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May 17, 2010BIR RULING [DA-(FIT-003) 064-10]Sec. 60 (B); BIR Ruling No. 140-96;036-83; DA-359-2005; ERP-87-07; DA-232-08Philippine National BankTrust and Banking Group Account Management Section3rd Floor, PNB Financial Center,Pres. Diosdado Macapagal Boulevard, Pasay CityAttention: Rogel L. ZenarosaSenior Vice President Gentlemen :This refers to your letter dated July 31, 2009 requesting re-certification that interest income derived by BSP Provident Fund and SEC Provident Fund from their investment in money market placements and bank deposits, deposit substitutes, trust funds and/or similar or like arrangements/investments is exempt from the 20% final withholding tax under Section 60 (B) of the Tax Code of 1997. aACHDSIt is represented that BSP Provident Fund and SEC Provident Fund are qualified employee benefit retirement plans being managed by the Philippine National Bank Trust Banking Group; that in BIR Ruling No. 036-83 dated March 10, 1983 and ERP-87-07 dated March 26, 2007, the BSP Provident Fund was considered a reasonable retirement benefit plan; and that SEC Provident Fund was issued BIR Ruling No. DA-359-2005 dated August 24, 2005, holding that interest income it derives from investments...