IN REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE MANILA

DEPARTMENT ORDER NO. 15-89 Series of 1989

RULES AND REGULATIONS GOVERNING KALAYAAN SAVINGS BONDS Pursuant to the provisions of Section 1 of Republic Act No. 1000, as amended, entitled: "AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO ISSUE BONDS TO FINANCE PUBLIC WORKS AND PROJECTS FOR ECONOMIC DEVELOPMENT, AUTHORIZED BY LAW AND FOR OTHER PURPOSES," the Secretary of Finance, in consultation with the Monetary Board, hereby prescribes the following rules and regulations to govern the issuance, placement, sales, servicing and redemption of Kalayaan Savings Bonds:

I.

General Provisions

Section 1., Applicability. Kalayaan Savings Bond issues.

This Order shall apply to all

The issue, placement, sale, servicing Section 2. Fiscal Agent. and redemption: of Kalayaan Savings Bonds shall be effected by authority of the Secretary of Finance through the Central Bank of the Philippines as Fiscal Agent of the Government. Section 3. Designation of Authorized Sales and Service Agencies. As fiscal agent, the Central Bank of the Philippines may designate any government or privately owned banks or non-bank financial intermediaries as authorized sales and service agencies of Kalayaan Savings Bonds.

II.

The Bond

Section 1. Type of the Bond. Kalayaan Savings Bonds are in the nature of "appreciation bonds" issuable at par.(face value) which increase in redemption value by the accrual of interest thereon, compounded after the first year and every end of each successive year thereafter until maturity date when the face amount and accumulated interest thereon becomes payable in full. Section 2. Face of the Bond. Each Kalayaan Savings Bond certificate: shall bear on its face the title, denomination, serial number and indenture, among others. The bond to be valid and obligatory must contain the facsimile signatures of the President of the Philippines and the Secretary of Finance, and must be dated and authenticated by the Registrar of the Central Bank of the Philippines, or agent duly authorized for the purpose by the Monetary Board, Central Bank of the Philippines. Section 3. Issue of the Bond. Issue of Kalayaan Savings Bonds shall be made only upon full payment of the principal plus accrued interest, if any. Section 4. series.

Issue Date.

The bonds shall carry one issue date per

2

-

Denominations. The bonds shall be issued inchfinitive Section 5. certificates and in the denominations as follows: 121,000; P5;000; P10,000 and X20,000. Form of Issuance and Transfers. Kalayaan Savings Bonds are Section.6. payable as indicated on. their face to "bearer" only. Title to such bonds may pass by mere delivery without endorsement and without notice to the Central Bank of the Philippines and the holder thereof is presumed to be the owner until the contrary is proved to the satisfaction of the Central Bank.

Kalayaan Savings Bonds shall have a term of five (5) Term. Section 7. years to be reckoned from the actual date of issue, unless sooner called for early redemption by the Secretary of Finance pursuant to a "Call" duly issued with all the formalities required by law having been complied with. In all cases, however, the contemplated issue and maturity dates shall be superimposed on the face of the bonds. The redemption of the Kalayaan Savings Bonds by Redemption. Section 8. the Government shall be effected only at maturity or "call date" through the Central Bank of the Philippines, its regional and sub-regional offices, or authorized sales and service agencies. After the redemption date, bondsnot surrendered for payment shall ipso facto cease to bear interest thereon, and the only right of the holders thereof shall be to receive payment of the redemption proceeds (par value and interest) of the bonds, in accordance with the terms of the indenture. The tax on income derived from investments in ,Section 9. Tax Feature. Kalayaan Savings Bonds shall be collected, only by or for the account of the Government upon final redemption of the bonds based on the tax rate prevailing at maturity date. Intervening transactions on Kalayaan Savings Bond by and between parties (buyer and seller) in the secondary market prior to maturity date should consider the corresponding tax aspect as it pertains to the unpaid interest portion which has already accrued on the bonds for purposes of realistic pricing. III.

Manner of Sale

Sales Outlets. The Kalayaan Savings Bonds will be sold Section 1. primarily through the authorized sales and service agencies designated by the Limited over-the-counter sales will also be conducted at the Central Bank. Government Securities Department of the Central Bank Head Office and any of its regional offices and sub-regional offices. Section 2. Direct Sales to Authorized Sales & Service Agencies. Application for the purchase of these bonds by authorized sales and service agencies on first come first served basis shall be accepted by debit to their account by the Central Bank (in case of banks) or by direct payment or by any other arrangement that may be deemed appropriate. CY

Section 3. Duties of Sales and Service Agencies. Authorizedsales and service agencies shall perform the duties stipulated in the sales and service agency agreement they have entered into with the Central Bank of the Philippines.

Section 4. Commission to Authorized Sales & Service Agencies. As incentive for bulk purchase and firm efforts to sell, service and promote the bonds, authorized sales and service agencies shall be entitled to one percent (1%) com'mi.ssdon based on block purchase which shall not be less than P1 million or more than-P50 million at any given time. Such commission shall be realizable upon settlement of purchase. Section 5. Over-the-Counter Sales for Cash or Checks. Over-the-counter sales may be made upon application of purchase and payment of price in cash, postal money order, or certified/manager's checks.. Section 6. Special Demand Deposit Account. The National Treasurer shall maintain a "Special Demand Deposit - Kalayaan Savings Bonds" account with the Central Bank of the Philippines to which the proceeds from the sale of the bonds shall be credited and to which commissions and other incidental expenses shall be charged. In the event this account is not sufficient to cover such charges, the Central Bank shall debit the regular Demand Deposit Account of the National Government maintained with it. IV.

Miscellaneous

Section 1. Loss, Theft or Destruction, etc. In case of loss, theft, destruction, mutilation or defacement of Kalayaan Savings Bonds, the formalities and requirements prescribed under Presidential Decree No. 649, "Amending Section 1 of Republic Act No. 1533" and as implemented under CB Circular No. 472 dated June 23, 1975, shall be observed. Application for relief shall be filed with the Government Securities Department, Central Bank of the.Philippines. Section 2. Reservation as to Terms of these Rules and Regulations. The Secretary of Finance reserves the right to amend, supplement, review or withdraw any or all of the provisions of these rules and regulations at any time. Section 3. CB Circular No. 28, as amended. The provisions of CB Circular No:.- 28 otherwise known as the "Regulations Governing Open Market Operations, Stabilization of the Securities market, issue, Servicing and Redemption of the Public Debt," as revised and amended, not inconsistent with this Department Order, shall have suppletory application to matters not specifically covered by these rules and regulations. Section 4. Effectivity of the Regulation. These rules and regulations shall take effect immediately.

VICENTEI R. JAYME Secretary of Finance

March 20,1989

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