Circular No. 351, Series of 2005 is hereby amended:

 

x x x x

 

7. RULES ON GUARANTEE

 

x x x

 

7.7 Payment of Guarantee Claim

 

x x x

 

QUEDANCOR shall include all guarantee claims due for payment in its request for budget allocation from the national government.

 

8. SPECIAL PROVISIONS

 

x x x

 

8.4 Pursuant to R.A. 7393, the Republic of the Philippines shall answer for the payment of guarantee obligations duly incurred by QUEDANCOR. Provided however, the latter’s assets shall have been first fully exhausted to satisfy its guarantee obligations.

 

x x x

 

9. EFFECTIVITY

 

This amendment shall take effect upon its approval.

Adopted: 22 Oct. 2005

(SGD.) NELSON C. BUENAFLOR
President and CEO