Bonding of All Accountable Public Officials and Employees by the Bureau of Treasury Under the Administrative Code of 1987

January 21, 1999 REVENUE MEMORANDUM CIRCULAR NO. 11-99 SUBJECT : Bonding of All Accountable Public Officials and Employees by the Bureau of Treasury Under the Administrative Code of 1987 TO : All Internal Revenue Officers, Employees and Others Concerned For the information and guidance of all concerned, quoted hereunder is the letter of the Treasurer of the Philippines, Bureau of Treasury, Intramuros, Manila: "Hon. EDGARDO B. ESPIRITU Secretary Department of Finance Manila Dear Secretary Espiritu: This refers to the function of the Bureau of Treasury (BTr) of bonding all accountable public officials and employees, mandated by the Public Bonding Law covered by Act No. 2711 otherwise known as "The Revised Administrative Code of 1917" as amended by Executive Order No. 292, "The Administrative Code of 1987". Over the years, the administrative cost of processing bonds have increased tremendously. In order to recover such expenses, the BTr is proposing to modify the following: Amount of bonds - P4,000,000.00 to P5,000,000.00 Rate of Premium - 1% with a minimum of P100.00 to 1.5% with the minimum of P150.00 Under Section 321, Chapter 15 of Act 2711, which we quote: " The Insular Treasurer with approval of the Secretary of Finance , shall fix and from time to time, change the uniform annual rate of the premium chargeable from the insurance under this chapter. Premiums shall be payable semi-annually in advance, and shall be collected by the Insular Treasurer." (emphasis ours) the Treasurer of the Philippines is authorized by law to fix and change the uniform annual rate of premium, but only upon the approval of the Secretary of Finance. May we therefore request for authority/approval to increase the amount of bonds and rate of premium of accountable officials of the government, and should the Secretary find the proposal meritorious, we are submitting this for His Honor's approval and signature. (Sgd.) Prof. LEONOR MAGTOLIS BRIONES Treasurer of the Philippines APPROVED: (SGD.) EDGARDO B. ESPIRITU Secretary of Finance All revenue officials and employees are enjoined to give this circular as wide a publicity as possible. (SGD.) BEETHOVEN L. RUALO Commissioner of Internal Revenue BUREAU OF THE TREASURY "Hon. EDGARDO B. ESPIRITU Secretary Department of Finance Manila Dear Secretary Espiritu: This refers to the function of the Bureau of Treasury (BTr) of bonding all accountable public officials and employees, mandated by the Public Bonding Law covered by Act No. 2711 otherwise known as "The Revised Administrative Code of 1917" as amended by Executive Order No. 292, "The Administrative Code of 1987". Over the years, the administrative cost of processing bonds have increased tremendously. In order to recover such expenses, the BTr is proposing to modify the following: Amount of bonds - P4,000,000.00 to P5,000,000.00 Rate of Premium - 1% with a minimum of P100.00 to 1.5% with the minimum of P150.00 Under Section 321, Chapter 15 of Act 2711, which we quote: " The Insular Treasurer with approval of the Secretary of Finance , shall fix and from time to time, change the uniform annual rate of the premium chargeable from the insurance under this chapter. cdll Premiums shall be payable semi-annually in advance, and shall be collected by the Insular Treasurer." (emphasis ours) the Treasurer of the Philippines is authorized by law to fix and change the uniform annual rate of premium, but only upon the approval of the Secretary of Finance. May we therefore request for authority/approval to increase the amount of bonds and rate of premium of accountable officials of the government, and should the Secretary find the proposal meritorious, we are submitting this for His Honor's approval and signature. (Sgd.) Prof. LEONOR MAGTOLIS BRIONES Treasurer of the Philippines APPROVED: (SGD.) EDGARDO B. ESPIRITU Secretary of Finance ATTACHMENT