Non-Acceptance of Checks/Drawn Checks from Xavier-Tibod Bank, Inc. (A Microfinance Rural Bank)

December 22, 2016 REVENUE MEMORANDUM CIRCULAR NO. 006-17 SUBJECT : Non-Acceptance of Checks/Drawn Checks from Xavier-Tibod Bank, Inc. (A Microfinance Rural Bank) TO : All Revenue Collection Officers (RCOs)/Special Collection Officers (SCOs)/Collection Officers (COs) and Others Concerned For the information and guidance of all concerned, all Revenue Collection Officers (RCOs)/Special Collection Officers (SCOs)/Collection Officers (COs) are hereby advised not to accept checks, as well as taxpayers' checks drawn from the XAVIER-TIBOD BANK, INC. (A MICROFINANCE RURAL BANK) with office address at Pabayo St., Divisoria, Cagayan de Oro City with a branch located at National Highway, Brgy. Poblacion, Salay, Misamis Oriental, in payment of internal revenue taxes. This is in conformity with the Bangko Sentral ng Pilipinas' (BSP) Monetary Board Resolution No. 2133.A , dated December 1, 2016, prohibiting the subject bank from doing business in the Philippines and placing it under receivership with the Philippine Deposit Insurance Corporation (PDIC) as the designated receiver, as stated in the letter dated December 2, 2016 of the Vice-President, Receivership and Bank Management Group of PDIC. All internal revenue officials and employees concerned are hereby enjoined to give this Circular as wide a publicity as possible. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue