Inc. 20,621.39 412.43 P-83-118 1st quarter Asia Traders Insurance Corporation 26,605.50 532.11 P-83-119 4th quarter Astec International Ltd. (Rohq) 1,106.50 22.13 P-83-120 2nd quarter Astrazeneca Pharmaceuticals (Phils.) 168,892.50 3,377.85 P-83-121 2nd quarter Astrazeneca Pharmaceuticals (Phils.) 39,812.50 796.25 P-83-122 4th quarter Astrazeneca Pharmaceuticals (Phils.) 351,428.60 7,140.86 P-83-123 4th quarter Astrazeneca Pharmaceuticals (Phils.) 51,459.59 800.18 P-83-124 Year 2003 Astrazeneca Pharmaceuticals (Phils.) 2,323.50 46.47 P-83-125 2nd quarter Aventis Pasteur Philippines, Inc. 39,654.00 793.08 P-83-126 2nd quarter Aventis Pasteur Philippines, Inc. 26,621.50 532.43 P-83-127 3rd quarter Aventis Pasteur Philippines, Inc. 2,245.50 44.91 P-83-128 3rd quarter Aventis Pasteur Philippines, Inc. 18,199.50 363.99 P-83-129 3rd quarter Aventis Pasteur Philippines, Inc. 1,606,818.00 16,068.18 P-83-130 3rd quarter Aventis Pasteur Philippines, Inc. 15,367.50 307.35 P-83-131 4th quarter Aventis Pasteur Philippines, Inc. 3,345.50 66.91 P-83-132 4th quarter Aventis Pasteur Philippines, Inc. 25,262.50 505.25 P-83-133 4th quarter Aventis Pasteur Philippines, Inc. 1,606,818.00 16,068.18 P-83-134 4th quarter Aventis Pasteur Philippines, Inc. 21,026.00 420.52 P-83-135 1st quarter Aventis Pharma 17,995.06 179.96 P-83-136 2nd quarter Aventis Pharma 25,759.62 257.60 P-83-137 3rd quarter Aventis Pharma 69,870.03 1,397.40 P-83-138 4th quarter Aventis Pharma 33,858.64 677.15 P-83-139 4th quarter Aventis Pharma 16,357.13 327.13 P-83-140 1st quarter Aventis Pharma, Inc. 3,188.07 31.88 P-83-141 3rd quarter Aventis Pharma, Inc. 15,759.03 315.18 P-83-142 3rd quarter Avon Cosmetics, Inc. 45,315.00 906.30 P-83-143 3rd quarter Avon Cosmetics, Inc. 133,431.00 2,668.62 P-83-144 3rd quarter Avon Cosmetics, Inc. 402.00 4.02 P-83-145 4th quarter Avon Cosmetics, Inc. 53,752.50 1,075.05 P-83-146 4th quarter Avon Cosmetics, Inc. 620,763.00 6,207.63 P-83-147 1st quarter Ayala Land, Inc. 554,534.14 5,545.34 P-83-148 3rd quarter Ayala Land, Inc. 1,824,000.00 18,240.00 P-83-149 4th quarter Ayala Land, Inc. 1,117,454.55 11,174.55 P-83-150 4th quarter Ayala Land, Inc. 1,090,909.09 10,909.09 P-83-151 2nd quarter Ayala Property Mgmt. Corp. 55,976.91 559.77 P-83-152 2nd quarter Ayala Property Mgmt. Corp. 8,978.35 179.57 P-83-153 4th quarter Ayala Property Mgmt. Corp. 569,445.45 5,694.45 P-83-154 1st quarter B. Braun Medical Supplies, Inc. 32,246.00 644.92 P-83-155 2nd quarter B. Braun Medical Supplies, Inc. 45,657.50 913.15 P-83-156 3rd quarter B. Braun Medical Supplies, Inc. 56,823.50 1,136.47 P-83-157 4th quarter B. Braun Medical Supplies, Inc. 21,848.50 436.97 P-83-158 4th quarter B. Braun Medical Supplies, Inc. 12,261.00 245.22 P-83-159 4th quarter Banco Filipino Savings and Mortgage Bank 104,300.08 2,086.01 P-83-160 3rd quarter Banco Filipino Savings and Mortgage Bank 7,532.77 150.66 P-83-161 4th quarter Banco Filipino Savings and Mortgage Bank 8,787.93 175.76 P-83-162 1st quarter Bank of Commerce 1,047,272.75 10,472.73 P-83-163 3rd quarter Bank of Commerce 1,763,636.40 17,636.36 P-83-164 4th quarter Bank of Commerce 721,273.02 7,212.73 P-83-165 2nd quarter Bank of the Philippine Islands 909,091.00 9,090.91 P-83-166 2nd quarter Bank of the Philippine Islands 909,091.00 9,090.91 P-83-167 4th quarter Bank of the Philippine Islands 482,727.27 4,827.27 P-83-168 Year 2003 BASF Coatings, Inc. 3,677.75 73.56 P-83-169 Year 2003 BASF Coatings, Inc. 3,677.75 73.56 P-83-170 4th quarter Bayan Telecommunications, Inc. 15,693.00 156.93 P-83-171 4th quarter Bayan Telecommunications, Inc. 3,136.00 62.72 P-83-172 1st quarter Bayer Philippines, Inc. 22,435.00 224.35 P-83-173 1st quarter Bayer Philippines, Inc. 18,410.50 368.21 P-83-174 3rd quarter Bayer Philippines, Inc. 90.00 1.80 P-83-175 3rd quarter Bayer Philippines, Inc. 2,433.00 24.33 P-83-176 3rd quarter Bayer Philippines, Inc. 1,327,589.00 13,275.89 P-83-177 3rd quarter Bayer Philippines, Inc. 16,388.50 327.77 P-83-178 3rd quarter Bayer Philippines, Inc. 754,867.00 7,548.67 P-83-179 3rd quarter Bayer Philippines, Inc. 13,442.50 268.85 P-83-180 4th quarter Bayer Philippines, Inc. 42,499.50 849.99 P-83-181 4th quarter Bayer Philippines, Inc. 35,972.00 359.72 P-83-182 4th quarter Bayer Philippines, Inc. 25,864.00 258.64 P-83-183 4th quarter Bayer Philippines, Inc. 7,214.50 144.29 P-83-184 4th quarter Bio Femme, Inc. 2,379.50 47.59 P-83-185 4th quarter Bio Femme, Inc. 4,400.00 44.00 P-83-186 4th quarter BMG Records (Pilipinas), Inc. 2,975.00 59.50 P-83-187 4th quarter BMG Records (Pilipinas), Inc. 30,248.50 302.49 P-83-188 3rd quarter BMG Records (Pilipinas), Inc. 17,456.50 349.13 P-83-189 3rd quarter BMG Records (Pilipinas), Inc. 66,435.00 664.35 P-83-190 4th quarter BMG Records (Pilipinas), Inc. 11,291.50 225.83 P-83-191 4th quarter BMG Records (Pilipinas), Inc. 24,232.00 242.32 P-83-192 2nd quarter Boehringer Ingelheim (Phils.), Inc. 8,401.00 168.02 P-83-193 3rd quarter Boehringer Ingelheim (Phils.), Inc. 3,460.00 69.20 P-83-194 3rd quarter Boehringer Ingelheim (Phils.), Inc. 657,708.00 6,577.08 P-83-195 4th quarter Boehringer Ingelheim (Phils.), Inc. 48,858.00 977.16 P-83-196 4th quarter Boehringer Ingelheim (Phils.), Inc. 8,621.00 172.42 P-83-197 4th quarter Boehringer Ingelheim (Phils.), Inc. 10,518.50 210.37 P-83-198 4th quarter Bot Lease & Finance Phils., Inc. 993,000.00 9,027.27 P-83-199 4th quarter BPI Family Savings Bank 909,250.00 9,092.50 P-83-200 1st quarter BPI Leasing Corporation 909,090.91 9,090.91 P-83-201 1st quarter BPI Leasing Corporation 817,272.73 8,172.73 P-83-202 1st quarter BPI Leasing Corporation 898,181.82 8,981.82 P-83-203 1st quarter BPI Leasing Corporation 682,727.27 6,827.27 P-83-204 1st quarter BPI Leasing Corporation 467,272.73 4,672.73 P-83-205 2nd quarter BPI Leasing Corporation 786,363.64 7,863.64 P-83-206 4th quarter BPI Leasing Corporation 434,545.55 4,354.55 P-83-207 4th quarter BPI Leasing Corporation 672,727.27 6,727.27 P-83-208 4th quarter BPI Leasing Corporation 980,000.00 9,800.00 P-83-209 4th quarter BPI Leasing Corporation 555,454.55 5,554.55 P-83-210 4th quarter BPI Leasing Corporation 9,838,181.82 98,381.82 P-83-211 4th quarter BPI Leasing Corporation 1,356,272.73 13,652.73 P-83-212 4th quarter BPI Leasing Corporation 1,903,843.90 19,038.44 P-83-213 Year 2003 BPI Leasing Corporation 727,272.73 7,272.73 P-83-214 3rd quarter BPI/MS Insurance Corporation 1,202,196.50 24,043.93 P-83-215 3rd quarter BPI/MS Insurance Corporation 57,500.00 575.00 P-83-216 3rd quarter BPI/MS Insurance Corporation 1,100,477.50 22,009.55 P-83-217 3rd quarter BPI/MS Insurance Corporation 216,259.00 2,162.59 P-83-218 3rd-4th quarter Bristol-Myers Squibb (Phil.), Inc. 94,867.00 948.67 P-83-219 3rd-4th quarter Bristol-Myers Squibb (Phil.), Inc. 7,065.00 70.65 P-83-220 3rd quarter Burmah Castrol Philippines, Inc. 22,541.20 204.92 P-83-221 4th quarter California Manufacturing Co. 97,058.64 1,941.23 P-83-222 4th quarter California Manufacturing Co. 286,279.22 2,862.80 P-83-223 4th quarter California Manufacturing Co. 756.25 15.13 P-83-224 4th quarter California Manufacturing Co. 1,102.90 11.03 P-83-225 3rd quarter Caltex (Philippines), Inc. 1,346,364.00 13,463.64 P-83-226 3rd quarter CBI (Philippines), Inc. 41,328.66 826.57 P-83-227 4th quarter CBI (Philippines), Inc. 40,798.50 815.97 P-83-228 1st-4th quarter CCC Insurance Corporation 159,143.42 3,182.87 P-83-229 1st-4th quarter CCC Insurance Corporation 159,143.42 3,182.87 P-83-230 Year 2003 CCC Insurance Corporation 55,011.60 1,100.23 P-83-231 3rd quarter Century Canning Corporation 14,461.50 289.23 P-83-232 3rd quarter CGU International Insurance PLC 38,581.00 771.62 P-83-233 3rd quarter CGU International Insurance PLC 318,859.00 6,377.18 P-83-234 3rd quarter CGU International Insurance PLC 165,245.50 3,304.91 P-83-235 4th quarter CGU International Insurance PLC 177,234.00 3,544.68 P-83-236 4th quarter CGU International Insurance PLC 21,908.00 438.16 P-83-237 4th quarter CGU International Insurance PLC 74,865.00 1,497.30 P-83-238 4th quarter Chinatrust (Phils.) Commercial Bank Corporation 600,000.00 6,000.00 P-83-239 1st-4th quarter Cici General Insurance Corporation 123,570.07 2,194.46 P-83-240 4th quarter City Government of Las Pias 674,950.00 12,271.81 P-83-241 4th quarter City Government of Makati 483,182.00 9,663.64 P-83-242 4th quarter Clariant (Philippines) Corp. 3,717.50 74.36 P-83-243 4th quarter Clariant (Philippines) Corp. 18,232.59 182.33 P-83-244 4th quarter Clarion Manufacturing Corporation of the Philippines 34,032.50 680.65 P-83-245 4th quarter Clarion Manufacturing Corporation of the Philippines 107,155.00 1,071.55 P-83-246 1st quarter Coca-Cola Bottlers Philippines, Inc. 79,418.50 1,588.37 P-83-247 2nd quarter Coca-Cola Bottlers Philippines, Inc. 120,648.00 2,412.96 P-83-248 3rd quarter Coca-Cola Bottlers Philippines, Inc. 121,142.50 2,422.85 P-83-249 4th quarter Coca-Cola Bottlers Philippines, Inc. 27,197.00 543.94 P-83-250 4th quarter Colgate-Palmolive Philippines, Inc. 21,108.50 422.17 P-83-251 3rd quarter Colgate-Palmolive Philippines, Inc. 18,743.00 374.86 P-83-252 4th quarter Colgate-Palmolive Philippines, Inc. 7,110.50 142.21 P-83-253 4th quarter Colgate-Palmolive Philippines, Inc. 12,648.00 252.96 P-83-254 1st quarter Collins International Trading Corporation 23,666.50 473.33 P-83-255 2nd quarter Collins International Trading Corporation 3,344.50 66.89 P-83-256 2nd quarter Collins International Trading Corporation 12,003.00 120.03 P-83-257 3rd quarter Collins International Trading Corporation 3,245.00 64.90 P-83-258 3rd quarter Collins International Trading Corporation 5,598.00 55.98 P-83-259 4th quarter Commonwealth Insurance Company 207,272.00 4,145.44 P-83-260 4th quarter Consolidated Distillers of the Far East, Inc. 3,904.00 39.04 P-83-261 Year 2003 Consolidated Industrial Gases, Inc. 907,282.85 9,072.82 P-83-262 Year 2003 Consolidated Industrial Gases, Inc. 817,272.73 8,172.73 P-83-263 Year 2003 Consolidated Industrial Gases, Inc. 817,272.73 8,172.73 P-83-264 4th quarter Cosmos Bottling Corporation 17,918.15 358.36 P-83-265 4th quarter Covenant Assurance Company, Inc. 9,752.00 195.34 P-83-266 4th quarter Crismina Garments, Inc. 41,031.59 468.09 P-83-267 4th quarter D.M. Consunji, Inc. 273,638.50 5,472.77 P-83-268 2nd quarter Dart (Philippines), Inc. 3,395.00 67.90 P-83-269 4th quarter Dart (Philippines), Inc. 13,708.00 274.16 P-83-270 4th quarter Dart Philippines, Inc. 783.40 783.40 P-83-271 4th quarter Del Monte Fresh Product (Philippines), Inc. 770.00 15.40 P-83-272 1st quarter Del Monte Philippines, Inc. 177,250.31 1,772.51 P-83-273 2nd quarter Del Monte Philippines, Inc. 149,460.57 1,494.61 P-83-274 2nd to 3rd quarter Del Monte Philippines, Inc. 23,358.14 467.16 P-83-275 2nd to 3rd quarter Del Monte Philippines, Inc. 32,182.86 643.66 P-83-276 2nd to 3rd quarter Del Monte Philippines, Inc. 1,785.70 17.86 P-83-277 3rd quarter Del Monte Philippines, Inc. 43,555.49 871.12 P-83-278 3rd quarter Del Monte Philippines, Inc. 21,077.78 421.55 P-83-279 3rd to 4th quarter Del Monte Philippines, Inc. 17,677.63 353.55 P-83-280 3rd to 4th quarter Del Monte Philippines, Inc. 18,039.77 360.80 P-83-281 3rd to 4th quarter Del Monte Philippines, Inc. 798.31 7.98 P-83-282 3rd to 4th quarter Del Monte Philippines, Inc. 146,736.86 2,934.73 P-83-283 3rd to 4th quarter Del Monte Philippines, Inc. 2,000.00 20.00 P-83-284 4th quarter Department of Energy 1,102.92 1,102.92 P-83-285 4th quarter Department of Energy 1,722.70 1,722.70 P-83-286 4th quarter Department of Science and Technology 18,330.37 333.28 P-83-287 4th quarter Department of Science and Technology 57,473.44 1,044.97 P-83-288 4th quarter Department of Science and Technology 40,636.20 738.84 P-83-289 4th quarter Department of Science and Technology 39,544.82 719.00 P-83-290 4th quarter Department of Science and Technology 14,740.00 268.00 P-83-291 4th quarter Department of Science and Technology 18,330.37 333.28 P-83-292 4th quarter Deutsche Bank AG Manila Branch 878,181.82 8,781.82 P-83-293 3rd quarter Development Bank of the Philippines 26,476.85 529.54 P-83-294 3rd quarter Development Bank of the Philippines 5,110.00 102.20 P-83-295 4th quarter Development Bank of the Philippines 13,898.74 138.99 P-83-296 Year 2003 Diageo Philippines, Inc. 16,283.00 162.83 P-83-297 Year 2003 Diageo Philippines, Inc. 120,531.00 2,410.62 P-83-298 1st quarter Digital Telecommunications Phils., Inc. 6,429.94 128.60 P-83-299 3rd quarter Digital Telecommunications Phils., Inc. 13,220.87 264.43 P-83-300 4th quarter Digital Telecommunications Phils., Inc. 23,688.02 473.76 P-83-301 1st quarter Digitel Mobile Phils. 10,511.20 210.24 P-83-302 2nd quarter Digitel Mobile Phils. 510,909.09 5,109.09 P-83-303 2nd quarter Digitel Mobile Phils. 19,452.59 389.06 P-83-304 3rd quarter Digitel Mobile Phils. 56,113.66 1,122.28 P-83-305 4th quarter Digitel Mobile Phils. 5,001.36 100.02 P-83-306 2nd quarter Digitel Mobile Phils. Inc. 510,909.09 5,109.09 P-83-307 2nd quarter Digitel Mobile Phils. Inc. 19,452.59 389.06 P-83-308 4th quarter Directories Philippines Corporation 50,950.00 1,019.00 P-83-309 4th quarter DMCI Holdings, Inc. 511,818.18 5,118.18 P-83-310 2nd quarter Dow Chemical Philippines, Inc. 7,447.50 148.95 P-83-311 2nd quarter Dow Chemical Philippines, Inc. 32,737.34 327.37 P-83-312 4th quarter Du Pont Far East, Inc. 13,264.12 265.28 P-83-313 4th quarter Dummex Philippines, Inc. 12,176.50 243.53 P-83-314 2nd quarter Elan Pharmaceutical Corporation 1,701.00 34.02 P-83-315 3rd quarter Eli Lilly (Philippines), Inc. 32,194.00 643.88 P-83-316 4th quarter Eli Lilly (Philippines), Inc. 55,652.00 1,113.04 P-83-317 4th quarter Eli Lilly (Philippines), Inc. 667,273.00 6,672.73 P-83-318 4th quarter Enkei Philippines, Inc. 25,347.50 506.95 P-83-319 2nd quarter Equitable Insurance Corporation 26,553.50 531.07 P-83-320 3rd quarter Equitable Insurance Corporation 58,379.20 1,167.58 P-83-321 4th quarter Equitable Insurance Corporation 19,682.68 393.65 P-83-322 4th quarter Equitable Insurance Corporation 7,783.06 155.66 P-83-323 4th quarter Equitable Insurance Corporation 23,982.55 479.65 P-83-324 4th quarter Equitable Insurance Corporation 91,940.00 1,838.80 P-83-325 2nd quarter Equitable PCI Bank 1,064,513.00 10,645.13 P-83-326 2nd quarter Equitable PCI Bank 816,272.00 8,162.72 P-83-327 3rd quarter Equitable PCI Bank 2,139,653.00 21,396.53 P-83-328 4th quarter Equitable PCI Bank 1,518,182.00 15,181.82 P-83-329 4th quarter Ericsson Telecommunications, Inc. 6,637.40 120.68 P-83-330 4th quarter Essex Pharmaceuticals, Inc. 2,580,000.00 25,800.00 P-83-331 1st quarter ETSI Technologies, Inc. 49,263.00 492.63 P-83-332 3rd quarter ETSI Technologies, Inc. 3,821.00 38.21 P-83-333 4th quarter Export and Industry Bank, Inc. 363,636.00 3,636.36 P-83-334 3rd quarter Federal Phoenix Assurance Co., Inc. 217,848.00 4,356.96 P-83-335 3rd quarter Federal Phoenix Assurance Co., Inc. 221,669.00 4,433.38 P-83-336 4th quarter Federal Phoenix Assurance Co., Inc. 1,614,142.00 32,282.81 P-83-337 4th quarter Federal Phoenix Assurance Co., Inc. 394,238.00 7,884.76 P-83-338 4th quarter Federal Phoenix Assurance Co., Inc. 280,706.50 5,614.13 P-83-339 4th quarter Federal Phoenix Assurance Co., Inc. 1,421,289.50 28,425.79 P-83-340 1st quarter Fil-Pacific Apparel Corporation 835,454.55 8,354.55 P-83-341 4th quarter First Gas Holdings Corporation 6,658.00 133.16 P-83-342 Year 2003 First Lepanto-Taisho Insurance Corporation 118,991.00 1,189.91 P-83-343 1st quarter First Philippine Industrial Park, Inc. 4,791.00 95.82 P-83-344 2nd quarter First Philippine Industrial Park, Inc. 14,742.50 294.85 P-83-345 3rd quarter First Philippine Industrial Park, Inc. 7,122.00 142.44 P-83-346 4th quarter First Philippine Industrial Park, Inc. 3,836.50 76.73 P-83-347 4th quarter Fort Bonifacio Development Corporation 900,000.00 9,000.00 P-83-348 4th quarter Fort Bonifacio Development Corporation 900,000.00 9,000.00 P-83-349 4th quarter Fortune Guarantee & Insurance Corporation 84,251.50 1,685.03 P-83-350 2nd quarter Fortune Guarantee and Insurance Corporation 31,515.00 630.30 P-83-351 3rd quarter Fortune Guarantee and Insurance Corporation 119,819.95 2,396.40 P-83-352 4th quarter F-Tech Philippines Manufacturing Corporation 11,022.89 220.46 P-83-353 1st-4th quarter Fuji Xerox Philippines, Inc. 1,701.00 34.02 P-83-354 1st quarter General Milling Corporation 871,818.18 8,718.18 P-83-355 3rd quarter General Milling Corporation 515,454.55 5,154.55 P-83-356 3rd quarter General Milling Corporation 1,096,654.54 10,964.55 P-83-357 3rd quarter Glaxosmithkline Philippines, Inc. 592,186.50 11,843.73 P-83-358 3rd quarter Glaxosmithkline Philippines, Inc. 592,186.50 11,843.73 P-83-359 2nd quarter Global Brands Company, Inc. 17,103.00 171.03 P-83-360 3rd quarter Global Brands Company, Inc. 52,727.50 1,054.75 P-83-361 4th quarter Global Brands Company, Inc. 9,954.00 199.08 P-83-362 3rd quarter Globe Telecom, Inc. (Formerly GMCR, Inc.) 5,555,227.00 55,552.37 P-83-363 4th quarter Globe Telecom, Inc. (Formerly GMCR, Inc.) 3,909,091.00 39,090.91 P-83-364 3rd quarter GMA Network, Inc. 5,001,818.00 50,018.18 P-83-365 4th quarter GMA Network, Inc. 872,727.00 8,727.27 P-83-366 1st quarter Golden Arches Development Corporation 36,213.00 724.26 P-83-367 2nd quarter Golden Arches Development Corporation 4,862.50 97.25 P-83-368 3rd quarter Golden Arches Development Corporation 22,849.50 456.99 P-83-369 3rd quarter Golden Arches Development Corporation 553,636.00 5,536.36 P-83-370 3rd quarter Golden Arches Development Corporation 7,216.00 144.32 P-83-371 4th quarter Golden Arches Development Corporation 44,025.50 880.51 P-83-372 4th quarter Golden Arches Development Corporation 44,025.50 880.51 P-83-373 4th quarter Golden Arches Development Corporation 2,113.50 42.27 P-83-374 2nd quarter Greenwich Pizza Corporation 900,000.00 9,000.00 P-83-375 3rd quarter Hi-Precision Steel Center, Inc. 756.25 15.13 P-83-376 3rd quarter Home Development Mutual Fund 6,232.29 124.65 P-83-377 3rd quarter Home Development Mutual Fund (HDMF) 2,015.76 40.32 P-83-378 3rd quarter Home Development Mutual Fund (HDMF) 4,727.23 94.55 P-83-379 3rd quarter Home Development Mutual Fund (HDMF) 756.26 15.13 P-83-380 3rd quarter Home Development Mutual Fund (HDMF) 3,310.92 66.22 P-83-381 4th quarter Home Development Mutual Fund (HDMF) 1,800.00 36.00 P-83-382 4th quarter Home Development Mutual Fund (HDMF) 15,519.94 310.40 P-83-383 3rd quarter Honda Cars Bacolod 2,546.00 25.46 P-83-384 3rd quarter Honda Cars Cagayan 1,800.00 37.80 P-83-385 2nd quarter Honda Cars Cebu, Inc. 758,890.00 7,588.90 P-83-386 3rd quarter Honda Cars Cebu, Inc. 2,333,755.00 23,337.55 P-83-387 3rd quarter Honda Cars Cebu, Inc. 2,333,755.00 23,337.55 P-83-388 3rd quarter Honda Cars Cebu, Inc. 945,908.00 9,459.08 P-83-389 3rd quarter Honda Cars Cebu, Inc. 503,779.00 5,037.79 P-83-390 4th quarter Honda Cars Cebu, Inc. 502,437.00 5,024.37 P-83-391 4th quarter Honda Cars Cebu, Inc. 502,437.00 5,024.37 P-83-392 4th quarter Honda Cars Cebu, Inc. 2,404,384.00 24,043.84 P-83-393 1st quarter Honda Cars Fairview (A Division of House of Investments, Inc.) 1,110,290.00 11,102.90 P-83-394 3rd quarter Honda Cars Fairview (A Division of House of Investments, Inc.) 1,182,977.00 11,829.77 P-83-395 3rd quarter Honda Cars Kaloocan, Inc. 1,511,234.00 15,112.34 P-83-396 1st quarter Honda Cars Kalookan, Inc. 578,413.00 5,784.13 P-83-397 4th quarter Honda Cars Kalookan, Inc. 2,814,531.00 28,145.31 P-83-398 4th quarter Honda Cars Kalookan, Inc. 1,515,332.00 15,153.32 P-83-399 4th quarter Honda Cars Kalookan, Inc. 1,083,032.00 10,830.32 P-83-400 4th quarter Honda Cars Manila 1,214,554.00 12,145.54 P-83-401 4th quarter Honda Cars Manila 1,447,009.00 14,470.09 P-83-402 3rd quarter Honda Cars Manila (A Division of House of investments, Inc.) 1,181,945.00 11,819.45 P-83-403 2nd quarter Honda Cars Marikina 3,130,760.00 31,307.60 P-83-404 3rd quarter Honda Cars Marikina 2,840,367.00 28,403.67 P-83-405 3rd quarter Honda Cars Marikina 3,172,186.00 31,721.86 P-83-406 4th quarter Honda Cars Marikina 836,440.00 8,364.40 P-83-407 4th quarter Honda Cars Marikina 596,459.00 5,964.59 P-83-408 3rd quarter Honda Cars Marikina (A Division of House of Investments, Inc.) 725,366.00 7,253.66 P-83-409 4th quarter Honda Cars Pangasinan 2,120,069.00 19,273.35 P-83-410 4th quarter Honda Cars Pangasinan 1,092,685.00 9,933.50 P-83-411 4th quarter Honda Cars Pangasinan, Inc. 550,985.00 5,008.95 P-83-412 4th quarter Honda Cars Philippines 407,118.00 4,071.18 P-83-413 4th quarter Honda Cars Philippines, Inc. 1,239,253.00 12,392.53 P-83-414 3rd quarter Honda Cars Philippines, Inc. 1,291,877.00 12,918.77 P-83-415 4th quarter Honda Cars Philippines, Inc. 941,718.00 9,417.18 P-83-416 4th quarter Honda Cars Philippines, Inc. 1,483,661.00 14,836.61 P-83-417 3rd quarter Honda Parts Manufacturing Corporation 536,684.00 10,733.68 P-83-418 4th quarter Honda Parts Manufacturing Corporation 485,618.00 9,712.36 P-83-419 4th quarter Honda Philippines, Inc. 2,089,220.00 20,892.20 P-83-420 4th quarter Honda Philippines, Inc. 66,874.00 1,337.51 P-83-421 4th quarter Honda Philippines, Inc. 2,089,220.00 20,892.20 P-83-422 1st quarter Hooven Philippines, Inc. 45,814.00 916.28 P-83-423 2nd quarter Hooven Philippines, Inc. 1,829.00 36.58 P-83-424 3rd quarter Hooven Philippines, Inc. 39,442.50 788.85 P-83-425 4th quarter Hooven Philippines, Inc. 7,633.00 152.66 P-83-426 4th quarter IMS Health Philippines, Inc. 23,920.65 478.41 P-83-427 1st, 2nd, and 3rd quarters IMS Health Phils., Inc. 78,760.72 1,575.20 P-83-428 4th quarter Ingersoll-Rand Philippines, Inc. 40,281.65 402.82 P-83-429 4th quarter Insular General Insurance Co., Inc. 498,942.00 9,978.84 P-83-430 2nd quarter Insular Life Savings & Trust Company 754,000.00 6,854.54 P-83-431 3rd quarter Insular Life Savings & Trust Company 609,000.00 5,536.36 P-83-432 4th quarter Jaime Augusto Zobel De Ayala 7,526.18 150.52 P-83-433 4th quarter James Hardie Philippines, Inc. 484,545.40 4,845.45 P-83-434 4th quarter James Hardie Philippines, Inc. 13,371.47 267.00 P-83-435 4th-1st quarter James Hardie Philippines, Inc. 2,196,363.64 21,963.64 P-83-436 4th-1st quarter James Hardie Philippines, Inc. 12,438.00 248.00 P-83-437 4th quarter Japan PNB Leasing and Finance Corporation 1,045,500.00 10,455.00 P-83-438 4th quarter Japan-PNB Leasing and Finance 1,781,818.00 17,818.18 P-83-439 3rd quarter Jollibee Foods Corporation 815,454.55 8,154.55 P-83-440 3rd quarter Jollibee Foods Corporation 872,727.27 8,727.27 P-83-441 3rd quarter Jollibee Foods Corporation 815,454.55 8,154.55 P-83-442 3rd quarter Jollibee Foods Corporation 872,727.27 8,727.27 P-83-443 4th quarter Kimberly-Clark Philippines, Inc. 491,409.09 4,914.09 P-83-444 4th quarter Kodak Philippines, Ltd. 954,500.00 9,545.00 P-83-445 4th quarter Kodak Philippines, Ltd. 12,835.45 256.71 P-83-446 4th quarter La Tondea Distillers, Inc. 2,268.20 45.36 P-83-447 1st quarter Laboratories Fournier Philippines, Inc. 16,962.50 339.25 P-83-448 2nd quarter Laboratories Fournier Philippines, Inc. 23,065.00 461.30 P-83-449 3rd quarter Laboratories Fournier Philippines, Inc. 9,708.50 194.17 P-83-450 4th quarter Laboratories Fournier Philippines, Inc. 18,361.00 367.22 P-83-451 4th quarter Laboratories Fournier Philippines, Inc. 1,882,854.00 18,828.54 P-83-452 1st quarter Laguna Prop. Holdings, Inc. 501,818.18 5,018.18 P-83-453 3rd quarter Laguna Prop. Holdings, Inc. 1,551,818.18 15,518.18 P-83-454 3rd quarter Laguna Prop. Holdings, Inc. 2,339.15 23.39 P-83-455 4th quarter Land Bank of the Philippines 815,454.50 16,309.09 P-83-456 4th quarter Lapanday Foods Corporation 17,349.65 173.50 P-83-457 4th quarter Lapanday Foods Corporation 4,883.52 97.67 P-83-458 4th quarter LCSPI (Lafarge Cement Services Phils., Inc.) 265,000.00 5,300.00 P-83-459 1st quarter LG Collins Electronics Manila, Inc. 19,008.00 190.08 P-83-460 3rd quarter LG Collins Electronics Manila, Inc. 21,873.00 218.73 P-83-461 3rd quarter LG Collins Electronics Manila, Inc. 913,546.00 9,135.46 P-83-462 4th quarter LG Collins Electronics Manila, Inc. 115,124.00 1,151.24 P-83-463 1st quarter L'Oreal Philippines, Inc. 83,723.50 1,674.47 P-83-464 2nd quarter L'Oreal Philippines, Inc. 20,567.50 411.35 P-83-465 3rd quarter L'Oreal Philippines, Inc. 36,271.50 725.43 P-83-466 4th quarter L'Oreal Philippines, Inc. 31,230.50 624.61 P-83-467 1st quarter Maa General Assurance Phils., Inc. 90,160.00 1,803.20 P-83-468 3rd quarter Maa General Assurance Phils., Inc. 160,419.50 3,208.39 P-83-469 3rd quarter Maa General Assurance Phils., Inc. 2,897.00 57.94 P-83-470 4th quarter Maa General Assurance Phils., Inc. 262,030.00 5,240.60 P-83-471 1st quarter Magnolia, Inc. 9,075.00 181.50 P-83-472 2nd quarter Magnolia, Inc. 23,511.00 470.22 P-83-473 3rd quarter Magnolia, Inc. 20,667.00 413.34 P-83-474 4th quarter Magnolia, Inc. 87,200.50 1,744.01 P-83-475 4th quarter Magnolia, Inc. 24,511.50 490.23 P-83-476 3rd quarter Makati Dev't. Corp. 820,000.00 8,200.00 P-83-477 2nd quarter Malayan Insurance Co., Inc. 53,892.00 1,077.84 P-83-478 2nd quarter Malayan Insurance Co., Inc. 116,591.00 1,165.91 P-83-479 1st quarter Malayan Insurance Co., Inc. 44,993.50 899.87 P-83-480 1st quarter Malayan Insurance Co., Inc. 67,105.00 671.05 P-83-481 1st-4th quarter Malayan Insurance Co., Inc. 324,655.50 6,493.11 P-83-482 1st-4th quarter Malayan Insurance Co., Inc. 633,032.00 6,330.32 P-83-483 2nd quarter Malayan Insurance Co., Inc. 67,483.00 1,349.66 P-83-484 2nd quarter Malayan Insurance Co., Inc. 97,842.00 978.42 P-83-485 3rd quarter Malayan Insurance Co., Inc. 61,811.50 1,236.23 P-83-486 3rd quarter Malayan Insurance Co., Inc. 150,513.00 1,505.13 P-83-487 3rd quarter Malayan Insurance Co., Inc. 39,790.50 795.81 P-83-488 3rd quarter Malayan Insurance Co., Inc. 81,292.00 812.92 P-83-489 4th quarter Malayan Insurance Co., Inc. 22,578.50 451.57 P-83-490 4th quarter Malayan Insurance Co., Inc. 48,750.00 487.50 P-83-491 4th quarter Malayan Insurance Co., Inc. 58,611.00 1,172.22 P-83-492 4th quarter Malayan Insurance Co., Inc. 80,239.00 802.39 P-83-493 4th quarter Malayan Insurance Co., Inc. 94,458.50 1,889.17 P-83-494 4th quarter Malayan Insurance Co., Inc. 212,953.00 2,129.53 P-83-495 1st-4th quarter Mapfre Asian Insurance Corporation 305,909.00 3,059.09 P-83-496 1st-4th quarter Mapfre Asian Insurance Corporation 138,262.00 2,765.24 P-83-497 Year 2003 Mapfre Asian Insurance Corporation 198,647.00 1,986.47 P-83-498 Year 2003 Mapfre Asian Insurance Corporation 132,794.50 2,655.89 P-83-499 Year 2003 Mapfre Asian Insurance Corporation 100,631.00 1,006.31 P-83-500 Year 2003 Mapfre Asian Insurance Corporation 78,163.00 1,563.26 P-83-501 1st quarter Marsman Drysdale Corp. 378.00 7.56 P-83-502 Year 2003 Marsman Drysdale Foods Corporation 10,296.00 205.92 P-83-503 1st quarter Marsman Drysdale Medical Products, Inc. 14,091.00 281.82 P-83-504 2nd quarter Marsman Drysdale Medical Products, Inc. 2,382.00 47.64 P-83-505 3rd quarter Masterfoods Philippines 6,141.99 122.84 P-83-506 3rd quarter Masterfoods Philippines 42,206.68 422.07 P-83-507 4th quarter Masterfoods Philippines 16,763.75 167.64 P-83-508 4th quarter Masterfoods Philippines 74,939.43 1,498.79 P-83-509 3rd quarter MD Distripark Manila, Inc. 1,856.50 37.13 P-83-510 4th quarter MD Distripark Manila, Inc. 861.50 17.23 P-83-511 4th quarter Medichem Pharmaceuticals, Inc. 19,562.50 391.25 P-83-512 4th quarter Medichem Pharmaceuticals, Inc. 4,440.00 44.40 P-83-513 1st-4th quarter Megaworld Corporation 39,732.00 794.64 P-83-514 1st quarter Merck Sharp and Dohme Philippines 3,385.11 67.77 P-83-515 2nd quarter Merck Sharp and Dohme Philippines 14,763.74 295.57 P-83-516 3rd quarter Merck Sharp and Dohme Philippines 551,042.46 11,031.87 P-83-517 3rd quarter Merck Sharp and Dohme Philippines 9,010.49 180.39 P-83-518 4th quarter Merck Sharp and Dohme Philippines 590,141.82 5,901.42 P-83-519 4th quarter Merck Sharp and Dohme Philippines 10,052.45 201.25 P-83-520 Year 2003 Merck, Inc. 354,613.00 3,546.13 P-83-521 Year 2003 Merck, Inc. 103,808.00 1,038.08 P-83-522 4th quarter Meridian Assurance Corporation 27,688.94 553.78 P-83-523 3rd quarter Metro Drug, Inc. 31,595.50 631.91 P-83-524 4th quarter Metro Drug, Inc. 25,941.50 518.83 P-83-525 1st quarter Metro Rail Transit Corporation 756.50 15.13 P-83-526 1st quarter Metrolab Industries, Inc. 13,729.00 137.29 P-83-527 1st quarter Metrolab Industries, Inc. 1,389.00 27.78 P-83-528 1st quarter Milton Incorporated 9,731.18 194.62 P-83-529 4th quarter Milton Incorporated 4,912.54 98.25 P-83-530 4th quarter Mirant (Philippines) Energy Corp. (Formerly: Mirant (Philippines) Mobile Corp. 18,512.00 370.24 P-83-531 4th quarter Monde Nissin Corporation 15,439.67 308.79 P-83-532 4th quarter Monde Nissin Corporation 526,727.27 5,267.27 P-83-533 4th quarter Monde Nissin Corporation 3,581.82 71.64 P-83-534 1st to 3rd quarter Nestle Philippines, Inc. 5,127,962.00 51,279.62 P-83-535 3rd quarter Nestle Philippines, Inc. 519,455.00 5,194.55 P-83-536 1st quarter New Zealand Milk Philippines, Incorporated 11,950.50 239.01 P-83-537 2nd quarter New Zealand Milk Philippines, Incorporated 14,529.00 290.58 P-83-538 3rd quarter New Zealand Milk Philippines, Incorporated 9,848.50 196.97 P-83-539 4th quarter New Zealand Milk Philippines, Incorporated 11,692.00 233.84 P-83-540 4th quarter Northwest Insurance & Surety Co., Inc. 23,307.68 466.15 P-83-541 3rd quarter OEP Phils., Inc. 10,279.50 205.59 P-83-542 4th quarter Oriental Assurance Corporation 6,579.00 65.79 P-83-543 4th quarter Oriental Assurance Corporation 14,305.00 286.10 P-83-544 4th quarter Oriental Assurance Corporation 238,596.00 2,385.96 P-83-545 4th quarter Oriental Assurance Corporation 62,431.00 1,248.62 P-83-546 4th quarter Oriental Assurance Corporation 238,596.00 2,385.96 P-83-547 4th quarter Oriental Assurance Corporation 62,431.00 1,248.62 P-83-548 3rd quarter Orix Metro Leasing and Finance Corp. 454,545.00 4,545.45 P-83-549 4th quarter Orix Metro Leasing and Finance Corporation 5,979,452.00 59,794.52 P-83-550 4th quarter Orix Metro Leasing and Finance Corporation 1,515,454.00 15,154.54 P-83-551 1st-4th quarter Paramount Life & General Insurance Corp. 360,746.50 7,214.93 P-83-552 1st quarter Paramount Life & General Insurance Corporation 228,560.50 4,571.21 P-83-553 2nd quarter Paramount Life & General Insurance Corporation 373,267.00 7,465.34 P-83-554 1st quarter Paramount Life and General Insurance Corp. 291,918.50 5,838.37 P-83-555 1st quarter Paramount Life and General Insurance Corporation 63,583.00 1,271.66 P-83-556 2nd quarter Paramount Life and General Insurance Corporation 572,114.00 11,442.28 P-83-557 3rd quarter Paramount Life and General Insurance Corporation 256,952.00 5,139.04 P-83-558 1st quarter Pascual Laboratories, Inc. 38,677.50 773.55 P-83-559 2nd quarter Pascual Laboratories, Inc. 16,717.00 334.34 P-83-560 3rd quarter Pascual Laboratories, Inc. 47,636.50 952.73 P-83-561 4th quarter Pascual Laboratories, Inc. 17,929.00 179.29 P-83-562 4th quarter Pascual Laboratories, Inc. 17,393.00 347.86 P-83-563 3rd quarter PCI Leasing & Finance, Inc. 2,670,000.00 24,272.75 P-83-564 4th quarter PCI Leasing and Finance, Inc. 523,000.00 4,754.55 P-83-565 2nd quarter Pediatrica, Inc. 47,551.00 951.02 P-83-566 4th quarter Pediatrica, Inc. 33,865.50 677.31 P-83-567 2nd quarter Penn Philippines Export, Inc. 30,666.50 613.33 P-83-568 2nd quarter Penn Philippines, Inc. 23,638.00 472.76 P-83-569 1st quarter Pepsi Cola Products Phils., Inc. 22,938.00 458.76 P-83-570 2nd quarter Pepsi Cola Products Phils., Inc. 75,256.00 1,505.12 P-83-571 3rd quarter Pepsi Cola Products Phils., Inc. 5,256.50 105.13 P-83-572 3rd quarter Pepsi Cola Products Phils., Inc. 1,023,915.00 10,239.15 P-83-573 4th quarter Pepsi Cola Products Phils., Inc. 11,630.00 232.60 P-83-574 1st quarter Perfetti Van Melle Philippines, Inc. 23,393.00 233.93 P-83-575 3rd quarter Perfetti Van Melle Philippines, Inc. 11,775.00 117.75 P-83-576 4th quarter Petrogen Insurance Corporation 207.95 207.95 P-83-577 4th quarter Petrogen Insurance Corporation 42,135.45 842.71 P-83-578 3rd quarter Petron Corporation 660,006.60 6,600.07 P-83-579 4th quarter Petron Corporation 684,552.30 6,845.53 P-83-580 1st quarter Pfizer, Inc. 1,667.00 33.34 P-83-581 1st quarter Pfizer, Inc. 84,423.00 844.23 P-83-582 2nd quarter Pfizer, Inc. 600.00 12.00 P-83-583 2nd quarter Pfizer, Inc. 44,955.00 449.55 P-83-584 2nd quarter Pfizer, Inc. 27,420.00 548.40 P-83-585 2nd quarter Pfizer, Inc. 138,555.00 1,385.55 P-83-586 3rd quarter Pfizer, Inc. 