Guidelines for the Depository Accounts of the Bureau of Internal Revenue (BIR), Bureau of Customs (BOC) and All Other Attached Agencies of the Department of Finance

September 8, 1998 REVENUE MEMORANDUM CIRCULAR NO. 42-98 SUBJECT : Guidelines for the Depository Accounts of the Bureau of Internal Revenue (BIR), Bureau of Customs (BOC) and All Other Attached Agencies of the Department of Finance TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, quoted hereunder is DOF Department Order No. 56-98 dated August 14, 1998 signed by Secretary Edgardo B. Espiritu addressed to The Commissioner of Bureau of Internal Revenue, Commissioner of Bureau of Customs and all Heads of Attached Agencies of the Department of Finance: "1.0 PURPOSE This Order is issued to direct the bureaus and all other attached agencies of the Department of Finance to deposit their funds to the appropriate financial institutions in congruent with the BSP Circular 110, Series of 1996 with particular attention to Sections 2 and 3. The Circular provides the guidelines governing the acceptance by banks of deposits of the Government, its political subdivisions and instrumentalities, as well as of government-owned and/or controlled corporations. 2.0 GENERAL GUIDELINES 2.1 All bureaus and attached agencies of the Department of Finance shall deposit their funds and maintain depository accounts to any of the Government Financial Institutions (GFIs) namely Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP) nearest to their location. 2.2 No government funds shall be deposited to private banking institutions. 3.0 RESPONSIBILITY AND SANCTIONS The Commissioners of BIR and BOC and Heads of all attached agencies of the Department of Finance shall be responsible for the compliance of this Order. Failure to comply with the herein provisions shall subject the responsible officials and/or employees to appropriate criminal and or administrative action. 4.0 EFFECTIVITY This Order shall take effect immediately." All internal revenue officers and others concerned are requested to give this circular as wide a publicity as possible. (SGD.) BEETHOVEN L. RUALO Commissioner of Internal Revenue