(NAR) VOL. II NO. 4 / OCTOBER - DECEMBER 1991

[ NIA MEMORANDUM CIRCULAR, October 28, 1991 ]

CLARIFICATION OF THE PROVISIONS OF MC NO. 68 S. 1991



As a clarification of the provisions of MC No. 68 s. 1991 which amended Section B.1 item C of MC No. 27 s. 1991, the computation of the amount to be paid by the IA should be as follows:

Amount to be paid by the IA* = [30% (remaining balance of amortizable amount)] + surcharges

= [30% (account not yet due + back account)] + surcharges

Example:

Total chargeable cost
=
P100
Total equity paid
=
P10,000
Amount of loan to be amortized
=
P90,000
Amount paid as of date
=
P20,000
Remaining balance of amortizable amount
=
P70,000
Amount of back account as of date
=
P10,000
Account not yet due
=
P60,000
Surcharges as of date
=
P1,000

Computation:

Amount to be paid by IA = [30% (remaining balance of amortizable amount)] + surcharges

= [0.30 (not yet due + back accounts) + surcharges

= [0.30 (P60,000 + P10,000)] + P1,000

= P22,000


Please be guided accordingly.

Adopted: 28 Oct. 1991

(Sgd.) JOSE B. DEL ROSARIO, JR.
Administrator

* Irrigators' Association.



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