Non-Acceptance of Checks/Drawn Checks from Rural Bank of Buguias (Benguet), Inc. (A Closed Bank) by Revenue Collection Officers

February 10, 2016 REVENUE MEMORANDUM CIRCULAR NO. 013-16 SUBJECT : Non-Acceptance of Checks/Drawn Checks from Rural Bank of Buguias (Benguet), Inc. (A Closed Bank) by Revenue Collection Officers 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 taxpayer's checks drawn from the RURAL BANK OF BUGUIAS (BENGUET), INC. with office address at Abatan, Buguias, Benguet in payment of internal revenue taxes as per Monetary Board Resolution of the Banko Sentral ng Pilipinas (BSP), Resolution No. 1704 dated October 26, 2015 considering that the said bank is prohibited from doing business in the Philippines and has been placed under receivership with PDIC as the designated Receiver. All internal revenue officials and employees concerned are hereby enjoined to give this Circular as wide a publicity as possible. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue ATTACHMENT Philippine Deposit Insurance Corporation October 26, 2015 COMMISSIONER KIM JACINTO HENARES Bureau of Internal Revenue BIR National Office Building Agham Road, Diliman, Quezon City Dear Commissioner Henares: Please be informed that, pursuant to Section 30 of Republic Act No. 7653, (New Central Bank Act), the Monetary Board decided in its Resolution No. 1704 dated October 22, 2015 to prohibit RURAL BANK OF BUGUIAS (BENGUET), INC. ("Bank") with Head Office address at Abatan, Buguias, Benguet from doing business in the Philippines and to place the Bank under receivership with the Philippine Deposit Insurance Corporation (PDIC) as the designated Receiver. AScHCD The Bank has five (5) branches located at the following addresses: Branch Address Bauko Bauko, Mt. Province Tadian Tadian, Mt. Province Kabayan Kabayan, Benguet La Trinidad Pico, La Trinidad, Benguet Cervantes Brgy. Rosario, Cervantes, Ilocos Sur As Receiver, PDIC's primary interest is the immediate and effective takeover of the Bank, its assets, records and affairs in order to safeguard their integrity for the protection of the interest of its depositors, creditors and the general public as mandated under R.A. No. 7653. The PDIC took over the Bank and all its branches, assets, records and affairs on 26 October 2015. In this connection, you may file your claim for any unremitted collections/premiums by the Bank, together with the details thereof, at the following address: The Deputy Receiver, Rural Bank of Buguias (Benguet), Inc. Philippine Deposit Insurance Corporation 5th Floor SSS Building, No. 6782 Ayala Avenue corner Rufino St. Makati City, 1226 Please file your claim, if any, within sixty (60) calendar days from receipt of this letter, in order for the claim to be considered in the determination of the bank's liabilities as of bank closure. Very truly yours, (SGD.) ATTY. NILO ALDRIN M. LUCINARIO Vice President Receivership and Bank Management Group BANK BULLETIN NO. 2016-04 TO : ALL BIR AUTHORIZED AGENT BANKS FROM : The Commissioner of Internal Revenue SUBJECT : RURAL BANK OF BUGUIAS (BENGUET), INC. DATE : February 9, 2016 Effective immediately, all Authorized Agent Banks are hereby advised not to accept RURAL BANK OF BUGUIAS (BENGUET), INC. checks as well as taxpayers' checks drawn from the said Bank, in payment of internal revenue taxes. This advisory is in view of the letter of the Philippine Deposit Insurance Corporation (PDIC) dated October 26, 2015 informing the Bureau of Internal Revenue of the issuance of Monetary Board Resolution No. 1704 dated October 22, 2015 which prohibited RURAL BANK OF BUGUIAS (BENGUET), INC. with Head Office address at Abatan, Buguias, Benguet from doing business in the Philippines and placed the same under receivership with the PDIC as the designated Receiver. AcICHD The Bank has Five (5) branches located in the following addresses: Bank Branch Bank Address Bauko Bauko, Mt. Province Tadian Tadian, Mt. Province Kabayan Kabayan, Benguet La Trinidad Pico, La Trinidad, Benguet Cervantes Brgy. Rosario, Cervantes, Ilocos Sur For your guidance and strict compliance. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue