increased by twenty-five per centum, the increment to be a part of the tax. [2339-74.] S ECTION  1656 . Banker's Semiannual Report of Business Done . — A report of the monthly amount of capital, deposits, and circulation shall be rendered on or before the first of May and first of November of each year by each bank subject to the tax above presc ribed, with a declaration annexed thereto under oath of the president, cashier, manager, or proprietor to the effect that such report contains a true, faithful, and correct statement of the amounts subject to tax as aforesaid for the period therein covered. [2339-75.] S ECTION  1657 . Computing Resources of Bank Incorporated Abroad.  — The amount of capital used by a bank within the Philippine Islands, when such bank is a branch of a bank incorporated under laws of the United States or a foreign country, shall, for the purp oses of assessment hereunder, be determined in the following manner: The total amount of the capital of the bank shall be ascertained, and, likewise, the total amount of the net earnings of the bank accruing during the preceding six months, and also the to tal amount of the net earnings accruing from the bank's business conducted in the Philippine Islands; and such a proportion of the total capital of the bank shall be deemed to have been employed in the Philippine Islands as the net earnings in the Philippi ne Islands bear to the total net earnings of the bank. AHDacC [2339-76.] S ECTION  1658 . Exemption of Savings Institutions . — The deposits in associations or companies known as provident institutions, savings banks, savings funds, or savings institutions, having no capital stock and which do no other business than receiving depos its to be loaned or invested for the sole benefit of the parties making such deposits and without profit or compensation to the association or company, shall be exempt from this tax on so much of their deposits as such institutions have invested in securit ies satisfactory to the Insular Treasurer and on all deposits, not exceeding four thousand pesos, made in the name of any one person. [2339-77.] S ECTION  1659 . Exemption in Case of Reduced Circulation . — When the outstanding circulation of any bank is reduced to an amount not exceeding five per centum of the chartered or declared capital existing at the time the same was issued, such circulation sha ll be free from taxation; and when any bank which has 500 Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011