PNB and the PPSB as Depository Banks of Local Government Instrumentalities, Attached Agencies of the DOF and All GOCCs
Revenue Memorandum Circular No. 20-99 • Bureau of Internal Revenue (BIR) Issuances • Revenue Memorandum Circulars • Mar 10, 1999
Full text
March 10, 1999 REVENUE MEMORANDUM CIRCULAR NO. 20-99 SUBJECT : Inclusion of the Philippine National Bank (PNB) and the Philippine Postal Savings Bank (PPSB) as Depository Banks of Local Government Instrumentalities, Attached Agencies of the Department of Finance and All Government Owned and/Controlled Corporations TO : All Internal Revenue Officers, Employees and Others Concerned For the information of all revenue officials and employees, quoted hereunder is the Memorandum dated December 21, 1998 by the Secretary of Finance Edgardo B. Espiritu: "INCLUSION OF THE PHILIPPINE NATIONAL BANK (PNB) AND THE PHILIPPINE POSTAL SAVINGS BANK (PPSB) AS DEPOSITORY BANKS OF LOCAL GOVERNMENT INSTRUMENTALITIES, ATTACHED AGENCIES OF THE DEPARTMENT OF FINANCE AND ALL GOVERNMENT OWNED AND/CONTROLLED CORPORATIONS Further to the Department of Finance memo dated August 12, 1998 re Depository Accounts of Local Government Instrumentalities and Department Order No. 56-98 dated August 14, 1998, please be advised that the Local Government Units (LGUs), Bureau of Internal Revenue (BIR), Bureau of Customs (BOC), attached agencies of the Department of Finance, and Government Owned and/or Controlled Corporations (GOCCs) may deposit and maintain their cash balances with the Philippine National Bank pursuant to Monetary Board (MB) Resolution No. 1233 dated August 26, 1998 and Section 5 of Bangko Sentral ng Pilipinas (BSP) Circular No. 110 Series of 1996 and with the Philippine Postal Savings Bank (PPSB), in addition to the two Government Financial Institutions earlier identified, the Land Bank of the Philippines, and the Development Bank of the Philippines. As part of this Department's efforts to strengthen the fiscal position of the Government, all heads of GOCCs are enjoined to deposit and maintain their cash balances with the four abovementioned financial institutions. Please be guided accordingly. (Sgd.) EDGARDO B. ESPIRITU Secretary" 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
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