Thinking long term
SECTION 22(FF) of the National Internal Revenue Code (NIRC) of 1997, as amended, states that the term “long-term deposit or investment certificate” shall refer to certificate of time deposit or investment in the form of savings, common or individual trust funds, deposit substitutes, investment- management accounts and other investments with a maturity period of not less than five years, the form of which shall be prescribed by the Bangko Sentral ng Pilipinas (BSP) and issued by banks only (not by nonbank financial intermediaries and finance companies) to individuals in denominations of P10,000 and other denominations as may be prescribed by the BSP.