Frequency of Remittance of Collections to the National Treasury

August 31, 1976 REVENUE MEMORANDUM CIRCULAR NO. 27-76 SUBJECT : Frequency of Remittance of Collections to the National Treasury TO : All Collection Agents and others concerned It has been observed that there are collecting officers who are not remitting promptly their collections to the National Treasury as required under existing accounting rules and regulations. These violations cannot be tolerated and should therefore be stopped immediately. Henceforth, all collection agents, cash clerks and others concerned are hereby directed to strictly comply with the provisions of Department Order No. 20-73 dated June 14, 1973, reading as follows: "a. Frequency of Deposits . The deposit of all funds received for the credit of the Treasurer of the Philippines shall be made daily by national collecting officers stationed in the place where the Philippine National Bank branch is located. For those stationed elsewhere, deposits shall be made weekly or at any time their collections reach P500.00. "Depositors shall limit their deposits to one each day. It may be necessary, therefore, for depositors to set a 'cut-off, hour in connection with the preparation of deposits for the day. All collections received after that hour may be deposited on the following day." Remittance of collection may also be made with the Philippine Veterans Bank and the Development Bank of the Philippines and their branches pursuant to Department Order No. 23-73 dated August 22, 1973 and Department Order No. 10-74 dated March 25, 1974, respectively. Collection agents in Manila, Pasay, Caloocan, Quezon City and in the municipalities of Rizal, and others specifically so authorized in writing, shall remit their collections direct to the Treasurer of the Philippines, or to the nearest PNB/PVB/DBP branch. Non-compliance with the above-mentioned requirements shall subject the employee concerned to drastic administrative disciplinary action. Your cooperation is enjoined. EFREN I. PLANA Acting Commissioner TAN-1456-040-3