MORNBFI Vol. 1 - Planters Development Bank

§§ 4304Q.110.12.31The consistency of the data/figures in saidITRs and financial statements shall also bechecked and considered in the evaluationof the financial capacity andcreditworthiness of credit applicants. Thewaiver of confidentiality of clientinformation and/or an authority of the QBto conduct random verification with the BIRneed not be submitted annually since oncesubmitted these documents remain validunless revoked.Should the document(s) submittedprove to be spurious or incorrect in materialdetail, the QB may terminate any loan orother credit accommodation granted on thebasis of said document(s) and shall have theright to demand immediate repayment orliquidation of the obligation. Moreover, theQB may seek redress from the court for anyharm done by the borrower’s submissionof spurious documents.The required submission of additionaldocuments shall cover loans, other creditaccommodations, and credit lines granted,restructured, renewed or extended after02 November 2006 including any availmentand/or re-availment against existing creditlines, except:(1) Microfinance loans as definedunder Subsec. X361.1 (a);(2) Loans to registered BMBEs;(3) Interbank loans;(4) Loans secured by hold-outs on orassignment of deposits or other assetsconsidered non-risk by the Monetary Board;(5) Loans to individuals who are notrequired to file ITRs under BIR regulations,as follows:(a) Individuals whose grosscompensation income does not exceed theirtotal personal and additional exemptions,or whose compensation income derivedfrom one (1) employer does not exceedP60,000 and the income tax on which hasbeen correctly withheld;(b) Those whose income has beensubjected to final withholding tax;(c) Senior citizens not required to file areturn pursuant to R.A. No. 7432, asamended by R.A. No. 9257, in relation tothe provisions of the National InternalRevenue Code (NIRC) or the Tax ReformAct of 1997; and(d) An individual who is exempt fromincome tax pursuant to the provisions of theNIRC and other laws, general or special;and(6) Loans to borrowers, whose onlysource of income is compensation and thecorresponding taxes on which has beenwithheld at source: Provided, That theborrowers submitted, in lieu of the ITR, acopy of their Employer’s Certificate ofCompensation Payment/Tax Withheld (BIRForm 2316) or their payslips for at least three(3) months immediately preceding the dateof loan application.Loans to micro and small enterpriseswhich are not specifically exempted fromthe additional documentary requirementsspecified under the third paragraph of thisSubsection shall be exempted from saidadditional documentary requirement up to31 December 2011.Consumer loans, with original amountsnot exceeding P2.0 million, are exemptedfrom updating requirements or the requiredannual submission of the samerequirements forwarded during the initialsubmission under this Subsection but notin their restructuring, renewal, or extensionsor availment/re-availment against existingcredit lines: Provided, That these loans aresupported by ITRs or by BIR Form 2316 orpayslips for at least three (3) monthsimmediately preceding the date of loanapplication, and financial statementssubmitted for taxation purposes to the BIR,as may be applicable, at the time the loanswere granted, restructured, renewed, orManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart III - Page 7