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

February 18, 2016 REVENUE MEMORANDUM CIRCULAR NO. 022-16 SUBJECT : Non-Acceptance of Checks/Drawn Checks from Lapu-Lapu Rural Bank, 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 LAPU-LAPU RURAL BANK, INC. with office address at Sta. Catalina St., Brgy. Poblacion II, Carcar City, Cebu in payment of internal revenue taxes as per Monetary Board Resolution of the Bangko Sentral ng Pilipinas (BSP), Resolution No. 121 dated January 28, 2016 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 January 29, 2016 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. 121 dated January 28, 2016 to prohibit LAPU-LAPU RURAL BANK, INC. ("Bank") with Office address at Sta. Catalina St., Brgy. Poblacion II, Carcar City, Cebu from doing business in the Philippines and to place the Bank under receivership with the Philippine Deposit Insurance Corporation (PDIC) as the designated Receiver. CAIHTE 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 its assets, records and affairs on January 29, 2016 . 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, Lapu-Lapu Rural Bank, 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. 2016-06 TO : All BIR Authorized Agent Banks FROM : The Commissioner of Internal Revenue SUBJECT : Lapu-Lapu Rural Bank, Inc. DATE : February 18, 2016 Effective immediately, all Authorized Agent Banks are hereby advised not to accept LAPU-LAPU RURAL BANK, 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 January 29, 2016 informing the Bureau of Internal Revenue of the issuance of Monetary Board Resolution No. 121 dated January 28, 2016 which prohibited LAPU-LAPU RURAL BANK, INC. with Head Office address at Sta. Catalina St., Brgy. Poblacion II, Carcar City, Cebu from doing business in the Philippines and placed the same under receivership with the PDIC as the designated Receiver. For your guidance and strict compliance. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue