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MEMORANDUM CIRCULARS
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MEMORANDUM CIRCULAR NO. 149 -
AMENDING MEMORANDUM CIRCULAR NO. 57, SERIES OF 1988, ENTITLED:
"PROCEDURE FOR THE COMPUTATION OF THE THIRTY PERCENT (30%) PER ANNUM
CEILING IN PRICE ESCALATION FOR GOVERNMENT INFRASTRUCTURE CONTRACTS"
The procedure prescribed for the
computation of the Allowable Escalation Rate under Memorandum Circular
No. 57, series of 1988, shall be adopted only for infrastructure works
accomplished after 20 April 1988. Accordingly, the following
computations shall be followed:
I.
AER
= Number of Months x 1%
AER
= Number of Months x 2.5%
III.
AER
= (Number of Months before 1 November 1983 x 1%) + (Number of Months
beginning 1 November 1983 x 2.5%)
All escalations computed prior to 1 January 1990, using the parametric formula provided under Presidential Decree No. 1594 and its Implementing Rules and Regulations shall be compared to the corresponding AER and payment of those in excess of the AER shall not be allowed, except with the prior approval of the President.
Heads of all departments, agencies and instrumentalities of the Government, including government-owned and/or controlled corporations shall take proper and necessary measures for the prompt and strict implementation of this Circular.
Memorandum Circular No. 57, series of 1988, is hereby amended accordingly.
This Memorandum shall take effect immediately.
Done in the City of Manila this 20th day of March, in the year of Our Lord, nineteen hundred and ninety-two.
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Since 19.07.98.