Law Summary
Payment Options and Confirmation Process
- Clients can pay fees and charges either in cash or via debit card using the POS system.
- For POS payments, clients must sign a confirmation receipt generated by the POS terminal.
- Only after client confirmation is an official receipt issued by the LTO cashier reflecting the confirmed payment amount.
Accountability of LTO Cashier
- The LTO cashier is responsible for fully accounting all monies collected daily, both in cash and through the POS system.
- Accountability extends to the end of each working day.
Remittance to Bureau of the Treasury
- The Authorized Government Depository Bank (AGDB) shall remit Total Daily Collections from the POS and cashier deposits (including cash and checks) to the Bureau of the Treasury’s account at the Bangko Sentral ng Pilipinas.
- Remittance deadline is by 10:00 AM on the next banking day following the collection date.
- This is in accordance with Executive Order 55 establishing the Treasury Single Account (TSA).
Reporting and Reconciliation
- The AGDB must submit a collection report to the Bureau of the Treasury by 2:00 PM on the next banking day after collection.
- This report will be reconciled with the Daily Report of Collections prepared by the LTO cashier to ensure accuracy.
Effectivity and Documentation
- The Memorandum Circular takes effect 15 days after its publication.
- Three certified copies are to be furnished to the University of the Philippines Law Center following Memorandum Circular No. 11 (1992).