Employees Who Availed of the BIR Motorcycle Loan

March 27, 1990 REVENUE MEMORANDUM CIRCULAR NO. 031-90 SUBJECT : Employees Who Availed of the BIR Motorcycle Loan TO : All Internal-Revenue Officers and Employees Who Availed of the BIR Motorcycle Loan 1. For the information and guidance of all the internal-revenue officers and employees who availed of the BIR Motorcycle Loan, the following letter dated March 8, 1990 of the Cubao Branch, Philippine National Bank is quoted hereunder: "Mr. Vicente Y. Puno Revenue Service Chief (Personnel & Administrative) Bureau of Internal Revenue Diliman, Quezon City Dear Mr. Puno: "This refers to the insurance coverage of the motorcycles of BIR employees who availed of the BIR-Motorcycle Loan. "Please inform the BIR borrowers that the amount of insurance coverage for theft, is only P5,000.00 and for own damage is P10,000.00 under the GSIS Policy No. NCN-89437 for the period covered November 16, 1989-90. "In this connection, kindly collect from each borrower the premium due on the insurance coverage attached Bill No. 74254 with list of assignee. Very truly yours, (Sgd.) FULGENCIO I. AGAD Senior Assistant Manager" 2. In accordance with the request contained in the abovequoted letter, and considering that the officers and employees who availed of the BIR Motorcycle Loan have authorized the Disbursement Accounting Division the automatic deduction of the monthly installment payment of the loan, said division is hereby instructed to deduct corresponding premiums from the borrowers and remit the name to the Philippine National Bank. cd (SGD.) EUFRACIO D. SANTOS Deputy Commissioner