6,332.00 126.64 P-83-587 3rd quarter Pfizer, Inc. 18,598.00 185.98 P-83-588 3rd quarter Pfizer, Inc. 3,122.50 62.45 P-83-589 3rd quarter Pfizer, Inc. 1,863,305.00 18,633.05 P-83-590 3rd quarter Pfizer, Inc. 12,871.50 257.43 P-83-591 3rd quarter Pfizer, Inc. 7,781,385.00 77,813.85 P-83-592 4th quarter Pfizer, Inc. 19,480.50 389.61 P-83-593 4th quarter Pfizer, Inc. 96,338.00 963.38 P-83-594 4th quarter Pharma Dynamic, Inc. 1,264.00 11.49 P-83-595 4th quarter Phelps Dodge Philippines Energy Products Corporation 2,876.50 57.53 P-83-596 2nd quarter Philam Insurance Company, Inc. 173,288.00 3,465.76 P-83-547 2nd quarter Philam Insurance Company, Inc. 611,482.00 12,229.64 P-83-598 3rd quarter Philam Insurance Company, Inc. 180,641.75 3,612.83 P-83-599 3rd quarter Philam Insurance Company, Inc. 368,082.90 7,361.67 P-83-600 4th quarter Philam Insurance Company, Inc. 103,913.41 2,078.25 P-83-601 4th quarter Philam Insurance Company, Inc. 330,826.98 6,616.56 P-83-602 3rd quarter Philip Morris Philippines Manufacturing, Inc. 67,345.50 1,346.91 P-83-603 3rd quarter Philip Morris Philippines Manufacturing, Inc. 67,345.50 1,346.91 P-83-604 4th quarter Philip Morris Philippines Manufacturing, Inc. 103,829.00 2,076.58 P-83-605 4th quarter Philippine Amusement and Gaming Corporation 508,181.82 10,163.64 P-83-606 4th quarter Philippine Amusement and Gaming Corporation 508,181.82 15,245.45 P-83-607 3rd quarter Philippine Deposit Insurance Corporation 18,224.48 364.49 P-83-608 4th quarter Philippine Deposit Insurance Corporation 24,625.52 492.51 P-83-609 1st quarter Philippine Fire and Marine Insurance Corp. 24,736.50 494.79 P-83-610 1st quarter Philippine Fire and Marine Insurance Corp. 8,716.00 87.18 P-83-611 Year 2003 Philippine Fire and Marine Insurance Corporation 4,545.00 90.90 P-83-612 Year 2003 Philippine Fire and Marine Insurance Corporation 1,695,000.00 16,950.00 P-83-613 Year 2003 Philippine Fire and Marine Insurance Corporation 11,769.00 235.38 P-83-614 Year 2003 Philippine Fire and Marine Insurance Corporation 11,894.00 118.94 P-83-615 1st quarter Philippine First Insurance Co., Inc. 13,893.50 277.87 P-83-616 4th quarter Philippine First Insurance Co., Inc. 3,179.00 63.58 P-83-617 2nd quarter Philippine General Insurance Corporation 20,395.86 407.92 P-83-618 4th quarter Philippine General Insurance Corporation 21,359.00 427.18 P-83-619 4th quarter Philippine General Insurance Corporation 31,130.31 622.61 P-83-620 4th quarter Philippine General Insurance Corporation 5,327.27 106.54 P-83-621 4th quarter Philippine Long Distance Telephone Company 2,978,981.82 29,789.82 P-83-622 4th quarter Philippine Long Distance Telephone Company 133,207.39 2,664.16 P-83-623 4th quarter Philippine Long Distance Telephone Company 82,933.35 1,658.66 P-83-624 3rd quarter Philippine Seven Corporation 5,118.00 102.36 P-83-625 4th quarter Philips Electronics and Lighting, Inc. 681,400.00 6,814.00 P-83-626 3rd quarter Phimco Industries, Inc. 6,727.50 134.55 P-83-627 4th quarter Phimco Industries, Inc. 6,000.00 120.00 P-83-628 1st quarter Pilipinas Kao, Inc. 13,399.64 267.99 P-83-629 2nd quarter Pilipinas Kao, Inc. 11,410.88 228.22 P-83-630 3rd quarter Pilipinas Kao, Inc. 5,949.34 118.99 P-83-631 3rd quarter Pilipinas Makro, Inc. 2,870.50 57.41 P-83-632 3rd quarter Pioneer Insurance & Surety Corporation 66,682.79 1,333.66 P-83-633 3rd quarter Pioneer Insurance & Surety Corporation 49,097.95 981.96 P-83-634 3rd quarter Pioneer Insurance & Surety Corporation 1,842,259.10 18,432.60 P-83-635 4th quarter Pioneer Insurance & Surety Corporation 391,461.45 7,729.24 P-83-636 3rd quarter Planters Development Bank 872,727.00 8,727.27 P-83-637 4th quarter PNOC Energy Development Corporation 1,688,182.00 33,763.64 P-83-638 4th quarter PNOC Energy Development Corporation 1,688,182.00 50,645.46 P-83-639 4th quarter PNOC Energy Development Corporation 872,727.33 17,454.55 P-83-640 4th quarter PNOC Energy Development Corporation 872,727.33 26,181.82 P-83-641 3rd quarter PSI Technologies, Inc. 116,525.46 1,165.26 P-83-642 4th quarter PSI Technologies, Inc. 152,504.28 1,525.05 P-83-643 3rd quarter Quaker Oats Asia, Inc. Philippine Branch 4,140.50 82.81 P-83-644 2nd quarter Reckitt Benckiser (Philippines), Inc. 3,583.50 71.67 P-83-645 3rd quarter Reckitt Benckiser (Philippines), Inc. 17,779.00 355.58 P-83-646 4th quarter Reckitt Benckiser (Philippines), Inc. 14,317.50 286.35 P-83-647 4th quarter RFM Corporation 38,225.40 382.25 P-83-648 4th quarter Ritemed Phils., Inc. 2,989.00 59.78 P-83-649 4th quarter Ritemed Phils., Inc. 3,870.00 38.70 P-83-650 Robinson Land Corporation 6,431.00 128.62 P-83-651 Robinson Land Corporation 57,826.50 1,156.53 P-83-652 1st quarter Rockwell Land Corporation 19,688.50 393.77 P-83-653 1st quarter Rockwell Land Corporation 19,688.50 393.77 P-83-654 2nd quarter Rockwell Land Corporation 25,350.50 507.01 P-83-655 2nd quarter Rockwell Land Corporation 14,261.50 285.23 P-83-656 2nd quarter Rockwell Land Corporation 25,350.50 507.01 P-83-657 3rd quarter Rockwell Land Corporation 30,832.00 616.64 P-83-658 3rd quarter Rockwell Land Corporation 1,772,727.00 17,727.27 P-83-659 3rd quarter Rockwell Land Corporation 45,987.50 919.75 P-83-660 3rd quarter Rockwell Land Corporation 30,832.00 616.64 P-83-661 3rd quarter Rockwell Land Corporation 524,000.00 5,240.00 P-83-662 3rd quarter Rockwell Land Corporation 45,987.50 919.75 P-83-663 4th quarter Rockwell Land Corporation 313,918.50 6,278.37 P-83-664 4th quarter Rockwell Land Corporation 524,000.00 5,240.00 P-83-665 4th quarter Rockwell Land Corporation 317,619.50 6,352.39 P-83-666 4th quarter Rockwell Land Corporation 313,918.50 6,278.37 P-83-667 4th quarter Rockwell Land Corporation 1,772,727.00 17,727.27 P-83-668 4th quarter Rockwell Land Corporation 317,619.50 6,352.39 P-83-669 4th quarter Rockwell Land Corporation 313,918.50 6,278.37 P-83-670 4th quarter Rockwell Land Corporation 524,000.00 5,240.00 P-83-671 4th quarter Rockwell Land Corporation 317,619.50 6,352.39 P-83-672 2nd quarter Rockwell Land Corporation Power Plant Mall 14,261.50 285.23 P-83-673 4th quarter S.C. Johnson & Son, Inc. 1,855,409.09 18,554.09 P-83-674 1st quarter Sagara Metro Plastics Industrial Corporation 2,042.00 20.42 P-83-675 3rd quarter Sagara Metro Plastics Industrial Corporation 7,627.00 76.27 P-83-676 4th quarter Sagara Metro Plastics Industrial Corporation 2,554.00 51.08 P-83-677 1st quarter San Miguel Corporation 3,014.85 30.15 P-83-678 1st quarter San Miguel Corporation 11,449.50 228.99 P-83-679 1st quarter San Miguel Corporation 28,114.00 281.14 P-83-680 2nd quarter San Miguel Corporation 17,584.50 351.69 P-83-681 2nd quarter San Miguel Corporation 48,073.50 480.73 P-83-682 3rd quarter San Miguel Corporation 7,428.00 148.56 P-83-683 3rd quarter San Miguel Corporation 24,376.00 243.76 P-83-684 4th quarter San Miguel Corporation 948,181.82 18,963.64 P-83-685 4th quarter San Miguel Corporation 14,908.74 298.18 P-83-686 4th quarter San Miguel Corporation 11,428.00 228.56 P-83-687 4th quarter San Miguel Corporation 27,278.00 272.78 P-83-688 Year 2003 San Miguel Corporation 967,927.32 19,358.55 P-83-689 Year 2003 San Miguel Corporation 1,158,764.63 23,175.23 P-83-690 San Miguel Corporation Beer Division 20,314.50 406.29 P-83-691 4th quarter San Miguel Corporation SMPP Division Office 4,517.70 90.35 P-83-692 3rd quarter Sanofi-Synthelabo Philippines, Inc. 13,698.98 273.99 P-83-693 3rd quarter Sanofi-Synthelabo Philippines, Inc. 15,339.38 153.39 P-83-694 2nd quarter Sara Lee Philippines, Inc. 11,154.00 111.54 P-83-695 2nd quarter Sara Lee Philippines, Inc. 3,535.00 70.70 P-83-696 2nd quarter Sara Lee Philippines, Inc. 3,341.00 33.41 P-83-697 2nd quarter Sara Lee Philippines, Inc. 3,492.50 69.85 P-83-698 4th quarter Sara Lee Philippines, Inc. 16,316.50 326.33 P-83-699 4th quarter Sara Lee Philippines, Inc. 38,641.00 386.41 P-83-700 2nd quarter Sara Lee Philippines, Inc. 983,834.00 9,838.34 P-83-701 2nd quarter Sara Lee Philippines, Inc. 8,720.00 174.40 P-83-702 4th quarter Sara Lee Philippines, Inc. 616,479.00 6,164.79 P-83-703 4th quarter Sara Lee Philippines, Inc. 5,724.00 114.48 P-83-704 1st quarter