Pursuant to Monetary Board Resolution No. 1222 dated November 8, 1991 as approved by the Office of the President on January 23, 1992, the last paragraph of Section 32 of Circular No. 1267 is hereby amended to read as follows:

œApplications involving projects with high social impact shall not be subject to the auction system. Instead, decisions shall be made by the Monetary Board on a case-by-case basis. Out of the total amount to be auctioned, a maximum of 10% of said amount shall be allocated for this type of projects. However, the percentage may be adjusted as the Monetary Board, may determine. Unless otherwise prescribed by the Monetary Board, the redemption price shall be equivalent to the weighted average of the accepted bid prices in the immediately preceding auction plus ten (10) percentage points. 

Adopted: 30 Jan. 1992

(SGD.) JOSE L. CUISIA, JR.
Governor