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Manila Bulletin devider Philippines devider National devider BIR warns on fake surety bonds

BIR warns on fake surety bonds

Published Nov 9, 2020 02:52 pm

The Bureau of Internal Revenue has warned the public against syndicates distributing fake surety bonds to guarantee tax payments and other financial obligations.

(MANILA BULLETIN)

BIR Commissioner Caesar Dulay issued the warning after receiving an advisory from the Philippine Deposit Insurance Corp. about the operations of these syndicates.

"The public is advised to exercise due diligence in verifying the authenticity of the documents received and the entities of doubtful personalities in posing as public officers," Dulay said.

He added: "Rest assured that the BIR is taking the necessary measures to curb such malicious practices.”

BIR sources said most of the victims are foreign nationals residing abroad who have difficulties in checking the authenticity of the spurious papers.

Nevertheless, these sources said they are encouraged to make payments as syndicates promised high interest rates.

A surety bond is a contract among three in parties – principal, surety, and obligee – in which the surety financially guarantees to an obligee that the principal will act with the terms established by the bond.

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