REVENUE MEMORANDUM CIRCULAR NO. 38-2004  issued on June 25, 2004 publishes the full text of Circular Letter No. 2004-10 issued by the Secretary of Budget and Management.

The Circular is issued to clarify issues regarding the insurance premiums payable to GSIS covering 1997 and prior years and deficiency in premium payments for the period July, 1997 to December, 1998 due to increase in rates (i.e. from 9.5% to 12%) pursuant to the new GSIS Act, RA No. 8291.