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CM 108.1 - PAYMENT THROUGH THE BSP CHECKLESS PAYMENT SYSTEM - REMITTANCE

The remittance process consists of the issuance of direct credit advice to the BTr in payment of internal revenue taxes of the BSP; validation of collections and recording of collections in the BTr books of accounts; and the subsequent recording of collections by the BIR-RAD in the eNGAS.

The BSP shall:

  1. Issue the direct credit advice (Annex 100-1.18) to the BTr, copy furnished the RAD; and
  2. Prepare and submit to RAD and BTr the monthly BSP bank statement on the TOP demand deposit account with BSP together with the direct credit advice.

The BTr shall:

  1. Receive the direct credit advice and the monthly BSP bank statement on TOP demand deposit account from the BSP;
  2. Validate the posting of the direct credit advice in the BSP bank statement. Coordinate with the BSP to make the necessary adjustments if the same are not posted;
  3. Prepare the BTr JEV on collections from BSP checkless payment; and
  4. Record the collections in the BTr books of account and transmit the copy of BTr JEV to RAD.

The RAD shall:

  1. Receive the credit advice and the monthly BSP bank statement on TOP demand deposit account from the BSP;
  2. Receive the BTr JEV on BSP checkless payment;
  3. Validate the credit advice and the bank statement from the BSP with the BTr JEV. Call-up BTr to coordinate with BSP, in case of discrepancy;
  4. Prepare the BIR JEV taking up collections from BSP checkless payment; and
  5. Record the collections/remittances in the eNGAS.