(NAR) VOL. 22 NO. 2, APRIL - JUNE 2011
“2. The registration requirement shall not likewise apply to any of the following:xxx
D. Evidence of indebtedness e.g. short or long-term commercial papers, meeting the following conditions:
i. Issued to not more than nineteen (19) non-institutional lenders including directors, officers, stockholders and related interest (DOSRI);
ii. Payable to a specific person;
iii. Neither negotiable nor assignable and shall be held on to maturity; and
IV. In an amount not exceeding Fifty Million Pesos (P50,000,000.0); provided, that if the amount exceeds Fifty Million Pesos (P50,000,000.00), the issuance shall be considered as an exempt transaction requiring prior approval by the Commission.