Letter from Land Bank Regarding the Features and Charges in Deposit Accounts to be Implemented Effective Oct. 1, 2009

August 25, 2009 REVENUE MEMORANDUM CIRCULAR NO. 049-09 SUBJECT : Publishing the Full Text of Letter from the Land Bank of the Philippines Regarding the Features and Charges in Deposit Accounts which will be Implemented Effective October 1, 2009 TO : All Internal Revenue Officials, Employees and Others Concerned For the information and guidance of all concerned, quoted hereunder is the full text of letter from the Land Bank of the Philippines: "LAND BANK OF THE PHILIPPINES ISO 14001 CERTIFIED Official Depository of the Republic of the Philippines BIR TAX REFUND DEVOLUTION (F105) BIR ROAD DILIMAN QUEZON CITY QUEZON CITY Dear Valued LANDBANK Depositor, Please be informed of the following features and charges in our deposit accounts effective October 1, 2009: HAEIac A. New Deposit Requirements of Regular Passbook (Peso) Savings Deposit Account INDIVIDUAL ACCOUNTS Deposit Requirements Amount Minimum Initial Deposit P10,000 Required Minimum Average Daily Balance P10,000 Required Daily Balance to Earn Interest P10,000 Accounts affected by the new deposit requirements have an option to increase their ADB to avoid service charges. Existing Regular Peso Savings Passbook Accounts can also be converted to an ATM account on or before October 1, 2009. B. LBP Fees and Charges Peso Savings Account, Current Account, Easy Savings Plus (ESP) US Dollar Savings Account Features/Fees Peso US$ Accounts Savings Account Fee for Falling Below the Required Average Daily Balance ADB P200 $5 Closing Fee (within 30 days from opening of account) P200 P200 Dormancy Fee P200 $5 Interbank ATM Withdrawal Fee (including Cash Card) P10 - Fee for Printing and Reprinting SOA/Bank Statement P20/page P20/page Holding Fee for Requested Statement of Account (SOA)/Bank Statements Not Claimed/Picked-up within a Month P100 P100 C. Issuance of Bank Statement Effective October 2009, we shall no longer issue bank statements for ATM savings accounts. We advise you to enroll your ATM accounts in our internet banking facility (iAccess) where you can view, monitor and print your transaction history or enroll in our phone banking facility (Phone Access) to inquire your deposit balances, transactions and request your bank statement. Moreover, you may request your depository branch for a copy of your bank statement but with a fee of P20/page and holding fee of P100, to be debited from your account if not claimed/picked-up within a month. SEIcHa For more details or inquiries, please visit your LANDBANK depository branch. You may also contact the following numbers to learn more about our other banking facilities which can make banking transactions even easier and more convenient for you: Phone Access (phone banking facility) 405-7000 or 1-800-10-405-7000 (toll free) iAccess (internet banking facility for individual depositors) weAccess (internet banking facility for institutional depositors) 405-7800 Thank you for your continued patronage. LANDBANK Plaza, 1598 M.H. del Pilar corner Dr. J. Quintos Sts., Malate, Manila 1004 * Tel. Nos. 522-0000 * 551-2200 * 450-7001 www.landbank.com LAND BANK OF THE PHILIPPINES" All concerned are hereby enjoined to be guided accordingly and give this Circular a wide publicity as possible. ICHAaT (SGD.) SIXTO S. ESQUIVIAS IV Commissioner of Internal Revenue