Non-Acceptance of Checks/Drawn Checks from Rural Bank of Basay (Negros Oriental), Inc. (A Closed Bank) by RCOs

March 15, 2016 REVENUE MEMORANDUM CIRCULAR NO. 033-16 SUBJECT : Non-Acceptance of Checks/Drawn Checks from Rural Bank of Basay (Negros Oriental), 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 BASAY (NEGROS ORIENTAL), INC. with office address at 525 South Pacific Bldg., Gov. M. Perdices St., Dumaguete City, Negros Oriental in payment of internal revenue taxes as per Monetary Board Resolution No. 370.A dated March 3, 2016 of the Bangko Sentral ng Pilipinas (BSP), 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 ANNEX A BANK BULLETIN NO. 2016-07 TO : All BIR Authorized Agent Banks FROM : The Commissioner of Internal Revenue SUBJECT : Rural Bank of Basay (Negros Oriental), Inc. DATE : March 15, 2016 Effective immediately, all Authorized Agent Banks are hereby advised not to accept RURAL BANK OF BASAY (NEGROS ORIENTAL), 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 March 04, 2016 informing the Bureau of Internal Revenue of the issuance of Monetary Board Resolution No. 370.A dated March 3, 2016 which prohibited RURAL BANK OF BASAY (NEGROS ORIENTAL), INC. with office address at 525 South Pacific Bldg., Gov. M. Perdices St., Dumaguete City, Negros Oriental from doing business in the Philippines and placed the same under receivership with the PDIC as the designated Receiver. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue ANNEX B Philippine Deposit Insurance Corporation March 4, 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. 370.A dated March 3, 2016 to prohibit RURAL BANK OF BASAY (NEGROS ORIENTAL), INC. ("Bank") with Office address at 525 South Pacific Bldg., Gov. M. Perdices St., Dumaguete City, Negros Oriental from doing business in the Philippines and to place the Bank under receivership with the Philippine Deposit Insurance Corporation (PDIC) as the designated Receiver. 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 March 4, 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, Rural Bank of Basay (Negros Oriental), 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.) TEODORO JOSE D. HIRANG Officer-in-Charge Receivership and Bank Management Group