Land Bank of the Philippines

February 27, 1985 FIRB RESOLUTION NO. 018-85 SUBJECT : Land Bank of the Philippines BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That: 1. The tax and duty exemption privileges of the Land Bank of the Philippines under its charter (Presidential Decree No. 251, as amended) are restored effective June 11, 1984. 2. The Bank shall, however, remain taxable on the following: a) income tax on net income from all operations; b) additional tax of one percent (1%) on foreign exchange transactions. c) 15% withholding tax on interest income derived by Land Bank from its deposits and yield or any other monetary benefit from deposit substitutes, trust funds and other similar arrangements pursuant to P.D. 1959. 3. Bonds, debentures and securities issued by the Land Bank of the Philippines in connection with the agrarian reform program of the government under Presidential Decree No. 27, shall retain their tax-exempt status, effective October 15, 1984, the provisions of Presidential Decree No. 1959 notwithstanding. (SGD.) CESAR E. A. VIRATA Minister of Finance Chairman, FIRB