Policy and purpose
- The circular adopts the POS System of Payment to improve the efficiency and effectiveness of collecting LTO fees and charges.
- The POS System is adopted to provide convenience and security to persons transacting business with the LTO.
POS payment option for clients
- LTO clientele may pay LTO fees and charges in cash or by means of debit cards through the POS.
- For POS payments, the client must sign a confirmation receipt generated by the POS terminal.
- After the client signs the POS confirmation receipt, the LTO cashier issues the official receipt corresponding to the amount confirmed by the client.
LTO cashier accountability and daily accounting
- The LTO cashier must fully account for all monies collected, whether collected in cash or through the POS machine, at the end of each working day.
- All daily collections handled by the LTO cashier must be tallied against the corresponding daily reporting.
Bank remittance to Treasury Single Account (TSA)
- The Authorized Government Depository Bank (AGDB) must remit to the account of the Bureau of the Treasury with the Bangko Sentral ng Pilipinas the Total Daily Collections from each POS machine.
- Remittances must include amounts from each of the POS machines, including cash and checks deposited by the LTO cashier.
- Remittance must be made not later than 10:00AM on the next banking day from the collection date.
- Remittance is made in accordance to EO 55, the executive order directing the institution of the Treasury Single Account (TSA).
Collection reports and reconciliation
- The AGDB must submit a collection report to the Bureau of the Treasury not later than 2:00PM on the next banking day from the collection date.
- The AGDB collection report must be tallied with the Daily Report of Collections prepared by the LTO Cashier.