RMO No. 30-2001: Revises the policies, guidelines and procedures in the processing of application for bank accreditation; renewal of accreditation and disaccreditation of Authorized Agent Banks (AABs); AABs merger/buy-out; change of names and/or addresses; monitoring of performance and evaluation of AABs; and imposition of penalties on AABs’ violations and settlement of unremitted collection

Key points

1. Head Office and branches. Accrediting the AAB Head Office (AAB-HO) does not automatically accredit its branches unless they are in the application, and the AAB-HO must apply for others. Disaccrediting the AAB-HO cancels all branches, but disaccrediting branches does not cancel the AAB-HO.
2. Suspension and cancellation. The AAB-HO may apply to cancel its or any branch’s accreditation on written notice to the Commissioner of Internal Revenue (CIR). The CIR, on the Bank Accreditation Committee’s recommendation, may suspend or cancel accreditation at any time by official notification where the government’s interest is prejudiced. A bank whose accreditation is cancelled may apply for re-accreditation after six (6) months.
3. Crediting and debiting the DDA. On BIR advice, the Bangko Sentral ng Pilpinas (BSP) credits the AAB’s Demand Deposit Account (DDA) for over-remittance and debits it for unremitted collections and unpaid penalties. The AAB maintains adequate DDA balance with the BSP, which may be required per bank branch.
4. Effectivity of accreditation. Accreditation takes effect from the CIR’s signing of the Memorandum of Agreement (MOA). It continues until terminated by both parties, by the AAB with BIR approval, or by the BIR for violation of the MOA or any reasonable cause, with thirty (30) days advance notice.
5. Accreditation criteria. The bank must be a government bank, commercial bank or universal bank. It must meet and maintain the BSP’s financial ratios, have the infrastructure the BIR requires, and have operated for at least three (3) years.
6. Reporting changes. The AAB informs the BIR within thirty (30) days of approval of any plan to merge with or buy out other banks, sell or fold up, or change its name or address.

Who is affected

• Authorized Agent Banks and their Head Offices and branches
• Bank Accreditation Committee

Deadlines and effectivity

• Re-accreditation: after six (6) months from cancellation
• Termination notice: thirty (30) days advance
• Reporting of merger or name change plans: within thirty (30) days of approval