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REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE MANILA

OFFICE OF THE SECRETARY DEPARTMENT ORDER NO. 91-94 _ September 27., 1994

FURTHER AMENDING MINISTRY ORDER NO. 23-86, SERIES OF 1986., ENTITLED "REVISED RULES AND REGULATIONS FOR THE ISSUANCE, PLACEMENT, SALE, SERVICING AND REDEMPTION OF TREASURY BILLS UNDER R.A. 245, AS AMENDED" AND REPEALING FURTHER AMENDATORY DEPARTMENT ORDER NO. 21, SERIES OF 1990. Sec. 1. Section 5 of Ministry Order No. 23-86, Series of 1986 is hereby amended to read as follows: "Sec. 5. Public Notice of Offering. The Secretary of Finance may, from time to time, by public notice, offer Treasury Bills for sale, and invite tenders, therefor, through the Bangko Sentral ng Filipinas. The Treasury Bills so offered, and tenders received, shall be subject to the terms and conditions imposed under these rules and regulations, except as they may be modified by the Secretary of Finance, in consultation with the Monetary Board, which shall be made part of the public notice of offering: PROVIDED, HOWEVER, THAT TAX-EXEMPT INSTITUTIONS SHALL NOT BE ALLOWED TO PARTICIPATE DIRECTLY OR INDIRECTLY IN THE AUCTION BECAUSE A SPECIAL WINDOW IS AVAILABLE FOR THEM; EXCEPT WHEN THESE INSTITUTIONS ARE ACCREDITED AS GOVERNMENT SECURITIES DEALERS, IN WHICH CASE THEY MAY PARTICIPATE DIRECTLY IN THE AUCTION FOR THEIR TRADING ACCOUNT WHICH IS NOT TAX EXEMPT. Such announcement shall indicate the amount of the bills offered for sale, the date of issue, the maturity date, the date and closing hour for the receipt of tenders at the Government Securities Department, Bang[.-.o Sentral ng Pilipinas, and the date and hour on which payment for accepted tenders must be made or completed." Sec. 2. Department Order No. 21, Series of 1990 is hereby repealed and/or superseded. Sec. This 3. Order shall take fifteen (15) days after publication in at least two (2) new ./ap9F of nationwide

circulation.

ROBERTO F. DE OMMPO Secretary of Finance