Authorizing the Remittance of National Internal Revenue Collections to the Bureau of the Treasury thru Direct Deposits with the Development Bank of the Philippines and Its Branches

June 20, 1974 REVENUE MEMORANDUM CIRCULAR NO. 35-74 SUBJECT : Authorizing the Remittance of National Internal Revenue Collections to the Bureau of the Treasury thru Direct Deposits with the Development Bank of the Philippines and Its Branches TO : All Collecting Officers of the Bureau of Internal Revenue and others concerned There is quoted hereunder Department Order No. 10-74 dated March 25, 1974 of the Secretary of Finance, which authorized the remittance of national internal revenue collections to the Bureau of the Treasury thru direct deposits with the Development Bank of the Philippines and its branches, for your information and guidance, to wit: "Department Order No. 10-74 March 25, 1974 TO : All Collecting Officers of the Bureau of Internal Revenue The Treasurer of the Philippines and Treasury Fiscal Examiners The Chairman of the Board of Governors of the Development Bank of the Philippines and DBP Branch Managers and Auditors Municipal, City and Provincial Treasurers City, Provincial and Bureau Auditors; and others concerned "SUBJECT : Authorizing the remittance of national internal revenue collections to the Bureau of the Treasury thru direct deposits with the Development Bank of the Philippines and its branches "1. This is to supplement Department Orders No. 20-73 and 23-73 dated June 14, 1973 and August 22, 1973, respectively, which prescribed a revised system of remitting national collections to the Bureau of the Treasury thru direct deposits with Philippine National Bank and Philippine Veterans Bank branches and agencies. "2. Since the Development Bank of the Philippines is also a government depository with which the Treasurer of the Philippines maintains a savings account and in line with the primary aim of the revised rules and regulations contained in Department Order No. 20-73 which is to expedite the inflow of national collections from the various points of collections to the Bureau of the Treasury as well as to strengthen the banking system of the country, it is hereby authorized that collecting officers of the Bureau of Internal Revenue remit their collections thru direct deposits with the DBP head office at Makati, Rizal and its branches in the following places: Bacolod Davao Legaspi Butuan Dumaguete Naga Cabanatuan Iloilo Tacloban Cagayan de Oro Isabela Tarlac Cebu Kalibo Tuguegarao Daet Laoag Zamboanga "3. It shall be understood that all provisions of Department Order No. 20-73 applicable to the Philippine National Bank shall likewise be applicable to the Development Bank of the Philippines in the same manner that it was made applicable to the Philippine Veterans Bank. However, in view of the fact that national internal revenue collections will be credited to the savings account of the Treasurer of the Philippines instead of the regular checking account, the following shall be observed in addition to what have already been prescribed: "a. Passbooks for national internal revenue collections deposited with the DBP-Head Office as well as with the different DBP branches shall be in the custody of the Treasurer of the Philippines; "b. Updating of entries in these passbooks shall be made by DBP-Head Office every last working day of the week; "c. Interest earned on these deposits shall be remitted by the DBP to the Treasurer of the Philippines not later than five (5) days after the end of every quarter. "d. These savings deposit may be withdrawn anytime. "4. This order shall take effect April 1, 1974. "(SGD.) CESAR VIRATA Secretary of Finance CONCURRED IN: "(SGD.) F. SY-CHANGCO (SGD.) ISMAEL MATHAY, SR. Commissioner of the Budget Acting Chairman Commission on Audit "(SGD.) LEONIDAS S. VIRATA Chairman Board of Governors Development Bank of the Philippines" It has been noted that the remittance advice form [Gen. Form No. 14 (B)] printed in the Bureau of Printing invariably bears the Philippine National Bank as the depository. In order to avoid confusion for purposes of the reconciliation of remittances, it is instructed that the remittance advice be surcharged "Development Bank of the Philippines" when the remittance is made with the Development Bank of the Philippines and its branches. Please be guided accordingly. MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5