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Republic of the Philippines DEPARTMENT OF FINANCE Manila

DEPARTMENT ORDER NO_ SERIES OF 1896

81-96

AMENDING DEPARTMENT ORDER NO- 141-95, SERIES OF 1995, FOR THE ENTITLED "REVISED RULES AND REGULATIONS PLACEMENT, SALE, SERVICE AND REDEMPTION OF ISSUANCE, TREASURY BILLS AND BONDS UNDER R.A. NO. 245, AS AMENDED", AND DEPARTMENT OF FINANCE CIRCULAR NO. 2-96, SERIES OF 1996, ON THE MATTER OF FLOTATION OF SPECIAL SERIES OF TREASURY BILLS AND BONDS FOR TAX-EXEMPT INSTITUTIONS Department 1. The pertinent provisions of Sec. hereby are 1995, Series of 141-95 No. Order amended/modified as follows :

1.

Government references to Accredited All Securities Dealers (AGSDs) in the said Order shall refer to Government Securities Eligible Dealers (GSEDs).

2.

Sections 9 and 13 shall read as follows: "Section 9. Public Notice Df Offering. - The Secretary of Finance may, from time to time, by public notice offer Treasury Bills and Bonds for sale and invite tenders, therefore, through the Bureau of Treasury. The Treasury tenders and offered, so Bills and Bonds shall be subject to the terms and received conditions imposed under these rules and except as they may be modified regulations, by the Secretary of Finance, in consultation with the Monetary Board, which shall be made of offering: the notice part of public tax-exempt Provided, however, that shall allowed to institutions not be participate directly or indirectly in the auction because a special window is available for them; except when these institutions are acknowledged as eligible governme(r;t securities dealers, in which case they may participate directly in the auction for their trading account which shall not tax-exempt.'' Such announcement shall be transmitted through the Bureau of Treasury's Automated Debt Auction Processing System (ADAPS) and shall indicate the amount of the bills or bonds offered for sale, the date of issue, the maturity date, the date and hour of closing for the receipt of tenders at the Bureau of Treasury, and the date and hour on which payment for accepted tenders must be made or completed."

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Auction Award Section 13k2y .th Committee. -The Auction Committee shall make decision as to the amount and rate of a Such decision shall be transmitted awards. ADAPS Treasury's of Bureau the through a Committee decision is after immediately confirmed. Thereafter, the Auction Committee shall sign a print out of the Auction results summary. 3.

B (Over-the-Counter), Chapter II (Method of Part Origination) is hereby amended as follows: 3.1. Section 16 shall read as follows : Section 16. Definition- - A manner of Special of offering or sale of Government Securities Series/Issues -Controlled and Government-Owned for Tax-Exempt (GOCCs), Corporations Institutions (TEIs) and Local Government Units (LGUs), through negotiation, not through auction." additional following the 3.2. Incorporating sections immediately after Section 17 thereof, which shall read as follows : " Section 18. Scone_ excess of normal in funds Idle (a) operating requirements, as hereinafter GOCCs and LGUs shall be of defined. in medium-term and long-term invested short special securities, government term government securities, and/or fixed of Bureau deposits with the term Treasury; phrase "idle funds in excess The of normal operating requirements" shall generally mean the level of funds which an entity an freely invest in government and/or fixed term deposits securities provisions for considering after coverage of such (1) regular and recurring operating expenses such as salaries and and wages, repairs maintenance, inventories and supplies, debt servicing etc. within the context of the entity's cash operating cycle; and (2) local counterpart commitments for capital expenditures within the current fiscal year. In case of LGUs, unremitted national collections and funds set aside for payments of obligations to government

corporations/coo be rafinds shall not form m part of their idle funds.

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- 3 (b) Current holdings of Treasury Bills of GOCCs/TEIs, except the amounts needed for operations, shall be converted, through the Securities Operations Group, Bureau of Treasury, into medium-term and long-term government securities, special short government securities, and/or fixed term deposits as and when they mature: (c) Newly, internally-generated excess funds, i.e. funds which have not been previously invested in government securities nor sourced from equity or subsidy from the national government, of GOCCs/TEIs, may be at their option, invested into special 364-day Treasury Bills, Special Treasury Bonds and/or fixed term deposits; (d) Temporary idle funds of LGUs shall be invested ,in medium-term/long term government securities as may be allowed by their cash requirements, and provided that such investments will not delay the implementation of its projects." Investment. "Section 19. 9TC G000s/TEIs/LGUs OTC placements shall be phoned in or faxed to the Securities Operations Group, Public Debt Management Service, Bureau of Treasury on or before 11:00 A.M., Monday to Friday. On or before 4:00 P.M., on the day of placement, investing GOCCs/TEIs/LGUs shall send a written confirmation of placement, in duplicate, to the Bureau of Treasury, which, in shall turn, accomplish the lower portion of which return a and copy of the. same to concerned GOCCs/TEIs/LGUs." "Section 20. GOCCs Placement. (a) The term Government-Owned and Controlled Corporation shall refer to a corporation which is created by special law or organized under the Corporation Code in which the Government, directly or indirectly, has ownership of the majority of the capital or has voting control. (b) The applicable rates yield for Treasury Bills/Treasury Bonds issued to a uniform GOCCs shall at be rate equivalent to the lowest accepted yield rate the of immediately preceding Treasury Bills/Treasury Bonds auction. subject to the confirmation by the Secretary of Finance that the rate is acceptable to him."

