REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF FINANCE MANILA OFFICE OF THE SECRETARY
DEPARTMENT ORDER NO. 98-94 October 27, 1994 AMENDING DEPARTMENT ORDER NO. 23-91, SERIES OF 1991 ENTITLED "RULES AND REGULATIONS FOR THE ISSUANCE, PLACEMENT, SALE, SERVICING AND REDEMPTION OF FLOATING RATE TREASURY NOTES UNDER R.A. NO. 245, AS AMENDED" AND DEPARTMENT ORDER NO. 93-94, SERIES OF 1994 ENTITLED "RULES AND REGULATIONS FOR THE ISSUANCE, PLACEMENT, SALE, SERVICING AND REDEMPTION OF FIXED RATE TREASURY NOTES UNDER R.A. NO. 245, AS AMENDED" Section 1. Section 4 of Department Order No. 23-91, Series of 1991 is hereby amended to read as follows: , "Sec. 4. Public Notice of Offering -The Secretary of Finance shall, by public notice, offer Floating Rate Treasury Notes for sale, and invite tenders, therefor, through the Bangko Sentral ng Pilipinas. The Notes 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 Notes offered for sale, the date of issue, the maturity date, the date and closing hour of the receipt of tenders at the Government Securities Department, Bangko Sentral ng Pilipinas, and the date and hour on which payment for accepted tenders must be made or completed." Section 2. Section 4 of Department Order No. 93-94, Series of 1994 is hereby amended to read as follows: "Sec. 4. Public Notice Offering - The Secretary of Finance shall, by public notice offer Fixed Rate Treasury Notes for sale, and invite tenders, therefor, through the Bangko Sentral ng Filipinas. The Notes 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 anouncement shall indicate the amount of the Notes offered for sale, the date of issue, the maturity date, the date and closing hour the receipt of tenders at the Government Securities of Department, Bangko Sentral ng Pilipinas, and the date and hour on which payment for accepted tenders must be made or completed." Section 3. This order shall take effect,//Vmed/ 4tely.
ROBE'RTO F' DE OCp Secretary