Sara Lee Phils., Inc. (Branded Apparel Div.) 6,858.00 137.16 P-83-705 3rd quarter Sara Lee Phils., Inc. (Branded Apparel Div.) 5,900.50 118.01 P-83-706 3rd quarter Sara Lee Phils., Inc. (Branded Apparel Div.) 1,313,033.00 13,130.33 P-83-707 4th quarter Sarimanok Feeds Company, Inc. 3,118.50 62.37 P-83-708 4th quarter Sarimanok Feeds Company, Inc. 10,674.00 106.74 P-83-709 4th quarter Schering Plough Corporation 10,884,393.00 108,843.93 P-83-710 1st quarter Science Park of the Phils., Inc. 8,429.62 168.60 P-83-711 2nd quarter Science Park of the Phils., Inc. 17,204.14 344.09 P-83-712 3rd quarter Science Park of the Phils., Inc. 62,935.20 1,258.71 P-83-713 Seaboard-Eastern Insurance Co., Inc. 76,690.50 1,533.81 P-83-714 Seaboard-Eastern Insurance Co., Inc. 57,073.00 570.73 P-83-715 2nd quarter Selecta Wall's, Inc. 212,643.27 4,252.87 P-83-716 3rd quarter Selecta Wall's, Inc. 13,791.62 137.91 P-83-717 3rd quarter Selecta Wall's, Inc. 52,029.66 1,040.59 P-83-718 4th quarter Servier Philippines, Inc. 773.00 7.73 P-83-719 4th quarter Servier Philippines, Inc. 183,185.50 3,663.71 P-83-720 4th quarter Servier Philippines, Inc. 1,746,648.00 17,466.48 P-83-721 4th quarter SGS Philippines, Inc. 272,272.50 5,445.45 P-83-722 2nd quarter Shangri-La Plaza Corporation 17,168.00 343.36 P-83-723 3rd quarter Shangri-La Plaza Corporation 76,581.00 1,531.62 P-83-724 4th quarter Siemens, Inc. 9,894.50 197.89 P-83-725 4th quarter Siemens, Inc. 1,148,943.00 11,489.43 P-83-726 4th quarter Siemens, Inc. 1,411.50 28.23 P-83-727 4th quarter Siemens, Inc. 5,895.00 58.95 P-83-728 1st quarter Siemens, Inc. 7,545.00 150.90 P-83-729 2nd quarter Siemens, Inc. 1,106.50 22.13 P-83-730 3rd quarter Siemens, Inc. 6,179.50 123.59 P-83-731 3rd quarter Siemens, Inc. 10,154.00 101.54 P-83-732 3rd quarter Siemens, Inc. 5,955.00 119.10 P-83-733 3rd quarter Siemens, Inc. 9,310.00 93.10 P-83-734 4th quarter Siemens, Inc. 11,228.00 224.56 P-83-735 4th quarter Siemens, Inc. 13,307.00 133.07 P-83-736 4th quarter Siemens, Inc. 3,416.00 68.32 P-83-737 4th quarter Siemens, Inc. 11,266.00 112.66 P-83-738 4th quarter Smart Communications, Inc. 555,818.18 5,558.18 P-83-739 2nd quarter Smithkline Beecham Research, Ltd. 6,085.00 121.70 P-83-740 3rd quarter Smithkline Beecham Research, Ltd. 9,347.07 186.94 P-83-741 4th quarter Sonoma Services, Inc. 8,289.65 165.79 P-83-742 3rd quarter Sony Philippines, Inc. 78,137.00 1,562.74 P-83-743 4th quarter Sony Philippines, Inc. 185,475.50 3,709.51 P-83-744 2nd quarter Sun Life of Canada (Philippines), Inc. 1,086,790.91 10,867.91 P-83-745 4th quarter Sun Life of Canada (Philippines), Inc. 23,777.50 475.55 P-83-746 1st quarter Supply Oilfield Services, Inc. 18,064.50 361.29 P-83-747 4th quarter Supply Oilfield Services, Inc. 2,656.50 53.13 P-83-748 Year 2003 Symrise, Inc. 1,840,954.00 18,409.54 P-83-749 2nd quarter Syngenta Philippines, Inc. 52,984.00 1,059.68 P-83-750 3rd quarter Syngenta Philippines, Inc. 34,187.50 683.75 P-83-751 4th quarter Syngenta Philippines, Inc. 70,675.00 1,413.50 P-83-752 4th quarter Syngenta Philippines, Inc. 1,660.00 33.20 P-83-753 1st quarter The Andresons Group, Inc. 10,864.00 108.64 P-83-754 2nd quarter The Andresons Group, Inc. 38,477.00 384.77 P-83-755 4th quarter The Andresons Group, Inc. 29,009.00 290.09 P-83-756 1st quarter The Church of Jesus Christ of Latter-Day Saints 14,781.38 310.76 P-83-757 2nd quarter The Church of Jesus Christ of Latter-Day Saints 3,148.76 62.98 P-83-758 3rd quarter The Church of Jesus Christ of Latter-Day Saints 13,062.50 291.99 P-83-759 2nd quarter The First Nationwide Assurance Corporation 18,762.55 264.81 P-83-760 4th quarter The First Nationwide Assurance Corporation 77,855.25 816.16 P-83-761 4th quarter The Hongkong and Shanghai Banking Corporation Limited 895,195.00 8,951.95 P-83-762 3rd quarter The Mercantile Insurance Co., Inc. 92,084.02 1,841.68 P-83-763 4th quarter The Mercantile Insurance Co., Inc. 302,248.39 6,044.97 P-83-764 4th quarter The Philippine American Life and General Insurance Company 1,403,200.91 14,032.01 P-83-765 3rd quarter The Philippine American Life and General Insurance Corporation 1,403,200.91 14,032.01 P-83-766 1st quarter The Purefoods-Hormel Company, Inc. 11,325.00 226.50 P-83-767 2nd quarter The Philippine American Life and Gen., Ins. Cmpy. 515,454.55 5,154.55 P-83-768 1st quarter Tupperware Philippines, Inc. 5,373.50 107.47 P-83-769 1st quarter Tupperware Philippines, Inc. 2,099.00 20.99 P-83-770 2nd quarter Tupperware Philippines, Inc. 12,573.50 251.47 P-83-771 2nd quarter Tupperware Philippines, Inc. 55,151.00 551.51 P-83-772 4th quarter Tupperware Philippines, Inc. 9,326.00 186.52 P-83-773 4th quarter Tupperware Philippines, Inc. 21,516.00 215.16 P-83-774 4th quarter UCB Philippines, Inc. 10,439.50 208.79 P-83-775 3rd quarter UCPB Leasing and Finance Corporation 1,269,545.00 12,695.45 P-83-776 4th quarter Unilab Nutritionals, Inc. 54,163.50 1,083.27 P-83-777 4th quarter Union Cement Corporation 556,926.09 5,569.26 P-83-778 4th quarter United Coconut Planters Bank 15,263.99 277.52 P-83-779 Year 2003 United Coconut Planters Life Assurance Corp. 56,299.42 1,126.02 P-83-780 2nd quarter United Laboratories, Inc. 79,506.00 1,590.12 P-83-781 2nd quarter United Laboratories, Inc. 125,278.00 1,252.78 P-83-782 3rd quarter United Laboratories, Inc. 6,831.50 136.63 P-83-783 3rd quarter United Laboratories, Inc. 33,808.00 338.08 P-83-784 4th quarter United Laboratories, Inc. 97,639.00 1,952.78 P-83-785 4th quarter United Laboratories, Inc. 39,450.00 394.50 P-83-786 4th quarter United Laboratories, Inc. 50,263.00 1,005.26 P-83-787 4th quarter United Laboratories, Inc. 107,940.00 1,079.40 P-83-788 4th quarter United Overseas Bank Philippines 448,182.00 4,481.82 P-83-789 4th quarter UNIVET Agricultural Products, Inc. 7,385.00 147.70 P-83-790 4th quarter UNIVET Agricultural Products, Inc. 20,439.00 204.39 P-83-791 4th quarter Westmont Pharmaceuticals, Inc. 24,560.50 491.21 P-83-792 4th quarter Westmont Pharmaceuticals, Inc. 49,789.00 497.89 P-83-793 3rd quarter Wrigley Philippines, Inc. 751,818.00 7,518.18 P-83-794 4th quarter Wyeth Philippines, Inc. 2,034.00 40.68 P-83-795 4th quarter Wyeth Philippines, Inc. 5,078,646.00 50,786.46 P-83-796 4th quarter Zobel De Ayala Patricia Miranda 4,815.42 96.31 P-83-797 4th quarter Zobel De Ayala, Fernando, Miranda 956.25 19.13 P-83-798 4th quarter Zuellig Pharma Corporation 617,636.00 6,176.36 P-83-799 3rd quarter Zurich General Insurance Phils., Inc. 26,993.17 539.86 P-83-800 1st quarter Zurich General Insurance Corporation 19,693.11 393.86 P-83-801 2nd quarter Zurich General Insurance Corporation 52,121.49 1,042.43 P-83-802 3rd quarter Zurich General Insurance Corporation 61,584.41 1,231.69 P-83-803 4th quarter Zurich General Insurance Corporation 143,510.00 2,870.20 P-83-804 1st quarter Zurich General Insurance Phils., Inc. 386,592.49 7,731.85 P-83-805 1st quarter Zurich General Insurance Phils., Inc. 16,381.47 327.63 P-83-806 2nd quarter Zurich General Insurance Phils., Inc. 37,859.51 757.19 P-83-807 3rd quarter Zurich General Insurance Phils., Inc. 40,787.78 815.75 P-83-808 4th quarter Zurich General Insurance Phils., Inc. 103,438.48 2,068.77 303,404,209.15 3,501,112.01 b. Rental Income 2003* P-83-2695 4th quarter Globe Telecom, Inc. (Formerly GMCR, Inc.) 228,663.20 11,433.16 P-83-2696 3rd quarter Globe Telecom, Inc. (Formerly GMCR, Inc.) 233,503.20 11,675.16 462,166.40 23,108.32 c. Income Received as Insurance Agent 2002* P-83-2703 2nd quarter Colf Auto Rental Corporation 97,474.70 9,747.47 P-83-2704 1st-4th quarter First Lepanto-Taisho Insurance Corporation 28,186.40 2,818.64 P-83-2705 1st quarter Maa General Assurance Phils., Inc. 2,589.40 258.94 P-83-2706 2nd quarter Maa General Assurance Phils., Inc. 24,871.70 2,487.17 P-83-2707 1st-4th quarter Paramount Life and General Insurance Corporation 158,380.70 15,838.07 P-83-2708 3rd quarter People's General Insurance Corporation 229,206.11 22,920.61 2003* P-83-2709 2nd quarter Allied Banking Corporation 8,226.36 8,226.36 P-83-2710 1st quarter BPI/MS Insurance Corporation 903,109.29 90,310.93 P-83-2711 1st-4th quarter BPI/MS Insurance