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"Section 21. TEIs Placement.-

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(a) Prior to the actual over-the-counter purchase of government securities, the TEI or the managing bank and financial institution shall : the Securities to 1_ Submit Operations Group, Public Debt Management Service a (i) Certified copy of current ruling (not more than a year) from the Revenue Bureau of Internal regarding its status as a taxexempt institution; (ii) Copy of Board the Resolution duly certified by the Corporate Secretary authorizing the placement (directly for managed funds or indirectly through designated trustee bank/financial institution in the case of funds) in managed trust government securities; and (iii) Copy of the covering trust agreement; and 2. Perform acts and all undertakings connected therewith including the designation of person (s) authorized to exercise such functions. (b) Minimum amount of placement of TEIs in F1.0 Million and in even shall be multiple of X100,000.00. (c) Treasury Bills issued to TEIs shall be priced at a discount based on 90% of the weighted average interest rate of the immediately preceding regular weekly corresponding auction applicable to Treasury Bills. (d) Treasury Bonds issued to TEIs shall priced at par with a coupon rate be based on 90% of the coupon rate for the corresponding applicable auctioned Treasury Bonds. Interest shall payable be semi-annually in arrears based on 360-days a year consisting of 12 months of 30 days each." Placement. LGUs The "Section 22. applicable yield rates for Treasury Bills/Treasury Bonds issued to LGUs shall be at a uniform rate equivalent to the lowest accepted yield rate of the immediately preceding Treasury Bills/Treasury Bonds auction, subject to confirmation by the Secretary of Finance that the rate is applicable to him."

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tlement. - Settlement of "Section 23. Set GOCCs/TEIs/LGUs OTC investment shall be on the same day of placement. of placement/maturity Upon of Bureau securities, government Treasury or such other clearing house as by the Bureau of designated may be TOP's Securities Treasury shall debit/ concerned credit/debit and Account Account Securities GOCCs/TEIs/LGUs System maintained in the Book-Entry (BES) of the Bureau of Treasury or such be may as house clearing other by the Bureau of Treasury. designated bank settlement the Simultaneously, debit/credit correspondingly shall and Account Cash GOCCc/TEIs/LGUs credit/debit TOP's Account." 24. Evidence 21 Ownership. "Section Treasury Bills and Treasury Bonds shall be evidenced by the Bureau of Treasurys acknowledgment of the placement." Transfer. - GOCCs/LGUs may "Section 25. their government securities prior sell maturity only with GOCCs/LGUs which to are members of the BES of the Bureau of Treasury or such other clearing house as Bureau of by the designated may be Treasury. In the same manner that. TEIs may sell their government securities prior to maturity only with TEIs which are members of the BES of the Bureau of Treasury or such other clearing house as designated by the Bureau of may be Treasury. an by effected be shall Transfer appropriate book-entry in the BES of the other such of Treasury or Bureau clearing house as may be designated by the Bureau of Treasury." 26. Pledge_ - Pledge shall be "Section constituted when the Bureau of deemed Treasury or such other clearing house as may be designated by the Bureau of Treasury indicates by book-entry that the government securities have been segregated or earmarked in favor of the pledgee." 3.3_ The Numbers of the succeeding sections are hereby renumbered and adiusted accordingly.

Section 2. Item Nos. 5 and 6 of Department of Finance Circular No. 2-96. Series of 1996, are hereby amended accordingly.

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Section 3. Central Bank Circulars not inconsistent with this Department Order and Department Order No. suppletory shall have 1995, of Series 141-95, application to matters not specifically covered by this Order and Department Order No. 141-95. Section immediately.

4.

This

Order

shall

take

ROBERTO F. DE OGAMPO Secretary

June 10, 1996

effect

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