NIA Memorandum Circular (28 October 1991)

(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 = P100 cost Total equity paid = P10,000 Amount of loan to = P90,000 be amortized Amount paid as of = P20,000 date Remaining balance = P70,000 of amortizable amount Amount of back = P10,000 account as of date Account not yet = P60,000 due Surcharges as of = P1,000 date 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 = P22,000Please be guided accordingly. Adopted: 28 Oct. 1991

(Sgd.) JOSE B. DEL ROSARIO, JR. Administrator * Irrigators' Association.