BIR Ruling No. 70-2018

Ub,PAKI'MEN'1' OTI }.INAN C.h, BUREAU 'OF INTERNAL REVENUE Quezon City Sec. 32 (B) (7) (a) of the Nationa Internal Revenue Code of 1997, as amended BIR Ruline No. 449-2012 R.G. MANABAT & CO. The KPMG Center, 9/F 6787 AyalaAvenue Makati City 1226 Attention: MAIIIA MYLA S. MARALIT Gentlemen: yrRMBeeeuomavrnereaaeni2nuut0aseT1royhq6Cfi}soI-aanAdnlrtieeeudfifrteoenhsrdfuaosbl1r{tsi9Rootey91eqy7_vouo,etafeuanxnsSrutelaeienymxte-gte(eeaaBmnrrptsdpRd,oeta)diwlote.eRin_tduh(ulo"DiMnnu9gdiA9en9NSrelbo'Se-r.edeg[c-r1Dfto2!iAorr,gn-2s2v0u38^1bi2qls6y:eo,()qB,'rsue)t-feq6(naur7tuec)stro"et(ainvanlag)iMrlmiodou"fnayatitbifIoiroejn.nh, Naoiulbuffiototifhogofennyfagvo.arluulIritndract,xMe.ltiaeryAnbnaoSlte,li Background: l, oMbojencertsaMrovfAAvSeutSihsoaurinctvebn"o,trfattSlreibntagfntaAkpSoarnendcAai castitJa(Citouht,oarpytebr o1a8rd6)e, s(.t'aMbAlisShend"to;n; January lgTl under the foi Ui.'uitvi. rfr" princifal a- Maintain price stability conducive to sustainable growth pof.trh"ei"ec-oin*o""m'"vi."1 b. sound and r-eputable financial centre Foster a inO to c. stability; Ensure prudent and effective management of the official foreign reserves of Singapore; and d. Grow Singapore as an internationally competitive financial centre. Its principal functions provided under the IVIAS Act are to: a. Aapsoclbticaayns,ketthhreetoicseasnnudatrnafcilnebaoanfnckciaulonafegnSecinnytglaoopfvotehreres,.idgiohnvtcelourrfd-ipirnnage"ynmttheeon'ftcsoslnynsdgtueacmptsooa;f;nmd- osneervtainrgy b. Conduct integrated supervislon stability surveillance; - of the financiai services r"""to', una financial qd- Manage the official foreign reserves of Singapore; and Develop as anlnternationar nnafrcr?i c-entre. Singapore Pursuant to its function as banker and financial agent of the Government of Singapore, bank unA ;iu1;iory board has several investments in the Phi-lipnines. A; one oi*ni.['i, litn Rrting ;;ilrat t MAS established under ;#i;;;.d, No. [DA-289-08] the MAS Act, several BiR ituling; '--- dared May 15, 200g which states?at:-- '.'Ac.cordingly, this offic_e holds that ninoctosmuebj.edcetrirvcerdiitbtyp- pMtAnSef'trnocmoitehetasaxl-eaioaf citosnisnevqeusetmntelyntt:oinwi1thleh.orllldliipigpitnaex"s. is Based on the foregoing representations, you now zroerqtusersot,"foiur *cuonufiir"m;;a;;tioznuo6f the and validitv of BrR Ruring xo. p5a-i89-081 datea iraay'll,

.-s;;1 subsequent years, without need tbr subsequent revalidation as long as MAS remains qualified for tax exemption under Section 32 (B) (7) (a) of the National Inteiral Revenue Code bf 19g7, as amended. RevdnueInC^oredpelyoLfh-1.1999t_7o,, please be informed that Section 32 (B) (7) (a) of the National lnternal as amended, provides: "SEC. 32. Gross Income * (B) Exclusions from Gross Income - The followtng items shall not be included in gross income and shall be exempt.from taxatioi under this Titre: (7) Miscellaneous ltems - (a) Income Derived by Foreign Governntent - Income derived from investments in the Philippine,s in loans, stoclcs, bonds or other domestic in the Philippines by (i) regional financing institutiins esn (iii) international or by foreign governments." (Emphasis and underscoring supplied) e"d;;;il PblP1eht:!ie:l'i_!xp:elp:imt:iln,Iopnlelitst!tJ:thrhioenPomlhalolibyallinop-ncovpsoew,inm-snceteiosete,ctdadki,nsxp,ccalbrounoonddvnti,rindsocsgilooleonnsdrsa,elooieqttrhuoieeesfrnnicnjtdollvyeoye,mainstroetgmtshwtreiaecintthltsinsihneaocbcnlouydcrmiifinntoiegegresdf,tirgaeboxnrrni.vifefroodrmefrigoinnmtegrienoivvteeoursnnntmmoaeeerinnpnttoussinnis"tshitnhaigneii .*i*piiror lf;i;;;;;'. 2iIciisR:onnnitok0t.avevot^enereevtc2.swreses^kee)ttsinsmsmqo^,uteu9reeeboennoSobnncttn,$esst1oldiSyte1dssi.ainn,xe!Podeettotehrm9!ohrnpeeoefpoewtPths1Pihi^etr9tthhrsshir9l.oa^iih7pldcnitirop.pootiMpllnamndbr.tsAenieiaenn.minSaesstgimk,tipp.iicoli.espiantnrnatsiaendexfltdorheef.coiaenduuAmni,arnnP.sinantdc,hiinnceyeosiyiltirmati,epoiltSripsceienciaekintsncoalscsetoem,tx'toiisnot.obune,nrof(teiniiBoitiq3.rtod_sJ2lcniettoib(nergBi.hvepvwoe)e,unibrsdt(iettre7in'itdb.irr)iig,eiyv(ind'c"aeiitNo)ordunoi(mplnt"ibn.rih4")ioentti4il1o'lsreei9itif"pt.dd-i;tp2ecAhipairn0;eniSn;;iti;t"2idNiip.piidafpitaiiintipi;iinaap;oi,ei;nnpi;sdcraisni,eltaJidestnloIaeunsrxbftltouoeyfysaratrfhuonnnta1hirmdastel0se,,ll, u,,p_o^_n r,Jn.v1e:s:,t,ig:]a:,t"ioqn,beiitngwiisl.lsubeed on the basis orhfatht eth.foerefagLotisngirefucdtsiffaesrerenpireisheiniteid"i.i"Hgowsehvaellr,'bief asceftained considered null and void. 8t1-1-71,117 Very truly yours, Jrja.-r=4q k/Z-< v CAESAR R. DULAY Corirmissioner of Intemal Revenue F' 01279 s