Corporation 657,557.94 65,755.79 P-83-2712 1st-4th quarter BPI/MS Insurance Corporation 657,557.94 65,755.79 P-83-2713 2nd quarter BPI/MS Insurance Corporation 856,964.69 85,696.47 P-83-2714 3rd quarter BPI/MS Insurance Corporation 136,039.97 13,604.00 P-83-2715 3rd quarter BPI/MS Insurance Corporation 2,302,447.37 230,244.74 P-83-2716 4th quarter BPI/MS Insurance Corporation 41,540.33 4,154.03 P-83-2717 4th quarter BPI/MS Insurance Corporation (930,886.05) (93,088.61) P-83-2718 4th quarter Colf Auto Rental Corporation 91,629.60 9,162.96 P-83-2719 1st-4th quarter First Lepanto-Taisho Insurance Corporation 21,857.15 2,185.71 P-83-2720 4th quarter Honda Cars Cebu, Inc. 5,641,894.07 564,189.41 P-83-2721 1st-4th quarter Mafre Asian Insurance Corporation 94,472.92 9,472.92 P-83-2722 4th quarter Malayan Insurance Co., Inc. 12,274.90 1,227.49 P-83-2723 2nd quarter Metro Rail Transit Corporation 3,342.60 334.26 P-83-2724 3rd quarter Metro Rail Transit Corporation 3,883.50 388.35 P-83-2725 4th quarter Paramount Life & General Insurance Corporation 36,484.50 3,648.45 P-83-2726 4th quarter Peoples General Insurance Corporation 43,886.44 4,388.64 P-83-2727 4th quarter Peoples General Insurance Corporation 64,342.51 6,434.25 P-83-2728 3rd quarter People's General Insurance Corporation 119,689.85 11,968.99 P-83-2729 4th quarter People's General Insurance Corporation 201,399.46 20,139.95 P-83-2730 4th quarter People's General Insurance Corporation 170,170.99 17,017.10 P-83-2731 4th quarter People's General Insurance Corporation 144,582.48 14,458.25 P-83-2732 4th quarter People's General Insurance Corporation 144,958.43 14,495.84 P-83-2733 4th quarter People's General Insurance Corporation 134,861.67 13,486.17 P-83-2734 4th quarter People's General Insurance Corporation 38,113.64 3,811.36 P-83-2735 4th quarter People's General Insurance Corporation 159,912.68 15,991.27 P-83-2736 3rd quarter Philam Plans, Inc. 820,000.00 8,200.00 P-83-2737 4th quarter Standard Insurance Co., Inc. 494,324.86 49,432.48 P-83-2738 4th quarter Standard Insurance Co., Inc. 126,367.11 12,636.71 P-83-2739 4th quarter The Insular & HIH General Insurance Company, Inc. 149,323.30 14,932.33 P-83-2740 4th quarter The Insular & HIH General Insurance Company, Inc. 426,808.70 42,680.87 P-83-2741 1st-4th quarter Zenith Insurance Corporation 523,661.90 52,366.19 P-83-2742 2nd-4th quarter Zenith Insurance Corporation 181,936.00 18,193.60 P-83-2743 4th quarter Zenith Insurance Corporation 92,324.40 9,232.44 P-83-2744 1st quarter Zenith Insurance Corporation 322,589.60 32,258.96 P-83-2745 2nd quarter Zenith Insurance Corporation 179,349.40 17,934.94 15,617,709.51 1,495,400.29 d. Miscellaneous Income Payments made by Credit Card Companies to any Business Entity 2002* P-83-2850 4th quarter Security Diners International Corp. 442,384.75 2,215.55 P-83-2851 4th quarter BPI Card Finance Corporation 576,648.00 2,883.24 2003* P-83-2852 4th quarter American Express International 158,264.51 788.03 P-83-2853 4th quarter American Express International 436,751.03 2,174.67 P-83-2854 4th quarter American Express International, Inc. 453,813.33 2,259.62 P-83-2855 4th quarter Bankard, Inc./RCBC-JCB 69,670.31 348.31 P-83-2856 1st quarter BPI Card Finance Corporation 383,042.00 1,915.21 P-83-2857 2nd quarter BPI Card Finance Corporation 511,470.00 2,557.35 P-83-2858 3rd quarter BPI Card Finance Corporation 3,034,600.00 15,173.00 P-83-2859 3rd quarter BPI Card Finance Corporation 691,476.00 3,457.38 P-83-2860 3rd quarter BPI Card Finance Corporation 200,324.00 1,001.62 P-83-2861 4th quarter BPI Card Finance Corporation 2,405,170.00 12,025.85 P-83-2862 4th quarter BPI Card Finance Corporation 50,830.00 254.15 P-83-2863 4th quarter BPI Card Finance Corporation 2,153,002.00 10,765.01 P-83-2864 4th quarter BPI Card Finance Corporation 592,692.00 2,963.46 P-83-2865 4th quarter BPI Card Finance Corporation 592,692.00 2,963.46 P-83-2866 4th quarter BPI Card Finance Corporation 1,143,440.00 6,029.97 P-83-2867 4th quarter BPI Card Finance Corporation 55,494.00 277.47 P-83-2868 4th quarter BPI Card Finance Corporation 81,072.00 405.36 P-83-2869 3rd quarter Citibank 3,465,790.57 17,328.69 P-83-2870 4th quarter Citibank 2,848,664.98 14,243.13 P-83-2871 4th quarter Citibank 182,509.82 912.48 P-83-2872 4th quarter Citibank 56,790.25 283.94 P-83-2873 4th quarter Citibank 26,113.74 130.55 P-83-2874 4th quarter Citibank 209,296.95 1,046.41 P-83-2875 4th quarter Citibank 5,762,272.10 28,811.02 P-83-2876 4th quarter Citibank 371,778.41 1,858.82 P-83-2877 4th quarter Citibank 68,947.17 344.70 P-83-2878 4th quarter Citibank 66,799.25 333.98 P-83-2879 4th quarter Citibank 4,167,859.44 20,839.04 P-83-2880 4th quarter Citibank 49,428.19 247.12 P-83-2881 4th quarter Citibank 2,597,088.95 12,985.06 P-83-2882 4th quarter Equitable Card Network, Inc. (Amexco) 36,662.90 183.31 P-83-2883 4th quarter Equitable Card Network, Inc. (Amexco) 17,374.50 86.87 P-83-2884 4th quarter Equitable Card Network, Inc. 89,048.40 445.24 P-83-2885 4th quarter Equitable Card Network, Inc. 52,303.44 261.51 P-83-2886 4th quarter Hongkong & Shanghai Banking Corp. 4,988,138.00 24,940.69 P-83-2887 4th quarter Hongkong & Shanghai Banking Corp. Ltd. 10,670,308.00 53,351.54 P-83-2888 4th quarter Hongkong & Shanghai Banking Corp. Ltd. 9,560,590.00 47,802.95 P-83-2889 1st quarter Metrobank Card Corporation 47,410.00 237.05 P-83-2890 1st-4th quarter Metrobank Card Corporation 14,148.00 70.74 P-83-2891 Year 2003 Metrobank Card Corporation 17,798.00 88.99 P-83-2892 2nd quarter Security Diners International Corp. 2,480,508.10 12,402.55 P-83-2893 4th quarter Security Diners International Corp. 2,496,835.25 12,488.36 P-83-2894 4th quarter Security Diners International Corp. 520,973.26 2,609.20 P-83-2895 4th quarter Security Diners International Corp. 357,246.38 1,789.66 65,255,519.98 326,582.31 sub-total 384,739,605.04 5,346,202.93 2. CWT supported with CWTC but name of payee not legible P-83-2753 2nd quarter BPI/MS Insurance Corporation 874,264.02 87,426.40 sub-total 874,264.02 87,426.40 3. Supported with CWTs but period of coverage not indicated P-83-2800 Standard Insurance 210,828.48 31,624.27 P-83-2801 2nd quarter Standard Insurance 105,197.81 10,519.78 P-83-2802 3rd quarter Standard Insurance 57,631.39 5,763.14 P-83-2803 4th quarter Standard Insurance Co., Inc. 296,452.03 29,645.20 P-83-2804 4th quarter Standard Insurance Co., Inc. 103,600.51 10,360.05 P-83-2805 Standard Insurance Co., Inc. 166,159.64 16,615.96 P-83-2806 Standard Insurance Co., Inc. 112,499.61 11,249.96 P-83-2807 Standard Insurance Co., Inc. 112,444.91 11,244.49 P-83-2808 Standard Insurance Co., Inc. 609,187.84 60,918.78 P-83-2809 Standard Insurance Co., Inc. 145,661.21 14,566.12 P-83-2810 Standard Insurance Co., Inc. 162,572.99 16,257.30 P-83-2811 1st quarter Standard Insurance Co., Inc. 206,894.47 20,689.44 P-83-2812 1st quarter Standard Insurance Co., Inc. 172,818.62 17,281.86 P-83-2813 1st quarter Standard Insurance Co., Inc. 38,513.36 3,851.33 P-83-2814 1st quarter Standard Insurance Co., Inc. 117,745.33 11,774.53 P-83-2815 1st quarter Standard Insurance Co., Inc. 127,040.54 12,704.05 P-83-2816 2nd quarter Standard Insurance Co., Inc. 296,652.96 29,665.30 P-83-2817 2nd quarter Standard Insurance Co., Inc. 46,987.41 4,698.74 P-83-2818 2nd quarter Standard Insurance Co., Inc. 73,001.22 7,300.12 P-83-2819 3rd quarter Standard Insurance Co., Inc. 151,365.07 15,136.51 P-83-2820 3rd quarter Standard Insurance Co., Inc. 159,976.34 15,997.63 P-83-2821 3rd quarter Standard Insurance Co., Inc. 537,943.20 53,794.32 P-83-2822 3rd quarter Standard Insurance Co., Inc. 117,037.80 17,555.67 P-83-2823 3rd quarter Standard Insurance Co., Inc. 148,213.97 14,821.40 P-83-2824 3rd quarter Standard Insurance Co., Inc. 93,808.07 9,380.81 P-83-2825 3rd quarter Standard Insurance Co., Inc. 94,343.48 14,151.52 P-83-2826 4th quarter Standard Insurance Co., Inc. 529,054.41 52,905.44 P-83-2831 Standard Insurance Co., Inc. 24,469.31 2,446.93 P-83-2832 Standard Insurance Co., Inc. 277,382.56 27,738.26 P-83-2833 Standard Insurance Co., Inc. 537,943.20 53,794.32 P-83-2834 Standard Insurance