Philippine Deposit Insurance Corporation (3)

December 15, 2009 FIRB RESOLUTION NO. 026-09 SUBJECT MATTER : Philippine Deposit Insurance Corporation (3) WHEREAS, the Philippine Deposit Insurance Corporation's (PDIC) was granted tax subsidy by the FIRB in the amount of P1,001,000,000.00 pursuant to FIRB Resolution No. 18-09; WHEREAS, the PDIC is requesting for a realignment of the tax subsidy granted to it by the FIRB per FIRB Resolution No. 18-09, specifically the capital gains tax (CGT), to cover its donor's tax obligations that arose from the donation given by the PDIC in response to the devastation brought about by typhoon "Ondoy" pursuant to Civil Service Commission (CSC) Memorandum Circular No. 29, series of 2009; WHEREAS, the subject transaction has nothing to do with the pursuit of the mandate of the PDIC; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to deny the request of the PDIC for a realignment of its tax subsidy granted by the FIRB. SCEHaD (SGD.) GIL S. BELTRAN Undersecretary of Finance Presiding Officer-FIRB Reference: Joint FIRB-Technical Committee Meeting dated December 15, 2009.