Publishing the Provisions of Memorandum Circular No. 133 of the Office of the President of the Philippines

April 26, 1968 REVENUE MEMORANDUM CIRCULAR NO. 18-68 SUBJECT : Publishing the Provisions of Memorandum Circular No. 133 of the Office of the President of the Philippines TO : All Revenue Operations Heads, Revenue Regional Directors, Revenue District Officers and others concerned There is quoted hereunder, for your information and guidance, Memorandum Circular No. 133 dated October 16, 1967, Re: Prescribing conditions regarding applications for optional retirement under Commonwealth Act No. 186, as amended by Republic Acts No. 1616 and No. 4968. Payable by the Employers, to wit: cdt "OFFICE OF THE PRESIDENT OF THE PHILIPPINES MEMORANDUM CIRCULAR NO. 133 "PRESCRIBING CONDITIONS REGARDING APPLICATIONS FOR OPTIONAL RETIREMENT UNDER COMMONWEALTH ACT NO. 186, AS AMENDED BY REPUBLIC ACTS NO. 1616 AND NO. 4968. PAYABLE BY THE EMPLOYERS. "In order to attain maximum utilization of funds for vital and necessary projects according to priority, there is need for the programming of the expenditure of any available funds. In connection however, with applications for optional retirement under the provisions of Commonwealth Act No. 186, as amended by Republic Act No. 1616 and further amended by Republic Act No. 4968, the retirement benefits thereunder are payable from the savings of the bureaus or offices concerned which are generally not programmed. In view thereof and until further orders and pending the adoption of a policy on the matter, all such applications shall not be recommended for approval unless funds are available in the bureau or Office concerned for the payment of the applicant's retirement gratuity over and above the fund requirements of its programmed projects and activities, and provided any of the following circumstances or conditions is present: "1. The employee-applicant has reached the compulsory retirement age of 65 years; or "2. The employee-applicant, if below 65 years of age, is physically incapacitated to render further efficient service. "All other applications for retirement under Commonwealth Act No. 186, as amended, where the retirement benefits are payable from the funds of the Government Service Insurance System, shall be given due course. "This Order shall take effect immediately. By authority of the President: (SGD.) RAFAEL S. SALAS Executive Secretary Manila, October 16, 1967" All concerned are hereby enjoined to be guided accordingly. (SGD.) MISAEL P. VERA Commissioner of Internal Revenue