Co., Inc. 194,188.35 19,418.83 P-83-2835 Standard Insurance Co., Inc. 30,661.76 3,066.18 P-83-2836 2nd quarter Standard Insurance Co., Inc. 422,750.00 42,275.00 P-83-852 1st quarter Allied Banking Corporation Head Office 817,273.00 8,172.73 sub-total 7,298,300.85 677,385.97 TOTAL DISALLOWANCES CY 2004 392,912,169.91 6,111,015.30 ============= =========== 2005 Disallowances 1. CWTs prior to 2004 actually received in 2005 a. Sales of Goods and Services 2001* P-79-1 4th quarter Home Development Mutual Fund (PAG-IBIG Fund) 756.00 15.12 P-79-2 4th quarter Home Development Mutual Fund (PAG-IBIG Fund) 883.50 17.67 P-79-3 4th quarter Home Development Mutual Fund (PAG-IBIG Fund) 687.00 13.74 P-79-4 4th quarter Home Development Mutual Fund (PAG-IBIG Fund) 656.00 13.12 P-79-5 4th quarter Home Development Mutual Fund (PAG-IBIG Fund) 687.50 13.75 P-79-6 4th quarter Home Development Mutual Fund (PAG-IBIG Fund) 379.00 7.58 2002* P-79-7 4th quarter Malayan Insurance Co., Inc. 55,983.00 1,119.66 P-79-8 4th quarter Orix Metro Leasing and Finance Corporation 5,577,475.00 55,774.75 2003* P-79-9 4th quarter Coca-Cola Bottlers Philippines, Inc. 267,720.00 5,277.13 P-79-10 4th quarter Department of Energy 86,135.00 1,722.70 P-79-11 3rd quarter Development Bank of the Philippines 36,350.93 727.02 P-79-12 3rd quarter Honda Cars Cebu, Inc. 3,983,289.00 39,832.89 P-79-13 4th quarter Honda Cars Cebu, Inc. 3,100,894.93 31,008.95 P-79-14 1st quarter Malayan Insurance Co., Inc. 14,294.00 285.88 P-79-15 1st quarter Malayan Insurance Co., Inc. 15,057.00 150.57 P-79-16 2nd quarter Penn Philippines, Inc. 24,431.00 488.62 13,165,678.86 136,469.15 b. Income as insurance agents 2002* P-79-2523 2nd quarter MAA General Assurance Phils., Inc. 3,099.60 309.96 2003* P-79-2524 1st quarter Colf Auto Rental Corporation 3,187.40 318.74 P-79-2525 2nd quarter Colf Auto Rental Corporation 909.10 90.91 P-79-2526 3rd quarter Colf Auto Rental Corporation 692.80 69.28 P-79-2527 2nd quarter Paramount Life & General Insurance Corporation 74,653.40 7,465.34 82,542.30 8,254.23 sub-total 13,248,221.16 144,723.38 2. CWTs found by ICPA to be arising from 2005 but actually covers periods prior to 2004 and 2005 2002* P-79-1411 1st quarter Honda Parts Manufacturing Corporation 2,164,546.00 21,645.46 2003* P-79-1908 4th quarter Pfizer, Inc. 4,906,567.00 49,065.67 P-79-2090 1st quarter Sanofi-Synthelabo Phils., Inc. 2,220,223.00 22,202.23 P-79-2434 4th quarter Honda Cars Cebu, Inc. 5,641,894.07 564,189.41 P-79-1470 3rd quarter Insular Life Savings & Trust Company 609,000.00 5,536.36 P-79-1905 2nd quarter Pfizer, Inc. 5,896.00 117.93 P-79-1906 2nd quarter Pfizer, Inc. 108,331.00 1,083.31 P-79-1907 4th quarter Pfizer, Inc. 36,997.00 739.94 P-79-2259 3rd quarter Target Display Co., Inc. 13,597.81 271.96 P-79-2262 2nd quarter The Coca-Cola Export Corporation 567,000.00 11,340.00 P-79-2389 1st quarter Veolia Water Phils., Inc. 8,161.00 163.22 P-79-631 2nd quarter Banco Filipino Savings and Mortgage Bank 39,408.16 788.17 sub-total 16,321,621.04 677,143.66 TOTAL DISALLOWANCES CY 2005 29,569,842.20 821,867.04 ============= =========== 2007 Disallowances 1. CWTs duplicated from those already claimed P-71-3575 1st-4th quarter Mapfre Insular Insurance Corporation 2,183,904.56 327,587.27 P-71-3582 3rd quarter Mapfre Insular Insurance Corporation 222,759.42 33,413.91 P-71-3584 4th quarter Mapfre Insular Insurance Corporation 241,098.61 36,164.79 TOTAL DISALLOWANCES CY 2007 2,647,762.59 397,165.97 TOTAL DISALLOWANCES PER THIS COURT'S VERIFICATION 425,129,774.70 7,330,048.31 ============= =========== Footnotes 1. Docket, pp. 6-12. 2. Par. 3, Admitted Facts, Joint Stipulation of Facts and Issues (JSFI), docket, p. 176. 3. Par. 6, Admitted Facts, JSFI, docket, p. 177. 4. Exhibit "P-1", docket, pp. 377-387. 5. Par. 5, Admitted Facts, JSFI, docket, p. 177. 6. Par. 8, Admitted Facts, JSFI, docket, p. 177. 7. Exhibit "P-6", docket, pp. 395-397. 8. Par. 9, Admitted Facts, JSFI, docket, p. 177. 9. Par. 10, Admitted Facts, JSFI, docket, pp. 177-178. 10. Par. 12, Admitted Facts, JSFI, docket, p. 178. 11. Docket, pp. 6-12. 12. Orders dated May 8, 2013 and June 10, 2013, docket, p. 61 and p. 66. 13. Docket, pp. 67-77. 14. Notice of Pre-Trial Conference, July 10, 2013, docket, p. 79. 15. Motion to Commission Independent Certified Public Accountant, docket, pp. 80-83. 16. Docket, p. 103. 17. Docket, pp. 94-97. 18. Docket, pp. 106-119. 19. Docket, pp. 176-179. 20. Docket, pp. 181-184. 21. Docket, pp. 185-193. 22. Docket, pp. 283-285. 23. Docket, pp. 346-376. 24. Docket, pp. 480-482. 25. Docket, pp. 487-495. 26. Docket, pp. 551-552. 27. Minutes of Hearing dated May 7, 2014, docket, p. 478. 28. Order dated November 28, 2014, docket, p. 562. 29. Docket, pp. 563-584. 30. Docket, pp. 600-608. 31. Orders dated November 26, 2014, January 9, 2015 and January 27, 2015, docket, pp. 558, 593, and 599. 32. Docket, p. 610. 33. Issues, JSFI, docket, p. 178. 34. Issues, JSFI, docket, p. 178. 35. Systra Philippines, Inc. vs. Commissioner of Internal Revenue , G.R. No. 176290, September 21, 2007. 36. Commissioner of Internal Revenue vs. Bank of the Philippine Islands , G.R. No. 178490, July 7, 2009. 37. Republic of the Philippines, represented by the Commissioner of Internal Revenue vs. Team (Phils.) Energy Corporation (formerly Mirant (Phils.) Energy Corporation) , G.R. No. 188016, January 14, 2015. 38. Exhibit "P-6", docket, pp. 395-396. 39. Exhibit "P-19", below line 33, docket, p. 436. 40. Exhibits "P-12"; "P-83-1" to "P-83-2983" as summarized in "P-83" and "P-84-1" to "P-84-14" as summarized in "P-84". 41. Exhibits "P-14"; "P-79-1" to "P-79-2618" as summarized in "P-79" and "P-80-1" to "P-80-13" as summarized in "P-80". 42. Exhibits "P-15"; "P-75-1" to "P-75-3474" as summarized in "P-75" and "P-76-1" to "P-76-28" as summarized in "P-76". 43. Exhibits "P-16"; "P-71-1" to "P-71-285", "P-71-287" to "P-71-3852" as summarized in "P-71" and "P-72-1" to "P-72-16" as summarized in "P-72". 44. Exhibits "P-17" and "P-18"; "P-56-1" to "P-56-4740" as summarized in "P-56" and "P-57-1" to "P-57-41" as summarized in "P-57". 45. Exhibits "P-84" and "P-85" (CY 2004), "P-80" and "P-81" (CY 2005), "P-76" and "P-77" (CY 2006), "P-72" and "P-73" (CY 2007), "P-57" and "P-58" (CY 2008). 46. Annex A of this Decision. 47. Exhibit "P-19", line 29, docket, p. 435. 48. Exhibit "P-6", below line 33, docket, p. 396. 49. Exhibits "P-7", "P-8" and "P-9", line 31A, docket, pp. 399, 401, and 403. 50. Exhibit "P-10", line 33A, docket, p. 405. 51. Citibank N.A. vs. Court of Appeals, et al. , G.R. No. 107434, October 10, 1997; ACCRA Investments Corporation vs. The Honorable Court of Appeals, et al. , G.R. No. 96322, December 20, 1991; United International Pictures AB vs. Commissioner of Internal Revenue , G.R. No. 168331, October 11, 2012; Republic of the Philippines, represented by the Commissioner of Internal Revenue vs. Team (Phils.) Energy Corporation (formerly Mirant (Phils.) Energy Corporation) , G.R. No. 188016, January 14, 2015; Section 2.58, Revenue Regulations No. 2-98, as amended. 52. G.R. Nos. 193383-84 and G.R. Nos. 193407-08, January 14, 2015. 53. Jardine Lloyd Thompson Insurance Brokers, Inc. vs. Commissioner of Internal Revenue , CTA Case No. 8471, April 14, 2015. 54. ACCRA Investments Corporation vs. The Honorable Court of Appeals, et al. , G.R. No. 96322, December 20, 1991; Commissioner of Internal Revenue vs. TMX Sales, Inc. and the Court of Tax Appeals , G.R. No. 83736, January 15, 1992; Commissioner of Internal Revenue vs. The Philippine American Life Insurance Co., et al. , G.R. No. 105208, May 29, 1995. 55. Commissioner of Internal Revenue vs. TMX Sales, Inc. and the Court of Tax Appeals , G.R. No. 83736, January 15, 1992. 56. Par. 9, Admitted Facts, JSFI, docket, p. 177; Exhibit "P-6", docket, pp. 395-397. 57. Pars. 10 and 11, Admitted Facts, JSFI, docket, pp. 177-178; Exhibit "P-60", docket, pp. 437-440. 58. Exhibit "P-31" (Exhibit "P-62", Part 2 of 14). 59. Exhibits "P-32-1" to "P-32-5206". 60. Exhibit "P-62", Part 1 of 14, p. 7 of 28. 61. Exhibit "P-32-4997". 62. Exhibit "P-62", Part 1 of 14, p. 18 of 28.